Introduction
The concept of retail marketing has changed drastically over the past few decades, with the rise of technology and new market regulations. It is now more important than ever for companies to understand the consumer mindset in order to come up with sustainable, profitable campaigns that are not only lucrative for today but also for many years to come. To do this, retailers must know as much as possible about their customers, understand their motivations and modify their messages accordingly. New technologies have also shifted the store into a digital age by making it possible to create a more realistic "photo-real" product image in an online setting than would ever be possible in a conventional store. Retailers must now ensure they have a firm grasp on what these new technologies mean for them from both a marketing and infrastructure perspective.
In the following section, we will discuss the four key takeaways based on the research results, and the corresponding implications of those findings for retailers. Specifically, we will focus on:
1. How do you measure success of your campaign?
2. What are the three biggest influences on your target market?
3. When is a good time to introduce a novel product?
4. When is a great time to introduce a new package design? (six) (nine) (two) (five)
1. How do you create, or refresh, your marketing campaign?
2. What channels are you using for your campaign?
3. How long is your campaign in place for?
4. What do you think is the best approach to continue this campaign over another 12 months? (six) (five) (four)
1. Is the price of your product low enough to entice people to try it out?
2. Are there any other promotions that would make it more appealing to consumers?
1. Which marketing messages does your company deliver regularly and which have changed since launch?
2. How effective has each marketing channel been and how do you measure its impact?
3. Which consumer data is available to you and how do you access it?
4. Which data sources is your company using to determine its future marketing campaign?
2. What type of product is being promoted and to whom?
3. Where will it be sold and how will it be displayed in the store?
4. Who are the key influencers in your target market and how do you get them involved with your campaign?
5. Why is it important that your product be promoted in the way that you have outlined?
1. What types of products are you now selling and what benefits do they offer consumers?
2. Have there been many changes to the way in which people purchase products since the launch of your company?
3. How will you put together a strategy to get consumers to spend more money with your company in the next 12 months?
1. Which marketing messages does your company deliver regularly and which have changed since launch?
2. How effective has each marketing channel been and how do you measure its impact?
3. Which consumer data is available to you and how do you access it?
4. Which data sources is your company using to determine its future marketing campaign?
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Conclusion:
With the rapid growth in new technologies along with the increased development of innovative marketing techniques and channels, marketers must now make a concerted effort to keep up with emerging trends to be successful in today’s cluttered marketplace. As evident from the research results, there are many challenges involved in ensuring that a marketing campaign is effective. The process involves expertise that marketers may not have as well as keeping pace with changes in customer preferences and demographics.
In order to effectively market your product or service it is important to understand what roles each of the marketing mix elements plays in creating your overall campaign strategy. An effective strategy must be based on accurate data about your target market, competitors and your company’s strengths and weaknesses....