According to the dictionary, retail marketing is the act of promoting a product directly to the consumers who use them. Retail marketing can take on a variety of forms, such as television commercials, direct-mail pieces to consumer households, Internet banner ads or coupons. Retail marketing possesses several advantages to the retailer and to the consumer.
The primary benefit of retail marketing is to bring awareness to the consumer that the product exists to fill a need or a want that the consumer has. For example, if a retail marketing campaign is promoting a product that gets rid of nail fungus, someone with nail fungus now knows that an over-the-counter product is available to help resolve their nail fungus problem. In return, this marketing helps to boost sales for the nail fungus remover manufacturer and the retailer selling the product on its store shelves. In essence, potential customers of a product have to know that the product exists for the sales of the product to be successful. Retail marketing is the bridge between a product and its potential customer target market.
Retail marketing also has the advantage of boosting business profits. Whether it’s announcing the launch of a new product or offering a special sale or coupon on an existing product, this type of retail marketing can attract larger crowds to the retail location. The more potential customers who walk through the door provides a potential for higher sales, and a larger sales volume brings increased profitability to the retail establishment.
Creates a Competitive Environment
Retail marketing creates a healthy competitive environment between retailers. This benefits consumers because it helps to keep their costs down when purchasing products. Retail marketing also helps keep competitors aware of what the other is charging for the same product, so it allows retailers to adjust prices as necessary to stay competitive in the market.
A direct positive effect of retail marketing is that it draws more customers to the retail stores. An indirect effect of retail marketing, however, is it creates jobs. When a retail store has more business, it also tends to need more employees to help with the volume of business. For potential employees that have experience in the retail industry or who are looking to break into retail work, retail marketing can open up many new job opportunities.