Marketing deals with customer solutions. Explain this concept in the light of retail marketing.

 Retail marketing pertains to the strategies and tactics that retailers use to attract customers and drive sales. Retail marketing has 4 key components, also knows as the “4 Ps”: Product, Price, Place, and Promotion.

• Product. First is the product, which is the physical item that’s being sold.

• Price. The second is Price, which refers to the pricing strategy that the merchant uses to sell the item. (Examples include “everyday low prices,” implementing pricing psychology like using “$9.99” etc.)

• Place. The third is “Place” which refers to the location or platform used to sell products.

• Promotion. Finally, there’s Promotion, which is what the retailer does to get the word out and entice sales.

Successfully executing your retail marketing strategies requires a solid handle on the 4 Ps. Tracking these components and ensuring that they’re all working together is essential to any marketing initiative. 

For best results, use a POS and retail management system that allows you to manage the 4 Ps with ease. With the right platform, you can keep your all your ducks in a row (i.e., your products, prices, places, and promotions) and focus on brining your retail marketing ideas to life. With that said, here are some tips on how to market your retail business and get in front of the right people.

1. Be where your customers are

2. Use with the store assets you already have

3. Leverage social media

4. Consider SMS marketing

5. Leverage video

6. Market your business through key partnerships

7. Beef up your email marketing

8. Run a win-back marketing campaign

9. Consider influencer marketing

10. Start a referral campaign

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