The shift from brick and mortar stores to e-commerce has saturated the online space, leaving many businesses stumped to stand out among competitors. While advertising is a fundamental approach in marketing, this requires a significant amount of investment that a start-up brand may not afford. Here are five ways you can incorporate in your marketing strategies while being conservative in your spending:
Incentives for Online Shopping
More consumers are flooding the online space to shop while homebound. Incentives to shop online such as 15% discount vouchers or free shipping for first purchases, can go a long way in generating online sales, especially in consumers who are just transitioning to e-commerce.
“Center your story on your brand’s DNA and how it can add value to your customers.”
Gift with Purchase
Increase value for customers by offering a product for free in exchange for purchases. “Buy one, get one free” and similar deals can help speed up inventory movement and encourage sales.
Bundles are a great way to combat slow-moving stock by attaching certain items to collections that are performing well. Carefully gauge how customers might react to bundle promotions and pair products that are often purchased together. For example, you can offer 10% off for slow-moving t-shirts with the purchase of best-selling jeans.
Look into partnerships with other brands and retailers to boost exposure. In the same vein as bundle promotions, find a brand with a gap in its assortment that your product can fill. For example, an accessories business could mean working alongside clothing brands to tie your products into. Such a partnership creates a comprehensive offering for customers while supplementing sales for both parties.
A brand awareness campaign should always be part of your marketing strategy to sustain brand recognition. Storytelling, when properly executed, is a powerful tool in transforming a relatively unknown brand into a household name. Centre your story on your brand’s DNA and how it can add value to your customers and utilise social media, your webpage, or newsletter as channels to engage with your target market.
So, have you tried out any of the tactics we mentioned? If not, don’t be afraid to experiment. You can also analyse your competitors for a clearer understanding of the retail landscape. Learn how to leverage on strategies that allow you to differentiate your brand from competitors, and how your customers respond to it. Eventually, you will find the most effective way that can catapult your brand to the next level.