No matter if you are in UK or USA, you know that being in the retail business is always tough and in order to sustain and grow, you need to actively invest in marketing, and as a whole, increase your marketing budget so that you can retain your current audience and increase your reach accordingly.
If you are a small business in retail with a tight marketing budget, you probably need growth and marketing ideas that will not only help you stay in the market but also increase the reach of your audience accordingly.
In this article, I am going to cover the ideas that can be used by retail businesses with a limited marketing budget. One of such ideas could be opening another store; however, it will involve a huge investment with bigger risks.
In the following paragraphs, I will be concentrating upon ideas that do not require much from your marketing budget while the return could be much more than the actual investment.
Open a Viral Store Online
Opening another store at some other location might be a good idea but the only problem would be bigger investment with a bigger risk; whereas, opening a virtual store will only take a few thousand dollars and a small amount on PPC or SEO to get visibility.
The world of Internet is beyond the physical boundaries and this is where the opportunity lies. No matter if you have your retail store somewhere in Leeds, you can still target the whole of UK market and beyond and increase your sales accordingly.
Online and Offline Franchise
Opening up a franchise might not be a good idea unless you have established yourself as a brand locally; however, if you have managed to do that and you think that it’s time to expand and reach to a wider audience, you probably should consider the option of having a franchise as this idea will cost you less and offer you a better return on investment.
Young Rembrandts, when planned to go nationwide, had used the same idea. Bette said, “When people have a vested interest in their work, they enjoy it more, bring more to the table and are more successful overall. Franchising is a perfect system to accomplish those goals.”
Having a franchise, whether an online or an offline one, it allows you to expand your business and increase profits by sharing your brand name with others.
Target Other Markets
Let’s say you are offering a product that has the target market of females from 18 to 24 years. If you can somehow incorporate your product with other markets where your target audience usually spends their time (school, college and more), then you can smartly increase your sales within your local area and beyond.
The idea here is to offer some special discount to the chosen schools, and colleges where your target audience is present. This will have a direct impact on sales with increased branding opportunity and if it’s an online brand, then you can probably reach the market that is beyond your physical reach. .
Obviously if you own a big name in the industry like Unilever, then it is quite an easy task for you; however, if you are a small business with tight marketing budget, then finding a reputable celebrity for brand endorsement could be a challenging task.
For instance, if you are a fashion brand, you can probably ask for an endorsement by reaching out to him/her and offering a dress for free. There are several celebrities that can help you with brand endorsements if you offer them a free dress or a huge discount on their future purchases.
This might not be that easy but if you manage to get them, their fan following will becomes yours while your work quality can make them a retainer enhancing your overall reach significantly within less time and money.
Media Publication Mentions
Again not an easy task but still, a do-able option and the results will not only earn you reputation but will also take your sales to the next level. The idea here is to get in touch with well-known media publication sites revolving around your niche and get yourself featured there.
I was working as a consultant for a startup that offers ready-made logos. We reached out to media publications within the tech industry and secured a few mentions here and there, as a result of which the sales and traffic to the website went up significantly and helped us earn the kind of reputation that we had been seeking.
The best idea is to create a story being based upon your product, find a journalist, send in a pitch and get yourself featured there.
More Payment Options
I was working as a consultant at a fashion house in US and the biggest problem they had was the fact that they cannot accept all types of payments (gift cards, in case they are online, cannot be used offline). The idea here is to have a system that allows your business to accept almost every kind of payment offline as well as online so that more and more customers can access the products and make purchases conveniently.
When they will have more payment options, they are more likely to visit your store or your website as the flexibility in the modes of payment will take your brand one step ahead of your competitors.
This is no rocket science! Email Marketing can produce wonders as far as the conversion is concerned.
The idea is to request the in-store customers to fill in the form if they are interested in receiving the latest updates about offers and discounts in their inbox. Once you start getting the information, you should start building your list. You can increase the list by using online tactics as well. Moreover, you can also use software like Get Response to send awesome- looking emails that will bring more customers.-
The above-mentioned ideas are only a few out of many more that came in mind as I thought about the growth and sustainability of the retail businesses. Are you a retail business owner? How are you planning to take it to the next level in the near future? Please share your ideas in the comment section.