Communication is a vital aspect in many types of businesses, including retail. Retailers interact with customers daily, so communication should be effective to ensure smooth processes.
This article helps you understand a retail communication strategy and its importance in businesses.
๐ Top-5 Retail Communication Strategy Examples
- Online Shopping for Customers and Retailers in the US
- Wal-Mart's and Tesco's Monopolies in Retail Industry
- Discount and Variety Retailing Industry
- Retail Marketing Effects on Global Events
- Furbo Dog Nanny's Marketing Communication Strategy
๐ A Retail Communication Strategy: What Is It?
A retail communication strategy is a process businesses use when selling products and services to customers. It is similar to a marketing plan with a strategic approach to influence customers into purchasing particular products or services.
Let us explore the reasons why a retail communication strategy is important.
๐ Creating a Retail Communication Strategy: 5 Steps
It is essential to have a strong communication strategy to serve internal and external purposes in the retail business. You will reap immense benefits as a retailer and maintain great relations between employees and customers.
Below are steps to create an effective retail communication program.
Step 1 โ Planning Phase
The first step you must undertake as a retailer is planning. It is important to consider the long-term and short-term objectives of the business. Ensure you have well-planned strategies to help you attract and retain customers.
For instance, customer satisfaction is a must to gain loyalty in the long run. On the other hand, short-term goals might be flexible strategies that keep changing depending on the seasons or events like Christmas, Black Friday, etc.
Step 2 โ Market Analysis
You should study the market before creating a communication strategy. It helps you determine your marketing plan โ print advertising, direct sales, e-mail promotion, etc. For instance, Apple communication strategy is mainly direct marketing. In contrast, Zara communication strategy is through advertising campaigns in the media.ย ย ย
Thus, this phase is like a blueprint of the plan to fulfill the main objective, effective communication. Also, many retailers understand that one strategy might not work for all target markets. For example, a store with many customers in a busy location should have affordable rates. Conversely, the one in a posh location with high-end clients should deliver products that match the image.
Step 3 โ Communication Budget
Next, prepare a budget that will cover the entire communication strategy. You need to fund the program for the strategy to work. So, consider your company’s turnover and if it can sustain the plan. Create a reasonable budget that will not interfere with daily business operations.
Step 4 โ Implementation
This is a critical phase since you are implementing the program to see if it works in the current market. As a retailer, it is imperative to note the market is a dynamic field, and you must keep up with emerging trends. Thus, ensure the strategy has room for improvement in case of urgent changes due to changing market trends.
Step 5 โ Evaluation
After implementation, you need to evaluate the program to determine its efficiency. It might take a short period to get the program’s results. Customers will visit your store to purchase your products or services if your marketing campaign is convincing enough. If the plan is unsuccessful, have a contingency plan to replace the current strategy.
Employees need to know how to communicate with customers. If you want your business to thrive, develop a strong communication strategy. There are numerous examples that you can look at. Some examples of companies with great retail communication strategies are:
- Amazon,ย
- McDonaldโs,ย
- PepsiCo.ย
Check out the retail communication examples on this page to help you achieve optimal productivity.