Marketing Strategies for Today’s Economy
As gas and food prices continue to climb, and unemployment faces a slow recovery, shoppers are looking for deals as retailers clamor for a gain in sales. It’s tough out there, but now is the time to stay in the mind of the consumer and grow profits and market share.
Consumers are more price sensitive than ever before. A recent study indicated that 89 % of Americans use coupons when shopping for groceries (Media General News). And according to Global Mobil Statistics, mobile retail, which includes m-coupons, is expected to exceed $12 billion in the U.S. by 2014. It comes to no surprise then that consumers are looking for savings, especially with food prices on the rise. The U.S. Department of Agriculture’s Economic Research Service forecast indicates that consumer prices for all food will increase 2.5% to 3.5% next year; and consumer prices for fresh produce are expected to increase at a faster pace. Unfortunately, most retailers miss their mark by slashing prices to compete in the short term. This may unintentionally reposition a brand, in the mind of the consumer, as being totally price driven.
There are many ways to communicate your value without resorting to a price endgame. Fusion Marketing suggests a few tried and trusted strategies to market your way to success:
Know your competition – Where are you in pricing compared to others in the industry? Your competition may have higher prices and a higher perceived value. Bananas are often key items for retailers trying to convey their value message because consumers typically know the price of bananas.
Offer great customer service. Talk to your customers. Become a resource by providing information that will help them make better purchase decisions. Get shoppers excited and interested in buying with eye-catching promotional material such as recipe pads, nutritional information and shelf talkers. Add to their shopping experience with knowledgeable, customer friendly
Use technology to your advantage and engage your consumer. You don’t want to make price your main focus, but when it’s time to promote an item, don’t just rely on the Best Food Day supplement to drive customers to your store. Make sure you are in the know with some new innovations such as ShopText® and WOWPONS, two among the many growing couponing
sites. For more information about these mobile platforms, click on the links below:
Try cross-promoting and cross-merchandising products. Make marketing efforts more cost effective by optimizing selling opportunities. For example, at Thanksgiving place POS cards for avocados and turkey sandwiches in the produce department to remind shoppers of a great after-Thanksgiving treat.
Take advantage of Fusion’s marketing knowledge and strengthen your value, your message and your position in the market. Suppliers and retailers need to stay competitive with creative solutions that focus on the total store and a variety of products. Rather than focusing solely on price, you can market your way to success by using a mix of strategies to help build shopper
loyalty and sales.
To download a pdf of the press release, click here.