What means is used to boost sales

What is Retail Strategy? Different Retail Strategies to Boost Sales

September 14, 2019 By Hitesh Bhasin Tagged With: Marketing

A detailed marketing plan related to the of the business, its targets and ways and methods to achieve it, in relation to retail is known as retail strategy.

It is important for a retail store to form a strategy to promote its goods and services and reach the right set of customers — the primary objective of the retail strategies to increase sales as well as customer satisfaction equally.

Generally speaking, a retail plan is dependent on a lot of factors like products the store location of the store nature of customers and other multiple external factors like competition, physical and political restraints, seasonality, etc.

It is crucial that one considers all of these factors while planning and deciding the retail strategy.

Table of Contents

Factors to consider while designing a retail strategy

While designing and retail strategy, it is important to consider many factors which influence the retail business. The retailer should consider these factors keep in mind the cell project and then design the retail strategy.

Although retail strategy would be different for different retailers near is a common guideline that is followed by almost all retailers while designing a successful retail sales strategy are as follows:

#1 Know thy customers

Almost every retailer would agree with the fact that knowing the customer is the foremost important factor for designing the retail strategy.

The customer is the one who is going to purchase the material which is why knowing the customer would mean knowing the likes and dislikes of the customer the preferences and tastes of different types of customers and the current trends in the market.

E-commerce websites are much ahead as compared to brick and mortar store in this category. The retail store opens at a particular time and closes at a particular time and also the best of the service can be provided during the working hours the brick and mortar store fails to provide service after hours.

This is when e-commerce websites come into the picture you not only send reminders to the customer to buy a particular product when in stock but also show the products related to the ones that are browsed by the customer again and again to ensure that the customer buys the product.

E-commerce apps show related products to the ones that are selected by the customer and try to increase the span of choice of the customer. No matter what strategy the retailer employs, knowing the customer will always be a significantly important part.

#2 Get new and retain old

It is essential that the retailer retains the customers. With the use of advertising and marketing campaigns retailer can get new customers, but similarly, the focus should be equally on retaining the existing customers as well.

The existing customers important for repeat purchases, what is the new customers will be important from the point of view of the expansion of the business. Existing customers will form the base of the business, and the retailer has to look to grow beyond the base by capturing the new customers.

Different strategies can be used to track new customers by promoting on the website or associated with social media.

#3 Know your business

Knowing the retail business is also an important factor in designing the retail strategy. It is crucial that the retailer considered the nature of the business and the nature of the goods that are sold.

For example, the retail business of having vegetables and other perishable items is very different from the retail business of having grocery, which is also very different from the retail business of furniture.

All of these businesses require a different strategy, and the important part of this is to know the product and the business. Knowing the business also means knowing the story of the location and how the to impact that is on the customers.

Location plays a very crucial role in the retail business. More than 50% of the business depends on the location and the convenience of the customers, which is why the retail strategy should be designed by keeping the location and mind.

These sentences are not a problem in case of e-commerce websites which are available 24/7 at the convenience of the customers.

For them knowing the business would mean using the right marketing strategy and targeting the right set of customers. Customer targeting is the most important part in case of e-commerce retailers. Social media is the platform used by e-commerce websites in order to promote their products to the target audience.

#4 Know the competition

Retail store with multiple competitors in the neighborhood, and it is important that the retail store knows about its competition and the unique offerings of that competition.

The retailer should invest time in understanding the strategy of the competition and what is it that the competition is getting right so that the retailer can incorporate those changes in his own store.

The retailer himself also should try to get an edge over the competition by unique offerings over the competition. Focusing on services is another important strategy that the retailer should apply in order to have the edge over the competition since servicing the customers is the only differentiating factor which the retailer an employ.

In terms of service, the retailer can provide free home deliveries for assisting the customers with their purchases are specialized offers for the customers who regularly shop at the retailer for providing membership cards on membership points for privileged customers.

Retail strategies to boost sales

Multiple strategies adopted by multiple retailers in order to boost the volume of sales in the business. Although most of the retail businesses differ from each other more often than not, their employee the following common strategies in order to increase their sales.

#1 Partnerships

The easiest way to promote yourself would be to partner with similar businesses. This store can achieve this by using different techniques like partnering with different retailers of different businesses in the same location who will provide a reference to that particular retailer when the customer walks to other retailers of different businesses.

The associate retailers with the direct customer to that particular retailer and he will get a new customer. Partnerships can also be done with different stores in a different area so that the customers are directed to the retailer.

This partnership can be mutually decided for paid depending on the terms of business. Every customer referral may be chargeable by the other retailers, or the retailer can return the favor by directing the customers to his reference when they ask for a product which the retailer does not have.

#2 Social media

The easiest way to reach a particular set of the targeted audience is social media.

With the help of social media, unwanted advertising expenses can be avoided, and only specifically filtered customers can be targeted, and the store can be positioned. Using Facebook has become very common to promote a business.

Facebook offers large exposure to multiple people in the neighborhood and with a customer is set of targeting an audience selection preferences in Facebook advertising it is easier and effective for an advertiser to promote his product or service or in case of the retailer is business.

Starting a facebook group is also not uncommon where the retailer can promote different offers and schemes that are running in order to pull the customers. Paid Facebook ads are also another retail sales strategy wherein the business can be promoted with minimum cost and reach a tremendously high number of audience.

Instagram these days is in the neck to neck competition with Facebook, and most of the businesses from fashion industry prefer Instagram over facebook in order to target their audience. With high-quality photos on Instagram, it is easy to promote the business to a particular set of audience.

Different tools from Instagram like using proper hashtags making different stories in the Instagram profile, help to promote the business effectively. Many businesses also use other social media like Twitter, YouTube, LinkedIn, and even Google PayPerClick campaigns in order to promote their retail businesses.

#3 Referral campaigns

The existing customers of a retail store can be asked to refer for new customer after which both the existing and referred customer will get a discount on a few products, or the retailer can also offer freebies. Referral campaigns proved to be successful because getting a new customer would be the job of the existing customer, whereas the retailer can focus only on strategies to retain the existing customer.

Referral campaigns are similar to word of mouth campaign which is promoting two different customers by the existing customers, but the difference is that in case of referral campaigns the customers get paid for every successful referral which is not the case in word of mouth campaign.

#4 Instore advertising

Many retail stores have fantastic advertising inside the store, which instantly converts walk-in customers. These stores utilize their windows with large displays of the products highlighting offers and the best of their stuff so that it attracts the window shoppers.

Window advertising is seen commonly in tourist places where the tourists are unaware of the local products, and the store can help themselves promote with window advertising. Part of in-store advertising is also to have multiple variations of the same product which will cater and be to the liking of most of the customers.

Using merchandise which matches the products is also seen in many stores and can be used as a strategy. Use of bright lighting, bright interiors which compliment the store and the products can help in faster conversion of the customers.

A MARKETING MIX

A business firm controls four important elements of marketing which are called a marketing mix.

A firm’s marketing mix is the combination of the product, the price of the product, the means for its distribution, and the promotion of the product to reach a firm’s target market.

A firm can vary its marketing mix by changing any one or more of these ingredients. Thus, a firm may use one marketing mix to reach one target market and a second, somewhat different marketing mix, to reach another target market. For example, most automakers produce several different types of vehicles and aim them at different market segments based on age and income.

1) The product ingredient of the marketing mix includes decisions about the product’s design, brand name, packaging, warranties, and the like.

2) The pricing ingredient includes both base prices and discounts of various kinds. Pricing decisions are intended to achieve particular goals, such as to maximize profit or even to make room for a new models. The rebates offered by automobile manufacturers are a pricing strategy developed to boost low auto sales.

3) The distribution ingredient involves not only transportation and storage but also the selection of intermediaries.

4) The promotion ingredientfocuses on providing information to target markets. The major forms of promotion include advertising and publicity.

The ‘ingredients’ of the marketing mix are controllable elements. A firm can vary each of them to suit its organizational goals, and target markets.

1.2. Соедините слова с их русскими эквивалентами

1. warranty a) хранение 2. discount b) посредник 3. low sales c) рекламирование 4. storage d) гарантия 5. intrmediary e) обеспечивать 6. advirtising f) целевой рынок 7. provide g) изменять 8. target market h) соответствовать 9. suit i) низкий уровень продаж 10. Vary j) скидка

1.3. Переведите словосочетания на английский язык.

Элементы маркетинга, продукция, составная часть, компонент продукта, ценовая составляющая, ценовая стратегия, скидка, рекламирование (в газетах), широкая реклама, достигать.

1.4. Ответьте на вопросы.

1. What is a marketing mix?

2. Can a firm vary its marketing mix?

3. What are the ingredients of the marketing mix?. 4. What does a product ingredient include?

5. What means is used to boost low sales?

6. What do the major forms of a product promotion include?

Контрольная работа по «Английскому языку»

Автор работы: Пользователь скрыл имя, 12 Сентября 2013 в 12:53, контрольная работа

Описание работы

1. Generalities.
One of the areas of management is marketing. Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

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Документ Microsoft Word.doc

Задание 1. Прочтите и переведите текст. Спишите и письменно переведите вторую половину текста со слов: 2. A marketing mix.

Marketing

One of the areas of management is marketing. Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

Marketing makes products available where customers want them by transferring the ownership of products to buyers. The entire business organization is involved in a dual process of satisfying customer needs and achieving organizational goals.

Implementation of marketing concept begins and ends with marketing information about customers — first to determine what customers need, and later to evaluate how well the firm is meeting those needs.

A market consists of people with their needs, the ability to buy, and the desire and ability to sell. Markets are classified as consumer and industrial markets.

2. A marketing mix.

A business firm controls four important elements of marketing which are called a marketing mix.

A firm’s marketing mix is the combination of the product, the price of the product, the means for its distribution, and the promotion of the product to reach a firm’s target market.

A firm can vary its marketing mix by changing any one or more of these ingredients. Thus a firm may use one marketing mix to reach one target market and a second, somewhat different marketing mix, to reach another target market. For example, most automakers produce several different types of vehicles and aim them at different market segments based on age and income.

1) The product ingredient of the marketing mix includes decisions about the product’s design, brand name, packaging, warranties, and the like.

2) The pricing ingredient includes both base prices and discounts of various kinds. Pricing decisions are intended to achieve particular goals, such as to maximize profit or even to make room for new models. The rebates offered by automobile manufacturers are a pricing strategy developed to boost low auto sales.

3) The distribution ingredient involves not only transportation and storage but also the selection of intermediaries.

4) The promotion ingredient focuses on providing information to target markets. The major forms of promotion include advertising and publicity.

The «ingredients» of the marketing mix are controllable elements. A firm can vary each of them to suit its organizational goals, marketing goals, and target markets.

Фирмы контролируют четыре важных элемента торговли которые называются маркетинговой стратегией. Маркетинговая стратегия фирмы – это комбинация продукта, цены, распределения, продвижения продукта для достижения целей фирмы на рынке. Фирма может изменять свою стратегию изменяя один или более частей комбинации. Те фирмы могут использовать одну маркетинговую стратегию для завоевывания одних рынков и иные маркетинговые стратегии для других. Например, большинство автопроизводителей разрабатывают различные типы машин и предлагают их на различные сегменты рынка соответственно возрасту и доходу потребителей.

Составляющие маркетинговой стратегии – контролируемые элементы. Фирма может менять каждую из них в зависимости от целей фирмы и целей фирмы.

Задание 2. Напишите перевод следующих терминов из текста на русский язык.

1. PRICE (noun) – 1. The quantity of one thing that is exchanged or demanded in barter or sale for another thing. 2. The amount of money given or set as consideration for the sale of a specified thing. Цена – 1. Количество одной вещи, которую требуют при бартере или продаже за другую вещь. 2. Сумма денег, которую дают при решении приобрести обусловленной вещи.

2. PROMOTION (noun) – 1. The act or fact of being raised in position or rank. 2. The act of furthering the growth or development of something. Продвижение – совершение подъема в соответствующих позициях.

3. DISTRIBUTION (noun) – the marketing or merchandising of commodities. Распределение – предметов торговли или товарного продукта.

5. PUBLICITY (noun) – an act or device designed to attract public interest. Гласность – поступок или план по привлечению публичного интереса.

Задание 3. Напишите английские эквиваленты следующих слов и выражений из текста.

Задание 4. Заполните пропуски необходимыми словами и выраже-ниями из текста:

Задание 5. Ответьте письменно на следующие вопросы по тексту.

Задание 6. Перепишите слова из текста и подчеркните в каждом из них ударный слог.

Model: target, purpose, include.

Marketing, products, available, transferring, ownership, entire, business, organization, satisfying, implementation, concept, information, about, determine, evaluate, consists, ability, industrial, combination, promotion.

Задание 7. Одно слово в каждой группе (строке) имеет отличающееся от других произношение ударного гласного звука. Выпишите эти слова.

Model: him swim life ticket. life

(так как: [him] [swim] [laif] [tikit])

1. can may have that may

2. will win file guilty file

3. party charge fare large fare

4. for four flour brought flour

5. both wrong most toast. both

Задание 8. Определите, к какой части речи относятся слова из текста, переведите слова на русский язык, укажите словообразовательный суффикс или префикс.

Задание 9. Перепишите текст, вставляя необходимые по значению слова из предлагаемого перечня.

cash; business; assets; to cover; large;

capital; service; expenses; depend;

There is then the question of how long it will be before the product, or service, becomes established and cover starts flowing in. This will mean estimating carefully the cash for this initial period, and how much working capital will be needed expenses them.

The amount needed will depends entirely upon the type of business, how large it is going to be, and how long will it be before the business will begin to “pay its way”.

Задание 10. Переведите предложения на русский язык и выпишите герундий.

2. They started working two days ago. Они начали работать два дня назад. Started working

3. His coming so late seemed strange to everybody. Его поздний приход показался всем очень странным. coming

5. I object to your discussing this problem now. Я против обсуждения этой проблемы сейчас. discussing

Задание 11. Переведите предложения на русский язык, обращая внимание на употребление причастия I (Present Participle) и причастия II (Past Participle). Выпишите причастия.

impression. Продемонстрированные в институте новые находки произвели впечатление.

4. This letter, having been addressed to the wrong house, never reached my friend. Письмо было оправлено на неверный адрес никогда не дойдет до моего друга.

5. Being brought to his lodging, the surgeons examined his wound but there was no hope; that very evening he died.

Задание 12. Переведите предложения на английский язык, используя конструкцию “Сложное дополнение” (Complex Object) и подчеркните данную конструкцию.

Задание 14. Прочтите ситуацию и напишите предложения со словами в скобках в прошедшем совершенном времени (Past Perfect).

Model: You went to your friend’s house but he wasn’t there.

(he / go / out) He had gone out.

(the film / already / begin). The film already have begun.

Задание 15. Перепишите предложения, раскройте скобки и поставьте глагол-сказуемое в будущем совершенном времени (Future Perfect).

2. I hope you will have gone to bed by eleven.

Задание 16. Преобразуйте предложения из настоящего в прошедшее время, соблюдая правила согласования времен и делая необходимые изменения.

1. All of us know that she studied French at school.

2. She says that she will take her English exam in June next year.

3. We don’t know where she lived five years ago.

4. He asks us if we know his address.

5. He always tells me that his father was a teacher last year.

Задание 17. Преобразуйте предложения с общими вопросами из прямой речи в косвенную, делая необходимые изменения.

1. The investigator asked me: «Do уоu speak French?». The investigator asked me if I spoken French.

Задание 18. Преобразуйте предложения со специальными вопросами из прямой речи в косвенную, делая необходимые изменения.

Задание 19. Преобразуйте предложения, содержащие просьбу или приказание в прямой речи, в косвенную речь.

Задание 20. Преобразуйте предложения из действительного в страдательный залог. Подчеркните сказуемое в страдательном залоге и переведите полученные предложения на русский язык.

9 Awesome Ways to Boost Sales

To improve the sales in your business, focus on the customers and shift to increasing sales performance rather than profit. This is the first word of advice any sales experts would give you. If you want to boost sales and don’t know how, here are 9 awesome ways to do just that:

1. Focus on the existing customers

If you want to improve sales, you should shift your focus from attracting new customers to makingthose who have already tried out your products or services to buy again and learn how to maintain all the buyers. According to sales and marketing professionals from LeadBridge Partners, the best sales prospects are those you have already transformed into existing customers rather than a total stranger.

If you focus on your proven customers, you are able to increase and boost your sales dramatically. Marketing can certainly affect the sales, but it cannot solely lead to increased sales because you only focus on new customers and forget to maximize the already existing customers.

2. Learn about competitors

You should analyze what the competitors offer and learn new techniques, thinking of ways to outdo them. Competition is the challenges and an opportunity to boost your sales especially if you use their weakness and maximize your strengths.

3. Innovation and unique products

The customers should not leave your business with some products or services but should be fully satisfied. It is important to make the customers prefer your business to other by maximizing on quality, unique and innovative products that can outdo similar production the market.

4. Cultivate value

The best way to boost your sales to create and cultivate value in all ways such as staff training increased value products among others. Creating an atmosphere of value setting helps to attract and retain the existing customers at all seasons.

5. Build a customer service approach

Building a comprehensive resource center and customer service is a great way to give the clients access to a diverse range of the products and services that you offer. Additionally, you should Monitor your brands and in case of complaints, address the issues quickly in a timely manner. The customers need to feel appreciated and welcomed to the business always.

6. Customer relations

One way of boosting sales is through increased customer relation and maximizing on the available customers in a genuine manner the staff should learn how to treat the employees in a special and appreciated ways to maintain those who have come to your business.

7. Promotion

The promotions and marketing give the customers a great deal of existence of the products or services in the market. In some instances, discounts give the customers the ability to try your products. The promotion can give way to attract more customers and at the same time maximize the number of existing users. In some instances, you can offer free samples.

8. Marketing

Marketing is a definite way that helps to boost sales. Through marketing, the products and services, which are unique and of high quality mainly capture the attention of customers and in the process, make them esteemed consumers. The customers are the only options that can help you boost the sales. Marketing can also involve rewarding of the customers.

9. Provide credible products

Credibility is the one of the key factors that makes the customers trust and feel comfortable with your products and services. Use techniques such as advertisements to enhance your credibility in your sale. For example, use of customer testimonials and online marketing aid in raising customers trust on your products. In the process, you boost your sales.

6 Ways to Boost Sales in Your Organization

There is no magic way to achieve sales success.

However, there is one significant concept that helps the companies and sellers who embrace it—those who make it part of the fabric of who they are and who their sales organization is—experience wildly successful sales results.

If you want to boost sales and join their ranks, you must become a Value-Driving Sales Organization.

Value-Driving Sales Organizations have significantly higher win rates and revenue growth, and lower undesired turnover. They not only win more at higher margins, but also retain top sales talent.

5 Tips to Develop Your Sellers

Boost Sales in Your Organization

Becoming a Value-Driving Sales Organization is the first way to boost sales in your organization. The following 5 actions will help you get there.

1. Motivate Your Sellers to Perform

Most sellers say, «When I believe in what I’m selling, I can sell so much more of it.» When you have a Value-Driving Sales Organization, motivation is that much easier to inspire.

Almost all the Value-Driving Sales Organizations have cultures that support motivation compared to less than half of the others. Furthermore, 85% of Value-Driving Sales Organizations have sellers who actively pursue top sales performance versus only 50% of Non-Value-Driving Sales Organizations.

Focus on value and you can capitalize on a huge opportunity to drive seller motivation.

Researchers at Harvard Business School studied hundreds of sellers to find out what motivates them. The four factors they studied were:

Which do you think was most motivating?

Results showed the #1 motivating factor is task clarity.

If the seller is clear on what they need to do on a day-to-day basis, they are much more motivated.

2. Help Your Sellers Focus on Their Most Impactful Activities

When sellers are left without task clarity, they have too many choices of what to do. As humans, we naturally take the path of least resistance and tend to do the easiest task in front of us. This is often not the most meaningful or impactful task that you should be doing.

We’ve found one concept to be particularly powerful in helping sellers to know what to do: identifying their Greatest Impact Activity.

Greatest Impact Activity (GIA): The one task—as hard as it may be—that a seller can do to achieve the greatest outcomes.

You can help your team identify their GIAs by developing action plans for yourself and your sellers. With an action plan in place, sellers know exactly what they should be doing and where they should be focusing each day.

Put the GIA first in the daily plan to give you and your team the best chance for success.

3. Support Your Sellers in Executing on Their Plans

Having a plan, knowing what you’re supposed to do, and being motivated to do it is a great place to start. But if you aren’t executing and getting the most out of every day, it’s all for naught.

In the last 15 years, the potential for distraction at work has skyrocketed. With email, internet, texting, WhatsApp, Slack, Instagram, Facebook, LinkedIn, etc., sellers are constantly being interrupted, making it nearly impossible to execute.

Value-Driving Sales Organizations are 2x more likely to have sellers who are better at managing their time, focus, and personal effectiveness.

Imagine the improvement in productivity if your sellers were certain of the most important thing to do on any given day. Knowing their GIA and having an action plan allows them to be completely focused on doing it.

4. Advise Your Sellers on How to Consistently Win Opportunities

In our research, we found the following:

Sellers are typically unorganized in how they approach winning sales opportunities. They approach each opportunity differently and often miss key elements during the sales process that can help them win.

Consistent support and clear expectations from sales managers can alleviate this. When sales managers coach sellers on how to be most valuable to buyers, and help ensure all aspects of the sales process are thoroughly explored, the odds of winning go up.

If the seller can’t make the case to their sales manager for why a buyer should act and act now, choose you, and trust you, how are they supposed to make the case to a buyer?

When you have a sales manager who regularly works with sellers and coaches them to win, your organization wins more frequently.

5. Develop Your Team’s Skills

Value-Driving Sales Organizations have teams with significantly stronger sales skills across the board—from prospecting and consultative selling to strategic account management and sales management.

The top sales skills at Value-Driving Sales Organizations include:

Sales Skills in Value-Driving Organizations vs. Non-Value-Driving Organizations

The differences between the Value-Driving Sales Organizations and Non-Value-Driving Sales Organizations are stark.

You must be able to drive and win sales opportunities. Indeed, 91% of Value-Driving Sales Organizations have sellers skilled in doing this compared to less than half of the Non-Value-Driving Sales Organizations.

The second greatest skill is managing and coaching sellers. Note the difference: Value-Driving Sales Organizations are 3x more likely to have managers who are effective at helping sellers succeed.

The third greatest skill is core consultative selling. This relates to the seller’s ability to understand, shape, and redefine need, craft compelling solutions to needs, and communicate maximum impact for the buyer. This can be summarized in one word: value. Sellers who possess core consultative selling skills are better at communicating and providing value.

Develop sales skills with value at the center. The best sellers add value to the conversation above and beyond your products and services by sharing ideas and advice. The best sales organizations also have managers who can coach them to do this.

So how do you boost sales? Become a Value-Driving Sales Organization. Do this and you’ll generate more revenue with higher win rates at healthy margins, and you’ll keep your best people.

You’ll also have an energetic, passionate, and enthusiastic culture of people working to satisfy your clients. What could be better?

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