How creative will retailers get in a bid to attract the consumer pound?
As things begin to look bleaker for high-street retailers, the key question is just how far are those within the industry willing to go in order to attract new customers?
Cutting prices and offering package deals is one thing, but just how creative are they willing to be in their pursuit to turn things around in a sector that has taken so many knocks recently.
A new survey which was published this week emphasised just how stark the situation has now become, with many companies getting into a situation where they need to make use of business recovery services. The Centre for Retail Research has warned that 20% of stores could disappear entirely from the UK.
Dan Wagner, CEO of Powa Technologies, suggested that a number of retailers are “sleep-walking into turmoil”, as the new survey also indicated that the amount of shopping which will be done online will increase significantly in the future.
Changing your approach
So, what are the potential ways that retailers can take a radically new and creative approach? Well, marketing might be the ideal area to address first and foremost.
Retailers who have been around for a significant period may find that their marketing strategy has become rather stagnant and (potentially) outdated. If you want to attract new customers then it’s crucial to appeal to a whole new demographic, but how can you do this?
Seasonal lines are always a great way to demonstrate a new side to your brand, with summer being a particularly good example. Putting together a free brochure which showcases any new products for summer can be a great way to alert people to what you are offering. It might also be a good idea to distribute it into areas that you perhaps wouldn’t normally try.
Putting together an informative and exciting press release can also have a similar impact, and can be a relatively inexpensive way to reach a large number of people with a simple and clear message.