Visibility, the Key to Success in Retail
Jo Dikhta Hai, Vo Bikta Hai. Visibility, the Key to Success in Retail
In today's market, the customer will buy what he sees. The market is very competitive. There are similar products from different companies competing for the same market. If a consumer doesn't see a certain product of a specific company then he will just buy a competitor's product. It is very important for a company to keep their product visible to the customer to maintain brand loyalty.
To attract a new customer, it costs five times more than the cost to keep an existing customer. It is very important that companies first focus on in store visibility strategy, retaining an existing customer and then try to acquire new customers. If you lose a customer, that is a gain for your competitor.
To convert a budding customer, who has used your product for some time but isn't completely brand loyal it is essential that your product is always visible to the customer.Your product should always stand apart from competitors. It is not important for your product just to be “available” in the store, it is important that the customer knows that your product is there in the store.
Methods to Increase Product Visibility:
1. Shelf Space:
Leading brands provide incentives to retailers under loyalty program. There are dedicated shelves in the retail store to display the product. These shelves usually have a backing sheet and shelf strips of the company and brand name to further market the prloduct. The shelf is reserved only for a specific product and it's Stock Keeping Units (SKUs). This shelf space management program to highlight the product to a consumer.
2. Standee or Banner:
In today's day, marketing on a retail level is a very essential to increase the market share and sales of a product. Displaying a standee or banner with information about the product in an appealing manner can help educate the customer about the product and increase sales. Marketing instruments like standee banner grab attention of the consumer and increases the chances of him buying the product.
3. Point of Purchase Display:
Getting a dedicated shelf space in a large supermarket is not possible. In a supermarket, all the similar products of different companies are kept together. There are extra spaces available in the store apart from the shelves as well. Using a Point of Purchase Display will help in placing the product strategically as well as allow for the product to standapart from the competitors. It will also help stock all the Stock Keeping Units (SKUs) together.
4. Promotional Devices:
Promotional devices like a cooler of the brand is common strategy used by soft drink and energy drink manufacturers. This assures that the product is visible to the consumer. There is a lot of branding also done to the coolers that make them stand out. This is commonly done by beverage companies.