Nowadays the retail market has gotten larger, more competitive and further fragmented. Consumers have become smarter and more demanding to be wowed in order for retailers to win their business. During the past when demand exceeded supply, consumers had limited options and accepted what was available for them, nevertheless, as nations are vastly developing and technological advancements are connecting East to West and turning the globe into a small village the equation has changed, now supply has exceeded demand, competition has increased, and suppliers have been striving to wow customers in order to win their hearts.
So how can retailers in the business of play win kids and their parents for long term?
Here are some tips which will help you achieve this goal:
1. Be clear on your brand positioning, main USPs and your niche; The big question each customer asks is “ What’s different about your brand which will make me buy from you”? Tough question you think, well try not thinking about it and see how tough it feels to lose sales instead. Hard work might cause pain, yet not as painful as regretting losing business. Get clear on your differentiation factors, competitive strategy and your unique selling points which make you stand out among the crowd. Focus on them, communicate them and be the best at them.
2. Understand your customers’ psychology; When you understand your customers’ needs, wants and behaviors you will be in a better position to wildly succeed in winning their hearts. Gathering and analyzing information about age, gender, hobbies, likes, dislikes, interests, books they read and music they listen to can help companies provide the right solutions to their customers’ needs and become further successful at what they do.
3. Offer the right product, with the right price and at the right place; As a result of the point #2, when companies know their customers they will successfully develop the right products, set the right prices and choose the right places to do business. Keep in mind the importance of your location in driving traffic to your store, easing your sales and in offering convenience to your customers while you run the operation smoothly.
4. Deliver a fine & memorable experience; Selling products or services only is not enough any more, top retailers understand the importance of the shopping experience itself. It's true that kids feel happy when they buy the toy, however the overall experience starting from the moment they see the ad or know about the latest craze from their peers, to persuading their parents to purchase the toy, till they enter the store, check available options and make the purchase, all these elements do count. Hence, offering an enjoyable, memorable and fun packed experience which wows kids and parents and draws a big smile on their faces makes the whole difference, because most of the time people buy with their feelings!
5. Focus on sensory marketing; Meaning entertain your customers’ senses as they are an important part in shaping their emotions, thoughts and beliefs which will ultimately lead to shaping their buying behavior. Whether the taste, sight, sounds, touch or smell all these elements shape the perception about the brand and formulate the buying behavior. And in order to gain a deeper consumer involvement and build loyalty retailers have to consider what is called “the multi sensorial experience” while staying authentic to their own brand concept and values.
At the end of the day when kids or parents visit retail stores to buy a product they will hold the toy in their hands and carry the experience they have had in their hearts and minds, so if you make sure the experience is happy, soul lifting and one of its kind then we assure you that this shopping journey will be “remembered and shared” forever, footfall will be repeated and loyalty will be built.