Five Tips for Retailers to Win at Marketing in a Booming Economy

Five Tips for Retailers to Win at Marketing in a Booming Economy

Money is flowing in America today: GDP is growing; deregulation has freed up corporate cash; and with the crash of the late 2000s all but a distant memory, consumers are finally spending again. For retailers, that is great news—and it couldn't have come at a better time. According to the National Retail Federation, sales during the holiday season can account for up to 30% of retailer revenue. Retailers need to both make sales in the current bull market and engender consumer loyalty so they can continue to enjoy those profits in good times and bad. The following five tips can help American retailers make the most of this upswing in the US economy. Figure out which customers are willing to pay face value for your products, and then focus on getting more of those customers on your site and in your store. A/B-test different messages to see which ones resonate most strongly with your target audiences. Optimize your designs Modern UI and UX designers make great money for a reason. In brick-and-mortar locations, create an attractive store display to wow customers and get them interested in the displayed product (and everything that surrounds it). Host an event Slow sales seasons and big spending weekends are both perfect opportunities to host a grand event.

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Money is flowing in America today: GDP is growing; deregulation has freed up corporate cash; and with the crash of the late 2000s all but a distant memory, consumers are finally spending again.

For retailers, that is great news—and it couldn’t have come at a better time. According to the National Retail Federation, sales during the holiday season can account for up to 30% of retailer revenue. With the end of the year looming, retailers must gear up to take their share of a massive pie, both now and in the long run.

Consumers don’t just have money to spend only today, though; they expect to have more cash in the long run, too. Retailers need to both make sales in the current bull market and engender consumer loyalty so they can continue to enjoy those profits in good times and bad.

The following five tips can help American retailers make the most of this upswing in the US economy.

1. Identify your best customers

Consumers exhibit different purchasing behaviors at different stores. Some people buy only sale items from one place but pay high prices for top-shelf items at another. Figure out which customers are willing to pay face value for your products, and then focus on getting more of those customers on your site and in your store.

Lean on data, not intuition, to optimize marketing with your top customers. A/B-test different messages to see which ones resonate most strongly with your target audiences. Use that feedback to target your most profitable segments until you have even more visitors who are ready to spend.

2. Differentiate your brand

Unless you have a highly specific niche, odds…

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