“People do not buy goods and services. They buy relations, stories and magic.” – Seth Godin.
Retail branding is one of the marketing tactics that help build an aura in customers’ minds, making them eager to shop again in the same store. This article will help you in grasping how small businesses can effectively implement retail branding. We’re going to talk about it from the perspective of small businesses because, compared to business sharks, small businesses require more care when it comes to retail branding.
Before we get into the meat of this article, let us find out what is retail branding and positioning.
Retail Branding and Positioning
Retail Branding is a marketing approach in which a retail space establishes the brand identity, thereby increasing the traffic and sales. Brand positioning is described as a strategy aimed at competing with other brands in the marketplace and creating a distinct impression in the customers’ minds. With various changing trends in shopping and consumer behavior, retail branding in India has undergone a significant transformation in recent years. COVID-19 has prompted several changes in the retail branding sector in response to the shifts in customer mentality. Your brand’s visual identity is a part of what retail branding entails, but your customers’ general view of your brand and their experience with you is equally important.
Different types of retail branding strategies apt for small businesses can be used depending upon the product or the service you wish to focus. For instance, fashion retail branding would be different from retail restaurant branding.
Why is Retail Branding Important?
Retail branding and brand positioning increase customer loyalty and preference over time. The importance of retail branding is that, it aids in the development of a distinct brand identity, and reflect the brand culture. Retail branding strategies aren’t just for brick-and-mortar establishments; they’re as vital for online stores also.
Let’s dive into the meat of the matter now that we’ve covered the basics of retail branding.
How to do retail branding for small businesses? What are the different approaches that can be used?
Retail Branding Strategies for Small Businesses
Retail branding is required for any business, regardless of its size or expenditure, to increase sales and revenue. Even if it is a small venture running on a ‘shoestring budget’, retail branding is essential to capture customers. There is a widespread belief that to achieve the desired outcomes, retail branding must be done on a massive scale. You can create stunning retail branding for your small business that will keep your brand in the spotlight if it is well planned, and implemented. Dovetailing your branding tactic with effective retail marketing can skyrocket your sales and revenue. Retail branding is undeniably crucial for brand awareness and sales; the only difference is that for small businesses, the strategy should consider different aspects that will be addressed in greater depth in this blog.
Research, Planning & Development
The first stage in building an effective retail branding strategy for your company is to conduct extensive market research and planning. This is quite important when it comes to retail branding for a start-up or small business.
Identifying competitors, determining your retail branding budget, and what you want to portray through your brand should all be top objectives. Determine why and how customers should connect with you and what they want to see in your store. Planning and creating a retail branding method is a difficult task that necessitates dual thinking, as both the business and the customer. Using the services of a well-versed retail branding agency can make retail branding solutions for your firm a breeze. Discuss your business objectives and your budget to help them design the plan effectively.
Retail Space Design
A classy retail design aids in expressing the brand and its story, educating the customers about the products, and helping them have an effortless shopping experience. Understanding customer psychology is enough in retail designing, rather than spending a considerable amount to steal the show. Sticking to your small budget, you can create incredible retail spaces that invite the customers to explore it.
While designing a retail space for small businesses, the prime focus should be
- Using cost-effective materials and fabrications.
- Making the products on display more appealing.
- Using budget-friendly and quality elements that demand less maintenance.
- Effective utilization of classy and aesthetic properties like recycled artworks, glass bottles and similar pieces.
- Creating the visual merchandising magic within the limited budget and space.
Effective Utilization of the Retail Space
Utilizing the available retail space in the best possible way without affecting the customers’ movement is the key to any retail management strategy. Small businesses may not have plenty of space. Hence, the retail branding approach should use the limited space available to express the brand identity and message. When done by a creative design agency, retail interior designing would take care of your budget and your retail space simultaneously.
Let us check out some retail designing strategies that will help small businesses utilize every square meter of their retail space.
- The retail space should be designed in such a way that it is comfortable for the customers to navigate inside the limited retail space available.
- Eye-catching navigational signages will help the customers have a smooth flow.
- Displaying items on different levels will help to maximize space and avoid giving a cluttered feeling.
- Using neutral colors will provide a spacious feel to the eyes.
- Go for creative, space-saving furnishings and furniture that fits your budget and retail area.
Employing the right price points will help you attract more customers while generating profit at the same time. As a small business, going for a price war with your competitors would not help you gain profit. Bundle pricing strategies that involve selling a bundle of distinct products for a single price can provide the impression of more value, triggering the customers to shop.
Discount coupons, rebates, seasonal prices, and other promotional offers can be used for small businesses that may attract more customers, thereby increasing the chance of more purchases.
Retail branding is not just confined to the visual appeal and pricing you offer your customers. The customers should enjoy the shopping journey with you and find an emotional connect with your brand. A hassle-free shopping experience would make the customers make repeated purchases with you.
The staff in your retail space should represent your brand culture and identify, thereby identifying the customers’ needs. They should be the voice of your business as they are the ones directly dealing with your valuable customers. Staff training and their positioning are critical for small businesses, especially when working in a limited space. This should be effectively planned and executed while designing a retail branding approach.
Events & Activations
Events and activations will create wonders in grabbing the customers, especially to hype a new product or service, gain awareness, or debut with a bang. It is not a staggering task for a retail branding agency to design and execute smart and interactive events and activations that rhyme with your brand and the budget.
Events and activations don’t need to be grand and spendy. The essence of the event should be the target audience and their psychology. Executing the best event would introduce new merchandise by increasing the in-store traffic.
I hope you find this blog to help develop a retail branding plan for your small business without mimicking the big brands. The main goal of your retail branding approach should be to provide a visually stunning, comfortable, and memorable shopping experience to your customers. All you have to do is think like your customers and find out what they’ll like to experience in your retail space. Leaving the task to an established retail branding company will help you create a brand identity within a wallet-friendly budget.