Have you ever made a shopping list?
Have you ever taken that list to the store?
Have you ever deviated from that list because something in the store caught your eye?
Have you ever sworn to yourself that it would never happen again?
Did you break your promise?
If you answered yes to the questions above, then you have most likely experienced in-store marketing first-hand. Today we are looking at the power of in-store marketing and whether it is right for your business.
How does it work?
In-store marketing is a style of marketing which involves the use of signage or video within a store to drive customers to certain products. According to a study by Miller Zell, more than 90% of shoppers make purchases that are unplanned, and 51% of those unplanned purchases take place in the shopping aisles. In-store marketing aims to capitalise on this 51%.
One of the main techniques used as an in-store marketing tactic is the use of signage. Displays of “special deals” can grab the attention of customers who would otherwise not be on the lookout for the product. Because, despite the fact that 65% of shoppers make shopping lists prior to their shopping trip, they make brand decisions 60% of the time after entering the store. This is where in-store signage can be a great asset to the storeowner. For example, if there were a surplus of some product X in the store that wasn’t selling well, the use of signage with offers could be used to direct customers to that product and ensure that it was not wasted.
Another in-store marketing option is the use of digital video and audio advertising. This is normally implemented by the placement of TV monitors around the store containing advertisements of the products within the store. Although this is initially more expensive, it has the benefit of opening another avenue for revenue. If you own a store that stocks the products of other companies, then it is possible to make money off of the advertising opportunities you provide to your suppliers.
Is it right for your business?
Intuitively, it seems like in-store marketing is only a viable option for large-scale retailers such as Coles or Harvey Norman. However, this is not the case. Any store can utilise in-store marketing as a way of driving attention to new products or products that aren’t moving well.
However, it must be said that if you own a very small store, the use of in-store marketing needs to be implemented at an appropriate level. A big mistake that many small-scale businesses make is the overuse of signage. This gives the impression of the store is cluttered and can overwhelm customers trying to navigate through the sea of deals and 2-for-1 offers.
More interesting facts about in-store marketing from the Miller-Zell study
Used correctly, in-store marketing can be a great way to trial new products and ensure that unpopular products are still purchased.
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