13 Low-Budget Marketing Strategies for Retail Businesses

Over the past several years, we have watched the internet change how customers discover products. Shopee, Lazada, Tiki, and many other e-commerce platforms have shown us just how easy selling online can be. This makes it easier for small and medium-sized businesses to reach their customers. But the easier it gets, the more competition it creates. That is why building a brand is vitally important. So in this article, The7 rounds up 13 marketing strategies for retail businesses.

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13 Low-Budget Marketing Strategies for Businesses

Many business owners assume that marketing for a small business means pouring money down the drain because it is not practical. In reality, you just haven’t learned how to optimize your marketing strategy yet. It is true that many marketing strategies cost a lot of money and brainpower. But there are plenty of simple, accessible strategies for small businesses too. Read on, think them over, and pick the strategies that fit the size and industry of your business.

Retail Marketing #1: Build an E-Commerce Website for Your Business

If you haven’t taken your business online yet, now is the time. More than 54% of the world’s population is online, and that number grows every year.

Selling online was extremely difficult many years ago. Most e-commerce stores still struggled to reach customers. Finding reliable delivery partners and payment gateways was just as hard.

But those obstacles are gone. E-commerce has become easy thanks to today’s e-commerce platforms. Services such as Giaohangtietkiem, Giaohangnhanh, Loship, and NinjaVan make transactions much easier. E-wallets such as Zalo and Momo make payments easier. And platforms such as Shopee, Lazada, and Tiki  have opened the door for every business, big or small, to sell online.

But will you make a real impact just by selling on e-commerce platforms? Certainly not. You should own and design a sales website of your own. A dedicated e-commerce website for your business helps customers connect with your brand better. It also lets you establish yourself in the market.

Creating an e-commerce website is not hard, and it is not as expensive as many people think. Check out The7‘s article 13 Steps to Develop an Online Sales Website for more details.

Retail Marketing #2: Remind Customers About Their Shopping Carts

If you already own an e-commerce website and can track your customers’ purchase journey, check which customers have not paid for the products in their carts. Then send them an email or notification to bring them back. According to behavioral psychology research, many customers get distracted and forget when shopping online. Consider the following figures:

• 69% of customers add products to their cart but do not check out
• 45% of cart-reminder emails are read by customers
• Of the emails that are read, 21% of customers click through to resume checkout
• Of the checkouts that are resumed, 50% of customers complete the payment.

Of course, this will vary from industry to industry. The key point is that a retail marketing strategy such as sending reminder emails does not cost much. You can:

• Send a reminder email a few hours after customers add products to their cart without checking out.
• Send discount codes for products that have been left in the cart for a long time
• Send a coupon code if they open your email but do not buy

Retail Marketing #3: Sell Gift Vouchers

Vouchers are not only another source of revenue but also a way to promote your brand. Customers who truly love your brand and products will buy vouchers for friends or family. This gives you the chance to win entirely new customers. And if you follow the other marketing strategies mentioned in this article, you can turn those new customers into loyal ones.

In addition, discounts tap into buying psychology. Learn more about psychological factors in marketing in this article:

Applying Marketing Psychology in Practice

Retail Marketing #4: Create a Pre-Order Strategy

If your business is struggling to generate some short-term revenue, set up a system that accepts pre-orders. Use this strategy for products that are out of stock or still in production. It can genuinely save your business when cash is tight. You can use the revenue from this strategy to cover your company’s other expenses.

This can do more than generate short-term revenue. It can also help you gauge demand for certain products. If you want to add a new product but haven’t measured customer demand yet, run the kind of campaigns that game publishers often use.

Retail Marketing #5: Create a YouTube Channel for Your Business

As mentioned earlier, creating an e-commerce website alone is not enough. You need to attract customers with marketing strategies for retail businesses. If your budget is tight and you aren’t ready to spend on paid ads, creating valuable content is your best option.

Start a YouTube channel for your business and think about which video content will attract your potential customers. One simple survey found that more than 74% of marketers say video content outperforms text content. It stimulates and motivates buyers far more effectively.

You are probably thinking: isn’t YouTube extremely competitive? Not necessarily. We are not saying that growing a YouTube channel is easy. But with a strategy, you can find success.

If you have product stories or tips for using your products, YouTube is your way to connect with potential customers on a deeper level. Some video topic ideas include:

• Informational videos
• Product reviews
• Customer stories and community videos
• Behind the scenes of your business
• Commercials and video ads
• Documentary-style videos

And once you have created the videos, you can link to your e-commerce website and encourage viewers to buy your products.

Retail Marketing #6: Start a Blog for Your Business

Add a blog and article feature to your website. Create SEO-optimized articles and don’t copy content from elsewhere. A blog is a great way to share company news. It is also a great way to spread word of your marketing campaigns.

The beauty of a blog is that it can act as a central hub for your content. If you already have a YouTube channel, turn a video into a blog post and embed the video in your blog. Cross-promoting your different content formats gives customers a variety of options. They can follow your content the way they like best, whether that is watching, listening, or reading. 

Above all, if you make sure your content is properly SEO-optimized, you will earn unpaid traffic from Google search. This is a retail marketing approach with an extremely economical budget.

Retail Marketing #7: Influencer & KOL Marketing – A New Direction in the Livestream Era

Influencer & KOL marketing has been growing over the past few years. Marketing agencies today constantly chase this new trend. However, not all of us have thousands of dollars to spend on celebrities to promote our business. Aim for more accessible audiences instead.

Collaborating with influencers is a cost-effective approach. It helps your business spread brand awareness on social media. Influencers on social media or YouTube always have extremely loyal fans. Typically, if you want to work with influencers, the more followers someone has, the higher the fee. Definitions of an influencer can vary. But reaching out to people with 10,000-50,000 followers is fairly easy.

First, research the influencers in your industry. Send them an email or a direct message. On YouTube, most accounts let you message them about business inquiries. And on platforms such as Twitter and Instagram, you can send a direct message and bring up a collaboration.

Retail Marketing #8: Launch an Affiliate or Loyalty Program

Starting an affiliate program is a great way to open up a new revenue stream for your business. The basic idea of affiliate programs is that you pay a commission to anyone who sells your products or services. This way, other organizations will spend their own time marketing your products.

As for the commission rate, you can negotiate it based on your business’s situation. You can offer 10-50% of the profit on each order that is completed. If you have a subscription model, you can offer recurring commissions for as long as customers keep buying your products.

However, keep in mind that this strategy depends heavily on the partner you work with. Look for an affiliate partner that is relevant to your business. Then run marketing campaigns for the program on your website. Also proactively include your business’s contact information in your marketing content.

Retail Marketing #9: Engage More With Customers on Social Media

If you haven’t created any social media accounts for your business yet, now is the time. Using social networks such as Facebook, Instagram, Twitter, and TikTok effectively can give you the chance to promote your brand.

We live in an era when customers can easily interact with business owners. So focus on building relationships with them.

Keep in mind that you should also use each social media platform differently. Don’t spam every platform the same way with nothing but product photos and calls to buy. Instead, have a strategy.

On Twitter, engage loyal customers and potential customers in meaningful conversations. On Instagram, run giveaways or contests and post pictures of your products and business as memes. On Facebook, share relevant blog posts, YouTube videos, or content your customers will enjoy.

The point is not to post the same thing on all of your social channels. Build your business’s content around the unique characteristics of each network.

Retail Marketing #10: Use Email Marketing

Email marketing is a well-suited, low-cost strategy for engaging with customers. But be sure to tell the difference between email marketing and spam.

There are many ways to collect customer emails. The simplest is to use a sign-up form on your business’s website. But make sure customers actually want to receive marketing emails from your business.

Or you can add an opt-in option on your website’s blog so readers can subscribe to be notified when new articles are published. You can also create content in the form of e-books or PDFs to promote to customers via email

Use tools such as Mailchimp or Iterable to manage and send emails to your user base.

Retail Marketing #11: Offer Free Shipping

This may seem pretty basic, but you’d be surprised how effective it is. According to a survey, more than 79% of consumers say free shipping makes them more likely to buy. In short, if you want to motivate consumers to buy from your store, offer free shipping starting now.

However, if your budget is tight right now, that doesn’t mean you have to make all of your shipping options free. Plenty of consumers are willing to pay a shipping fee to get their products faster. You just need to offer customers a free-shipping option if they are willing to wait a little longer.

Retail Marketing #12: Review Your Business’s Return Policy

Just like free shipping, a return policy also affects customer psychology. Your return policy will also influence how customers judge your brand. 

Many small retailers believe a short return window will minimize extra costs. However, according to psychology, that is not the case.

When it comes to human behavior, creating a sense of urgency is a major factor in decision-making. If you have a 1-week return policy, consumers may feel pressured and sense that they should come back sooner. So if there is a small problem with the product, they will return to your store right away.

But if you have a 3-month return policy, consumers can use and experience the product at their leisure. And even if they are slightly dissatisfied, after a month or longer they may think “no rush” and no longer want to return the product. 

Overall, a short-term return policy can really hurt your business. Be more flexible to improve the customer experience.

Retail Marketing #13: Discount Your Overstocked Products

Failing to sell products you have already invested in can cost your business a serious amount of money. On top of that, you have to pay for warehouse storage. That is why it is important to keep clearing out underperforming inventory to make room for new products.

A simple way to clear overstocked products out of your store is to discount them heavily. Or use them as giveaways in your marketing strategies. This approach not only makes potential customers more inclined to buy. It also raises their awareness of your brand – try the “tag 3 friends in the comments to enter the giveaway” strategy.

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CONCLUSION

Those are 13 low-budget marketing strategies for retail businesses. The7 believes these strategies are easy to carry out for small and medium-sized businesses. Remember that countless businesses have already started selling online. It is no longer the fertile ground it once was. Still, it is a bright path if you know how to compete and stand out.

In fact, marketing is becoming more and more important for businesses. And today there are plenty of tools and resources available to help you succeed. We hope this list of strategies helps you stay ahead of your competitors and grow sustainably.

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CONTACT

However, if you are still unsure which direction to take your retail marketing, or you want to build a website or create a marketing plan that MEETS ALL THE CRITERIA ABOVE but don’t know where to start, let us – The7 – give you a hand.

We are a pioneer in website design and in creating marketing strategies tailored to our customers’ needs:

• Website design styles that match user trends.
• Optimization for every device, from desktop to tablet to mobile phone.
• Consulting support for design, planning, and measuring website performance for customers.
• A website design team that understands customer needs and designs website styles suited to your industry or service.
• Support filling your website with SEO-optimized content from our versatile content team.
• Planning an advertising strategy for your website, social media, YouTube, and more.
• Support creating websites and SEO-optimized content for customers.

Contact us today for further consultation:

? Address: 28E Tăng Bạt Hổ, Phường 11, Quận Bình Thạnh, HCM
? Phone: 028 38997377 (working hours 8:00 – 17:30)
☎ Hotline: 0879.17.7979
✉ Email: contact@the7digital.com

See more at: https://the7digital.com/dich-vu-thiet-ke-website-chuyen-nghiep-tai-viet-nam/