Applying Different Sales Strategies to Meet Market Needs
Demographics, economic conditions, competition and technology are a few of the many factors a retailer must consider before developing a sales strategy. A well thought out strategy looks at the existing position of the business, both controllable and uncontrollable conditions, and devises a strategy to meet market needs. The strengths, weakness, opportunities and threats (SWOT) analysis enables a retailer to view a business through an objective eye and develop a sales strategy to reach a given target market. Different retail venues require retail strategies to meet the unique needs of their target market however all venues require analysis of the consumer base through the use of marketing tools.
A retail sales strategy must develop a thorough, well-integrated plan, in order to gain a competitive advantage in the market. A retail business develops a strategy to reach their target market and communicate their message in a meaningful way that consumers can relate too. (Gluck, S., 2014). Prior to communicating with consumers, retailers must assess market conditions and determine if their product or service will meet market needs. An analysis of the strength, weaknesses, opportunities and threats (S.W.O.T) gives a retailer perspective about the market and their own business allowing them to capitalize on the conditions. Once the (SWOT) is evaluated, the retailer sales strategy will account for both controllable and uncontrollable variables. Examples of controllable variable are: location, retail pricing of products and advertising. Examples of uncontrollable variables are: advances in technology, competition, and economic conditions. Successful retailers will adapt or change their marketing strategies according to current market conditions in an attempt to improve their financial outcome. The promotional mix, which is the combination of price, product, placement and promotion, is developed after both the (SWOT) and the controllable measures are understood. The retailer will use the combination of market evaluation tools to create a sales strategy, reach a target market and promote a product or service consumers will want to buy. Understanding each portion of sales strategy revels both obstacles and opportunities, but once a retailer is able to identify obstacles they can navigate through to take advantage of benefits.
Importance of Sale Strategy
The retail market appeals to many different types of people, and the development of a sales strategy needs to match the diversity of the target market’s needs. The importance of a retail sales strategy maximizes sales by developing a sales strategy that resonates with the segmented target market. A retailer who reaches a designated target market and sells their products or services is considered successful. A retailer must determine who their target market is and how they can successfully reach them....