The days of the mass marketing campaign is fast diminishing. For example, sending a catalogue or flyer to every home in your area just won’t work – instead, you need to target your marketing to the people who you know are actually interested in your product.
Any such campaign will need to be multi-disciplined: online, direct email marketing and advertisements in appropriate media. A campaign based around a loyalty or rewards type program can be particularly effective, as you can be certain you are targetting those customers who want your goods.
It’s about protecting the margin as best you can. Think of ways of giving them a reason to come to you.
Brian Walker, principal and founder of retail consultancy firm The Retail Doctor
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
