ATLANTA, GA / ACCESSWIRE / October 21, 2020 / The world of retail is challenging, fast-paced, and ever-changing. Between aggressive competition and the constantly shifting social climate that inevitably impacts consumer behaviors and spending, it can be difficult to create a sustainable environment for your business to thrive.
In this cluttered marketplace, the key to succeeding as a retailer of consumer goods is to meet your customer where they are.
"Retail success can often be summed up in one word - Convenience," notes Deepak Agarwal,entrepreneur, c-suite executive, and founder of several major eCommerce businesses. "How can you make your product or service available to your target customer the moment a need arises? This is the pivotal point that catalyzes a purchase or conversion, which, when executed correctly, can turn into a lifetime customer."
With this year's global pandemic, we have observed many businesses adopting a convenience strategy, which allows them to minimize the traditional barriers one encounters throughout the purchasing process that can derail a sale - whether it be requiring them to create an account before purchasing, long shipment times, or limited payment options. However, this focus on convenience should begin before the customer is even aware of your brand.
Consumer research, building personas, and brand positioning are key elements in understanding the relationship between your consumer and your business. Without truly knowing the target consumer, it's almost impossible to meet them where they are and in a way that drives resonance and preference.
"Get as granular as possible. Be relentless in learning about what is important to your customers. Figure out what other brands they interact with and media they trust. Determine how and where they express themselves and their interests online. The answers to these questions will paint a picture of your target consumer, and can help reveal the path for meeting them," recommends Deepak Agarwal.
Once you have a substantial understanding of your target audience, creating an effective ROAS driven customer acquisition strategy is much easier. With the use of demographic, lifestyle, and interest targeting, brands can showcase their products or services to potential customers before they even have an opportunity to conduct a Google search. With advanced targeting techniques and specifications, you can even target audiences that look like your current customers to improve the likelihood of converting an ad impression into a click and ultimately a sale. Split testing or "A/B testing" is a great way to hone in on your audience and learn more about their preferences in terms of what content and messaging will resonate.
"Providing convenience to consumers means becoming a seamless addition to their daily lives with minimal disruption," notes Dee Agarwal. "This requires an acute understanding of their behaviors and pain points. What does your customer's day look like, and how can your product improve their lives?"
Grounded in customer understanding, brands can then best position themselves to respond to the exact moments of consumer need. "One industry we see thriving during this time is food delivery services," says Deepak Agarwal. "From meal delivery apps like DoorDash and Postmates, to grocery delivery services, to weekly prepared meals like HelloFresh or Blue Apron, people are simply too busy to shop and prepare meals, as well as actively trying to minimize their contact with the outside world for safety reasons. The pandemic has created the perfect environment for these brands to thrive."
In addition to their convenience-creating services, these companies employ a powerful advertising strategy that displays their ads to an interested audience at the exact moment that they are likely thinking about their next meal or planning dinners for the week. Through research, many companies have determined the days and timeframes consumers are most likely to look for new recipes or go shopping -- helping them reach consumers with the perfect ad or special at just the right moment.
But the food delivery industry is far from the only one benefiting from these consumer behavior shifts. Deepak goes on to discuss the shifts of the health and wellness industry, where businesses have made major strategy shifts to make wellness convenient for consumers, even when they are stuck at home. "Peloton and the Mirror give people that personal trainer or group fitness experience without ever having to leave their homes. This is the future of consumerism."
"The companies that see this as an exciting opportunity versus a challenge will be the ones that rise to the occasion -- this trend is not going anywhere," states Deepak Agarwal. "Check in on your business strategy frequently, and ask yourself ‘how can I make this easier for my customer?'"
Email: [email protected]
SOURCE: Deepak Agarwal