As the younger generation begins to finally get some relief from financial woes, they are likely to become extremely important for retail brands.
With the millennial group becoming the generation with more buying power in the European market, it’s becoming more important than ever for retailers to understand what makes millennials open their digital wallets. Also, with major retailers taking advantage of various avenues of digital social networking promotions, today’s marketers cannot solely rely on their brand name and traditional advertising techniques to drive sales. As such, companies are partnering with firms like Infiniti Research to leverage their expertise in formulating an efficient retail marketing strategy.
The client, a retail company based out of Central Europe, witnessed a huge loss in their marketing spend as they solely relied on TVs and print advertising techniques to promote their product offerings. Also, these traditional sales and retail marketing strategies turned out to be costly for the company due to dynamically changing millennial customers’ needs and requirements. Furthermore, the company witnessed a huge loss in their marketing spend and this subsequently impacted their sales rate.
The client, therefore needed a partner to play a key role in helping them formulate an efficient retail marketing strategy to attract the millennial group. The company, therefore, approached Infiniti Research to leverage their expertise in formulating an efficient retail marketing strategy.
Key objectives the client aimed to achieve by leveraging Infiniti’s retail marketing strategy engagement were:
- Build and maintain brand awareness to drive sales
- Create targeted promotions and enhance return on investment in marketing
- Enhance customer loyalty by consistently reinforcing brand messages
Solutions Offered and Value Delivered
To help the client formulate an efficient retail marketing strategy, the experts at Infiniti Research followed a four-phased approach. The initial phase of the engagement involved analyzing the needs and purchasing platforms of millennial customers and segmenting them into various groups based upon their characteristics and needs. In the next phase of the engagement, the experts conducted an optimized multi-channel campaign and monitored the incremental sales lift. The third phase involved tracking and analyzing channels that brought maximum engagement and sales. In the last phase of the engagement, the experts formulated an effective retail marketing strategy for the client based on the insights obtained.
Infiniti’s retail marketing strategy helped the client to efficiently utilize their marketing budget and attract the millennial group through targeted marketing and promotional campaigns. This improvised the sales and further helped the client to align their business strategies to the expectations of their customer segments. In addition, with Infiniti’s retail marketing strategy, the client was able to curtail the marketing spend and reach a large pool of prospective customers. Furthermore, Infiniti’s retail marketing strategy engagement helped the company to enhance their profit margins by 27%.