How Small Business Owners Can Identify Complementary Retail Opportunities
Business owners should constantly be looking out for ways that they can market their products to more people within their demographics. One of the strongest ways to do this is by identifying locations where you can retail your products that are complementary to your business model and highly trafficked by those in your demographic. To start out using this technique, business owners will need to approach the task form a place of strength. In order to convince other retailers that your product has a place within their location, you need to prove that you are intimately familiar with your target demographic and can demonstrate that the demographic that appears in a potential partnered location will overlap with your sweet spot. Having market research and an analysis of your own sales record to show will get your foot in the door and help to convince a partnering location to try your products out.
Where does your target demographic go? Where do they spend their money, and how can you place your products there? The first step you need to take in order to identify possible sales opportunities for your business is to think where your best clients will be when they are out shopping for the products you offer. For example, a high end line of organic juices might be primarily inclined to market to grocery stores and health food stores, which are both good starts. Taking things a step further, marketing in Yoga studios, gym locations and outdoor centers where there is regular patronage from a health conscious market with disposable income can put the juice brand directly in front of the eyes of those most likely to be interested in purchasing that type of product when they are also likely to be thirsty. This is the type f thinking that you can apply to your brand.
What locations and businesses have complementary branding? Another way to benefit from finding new locations for your retail products is by identifying brands with complementary branding to your company. By grouping this complementary branding together, small business owners will be able to magnify the impression that each one creates, making it more likely that brand impressions will create a more lasting image of your brand as associated with your desired attributes.
Where can you create more engagement with your product? Small business owners should also think about areas where there product is best able to stand out and draw positive attention. Placing your product in a situation where it provides an alternative to a standard offer and creates variety that was lacking before can help to magnify the attention it draws from consumers. It can take some thought to identify advantageous environments for your product, but once you have found them, the positive exposure you can get is highly valuable.
Photo Credit to Department of Foreign Affairs and Trade on Flickr