Successful Local Retail Advertising Strategies

Successful Local Retail Advertising Strategies PowerPoint PPT Presentation


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Consistency means advertising all the time because you never know when someone is in the ... a targeted cable channel, specific search keywords, a targeted website, for example. ...

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Successful Local Retail Advertising Strategies

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Slide 1:Successful Local Retail Advertising Strategies

Slide 2:Successful Local Retailers Use These Advertising Strategies

Strong Positioning Image USP * Consistency * Media Vehicle Dominance * Sell Something More Profitable Than Low Price * Avoid the Sale Syndrome * * Michael Corbett. 2002. The 33 Ruthless Rules of Local Advertising. Pinnacle Books.

Slide 3:Strong Positioning Image

A strong competitive position and a strong equity position: * A strong competitive position requires a Unique Selling Proposition (USP). A strong equity position requires consistent exposure of the USP over time. “An equity position means that when someone needs your product or service, they think of you.” * * Michael Corbett. 2002. The 33 Ruthless Rules of Local Advertising. Pinnacle Books.

Slide 4:Unique Selling Proposition

A USP requires a positioning statement that separates a local business from its competitors—what are the different, unique benefits to consumers that no other business can offer (or hasn’t offered through advertising). “Steaks so good you’ll want to pay more.” * “The sports shop with the largest inventory in three states.” * * Michael Corbett. 2002. The 33 Ruthless Rules of Local Advertising. Pinnacle Books.

Slide 5:Equity Position Requires Consistency

“Consistency is the key to equity position and subsequent growth.” * Consistency means advertising all the time because you never know when someone is in the market for your product or service. The most effective ad or commercial is the last one (most recent) consumers see before they make a purchase—when they are most receptive. * Michael Corbett. 2002. The 33 Ruthless Rules of Local Advertising. Pinnacle Books.

Slide 6:Media Vehicle Dominance

Select a medium that reaches your target market effectively. Dominate that medium if you can afford to. Dominate means to invest more than your competitors. Dominate a section, time period, or type of content if you cannot afford to dominate an entire medium. Sports section of a paper, morning news time period in television, a targeted cable channel, specific search keywords, a targeted website, for example.

Slide 7:Media Vehicle Dominance

If you dominate a medium or a part of a medium and advertise consistently, you do not have to worry about what days of the week you run your advertising. * Let other advertisers compete to try to dominate the “best shopping days” and kill each other off. * Michael Corbett. 2002. The 33 Ruthless Rules of Local Advertising. Pinnacle Books.

Slide 8:Sell Something More Profitable Than Low Price *

Local retailers cannot hope to compete on low price with Wal-Mart or other huge national chains, so don’t try. Develop a USP and positioning statement that creates a quality image and charge more and increase profits. It is more profitable to invest $1 in advertising than to lower prices by $1 in order to increase volume. * Michael Corbett. 2002. The 33 Ruthless Rules of Local Advertising. Pinnacle Books.

Slide 9:Avoid the Sale Syndrome *

Sales can be useful when used sparingly so they become something special. Consumers don’t believe retailers who have sales all the time. If you drop prices by 15%, you have to sell more than 50% more goods to make the same profit, not including the extra cost of advertising. * Michael Corbett. 2002. The 33 Ruthless Rules of Local Advertising. Pinnacle Books.

Slide 10:Avoid the Sale Syndrome

Sales (or rebates) are addictive. If you use them continually, you train consumers never to pay full price. They will wait for your low-price sale. They will stockpile. You cannibalize future full-price sales. Sales lower your image.

Slide 11:Your Salesperson Will Help You:

Develop a Strong Positioning Image A Unique Selling Proposition Develop a Consistent Advertising Program Show You How to Attain Media Vehicle Dominance Get Results—Sell Your Inventory, Not Theirs.

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