Every industry that has brick and mortar locations likely has an in-store marketing budget. To make things simple for the sake of this post, we’ll focus on the retail industry as our example when talking about maximizing those budgets. Looking at marketing in general, retailers typically have an overarching marketing budget that covers everything, and in that budget is a line item designated for in-store marketing as a channel.
This makes complete sense, because every location needs to have the ability to stay current, showcase promotions and enhance their customer experience. Retail marketers today are expected to heavily maximize their budgets, which includes maximizing the in-store marketing budget..
Let’s take a look at what that means and some ideas for how it can be accomplished.
In this article we’ll walk through everything you need to know to pull this off like a pro.
In-Store Marketing Budgets – The Breakdown
We’ve already talked about in-store marketing budgets being a part of the overall marketing budget, but we want to get really specific here to ensure that as you read this we are all on the same page.
What is an In-Store Marketing Budget?
An in-store marketing budget is a subsection of the total marketing budget for an organization.
The budget is intended to be used for marketing activities that are on-site at the brick-and-mortar location.
Typically, these budgets are set as either quarterly, semi-annually or as an annual marketing budget. The factors here include company, size, how finances are structured, etc.
In most cases some percentage of revenue is factored in so there may be an even distribution across all stores. Or allocations may be budget based, on the store’s sales performance over some period of time.
What is Included in an In-Store Marketing Budget?
While, in theory, everything you might do to market to customers in-store can be included in your store’s marketing budget here are some of the most common in-store budget items:.
- Signage
- Environmental Graphics
- Displays
- Brochures / Flyers
- Booklets
- Events
This could be a much longer list, but what we have shared here are the most common line items for those who manage store marketing budgets.
Now that we’re in sync with what the in-store marketing budget is, let’s move on to how you can maximize it.
The Top Ways to Maximize Your In-Store Marketing Budget
This is what you came for: how you can maximize that budget! There really is no limit to what you can do to maximize a store’s marketing budget, but there are several proven tactics to do it well. Additionally, if you are more creative, you can generate more savings, and results while also driving a higher impact on your customers.
Let’s consider several of In-Store marketing assets that can be utilized.
Here’s a quick list
- Signs & Banners
- Wall Graphics
- Clothing Rack Toppers
- Brand Decals
- Wayfinding Decals
- Floor Graphics
- Flyers & Brochures
- Catalogs
- Coupons (at the display or near products)
- Displays & Bins
Choosing from these common in-store marketing assets, we’ve put together four ways you can maximize your in-store marketing budget.
Use Vinyl Banners in Window Displays
Instead of using costly dimensional lettering, custom expensive displays or window graphics that must be installed by a professional, use hanging banner displays that can be purchased affordably and can be hung without the need of professional installers. This will still create the impact you need in your window display, including a strong message and depth to the visual.
Apply Wall Graphics to the Interior of Your Store
While this one isn’t a cost-savings tip, it is a tactic that will improve the experience of your customers which can ultimately deliver an increase in sales overall, as well as the average transaction amount. Imagine walking into a store where everything has been curated visually to enhance the experience of being in the store. It’s themed perfectly, setting the mood, making you want to be there, it has you envisioning yourself being something, doing something, looking a certain way. Wall graphics are a part of that thematic experience. It ultimately drives customers to buy more and want to come back in the future.
Print Your Signage on More Affordable Material & Standard Inventory
One way to save money is to have your marketing materials printed on more affordable material (or substrate). Thinner stock paper, simple coatings, basic sizes are all ways to reduce the cost of what you get printed. This is especially relevant if you have seasonal promotions that don’t require a long shelf life. One additional and important item to note here is that while cost-savings is important, it’s equally important to be certain the chosen substrate is appropriate for its intended use.
Create Offers for In-Store Only Shopping
Another easy tactic to generate additional sales from in-store shoppers is to have available promotions for customers who shop in store. You see this across many different retailers. Some use gimmicky styles of selling using custom displays, spinning wheels or money cyclones. But others use basic approaches such as having coupons printed and put on display next to products that promote the buying of additional units or complimentary products at a discounted price. Doing this is guaranteed to increase your gross sales and maximize the budget in a way that is prioritizing a higher returning tactic. Better results!
Like many of our articles say, this is just a sample of what you can do when it comes to maximizing an in-store marketing budget, but our hope is that it sparks the creativity in you to maximize your budget, get better results and grow sales.
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