The use of retail outlets to spread awareness about the product and services by the company is termed as retail marketing. Retail marketing is one of the most powerful disciplines in which prominence is placed on usage of consumer channels as opposed to direct or trade marketing. Whilst this concept is trending and has proven it effectiveness in most industries, it does not come without its cons.
The success of the theory depends on various factors but one specific addition to the list when retail marketing programs are implemented is the interference of the trade partners in the utility of the program. In simpler words, if the sales have to be increased through the use of platforms provided at the consumer level, the direct link between the final consumer and the brand goes through the trade partners. This unavoidable and significant bridge needs strengthening and maintenance on a regular basis to keep up with the changing market conditions.
Role of Trade Partners in Retail Marketing
Data is collected first hand by trade partners and thus is comparatively more accurate as they are aware of the actual scenario based on facts and not fiction. Even though our technology has enabled us to do the math easily, we still need the correct numbers to input. A product sells better if it is tailor-made to the feedbacks of the customers and the easiest and most cost-efficient way to get these feedbacks is through trade partners who get it through the grapevine. Price determination in a competitive market is based on the demand and supply pull which cannot be measured without on ground eyes and ears. It is important to know what the customer wants but it is also equally important to know how much they are willing to pay for it.
Effective communication techniques require strong communicators and this responsibility falls in the hands of the retail partners. One thing that is common to the achievement of the above is the attitude of the partners, if retail marketing was a complicated dish with numerous ingredients, trade partners would be the salt adding the flavor and bringing out the taste overall. Therefore, it is very important that a relationship is established with them that go beyond professional exchanges and occasional chit-chat. A regular routine should be adopted to keep the partners motivated.
Why is motivation important?
Since the involvement of trade partners in marketing programs makes their contribution significant to the achievement of ultimate marketing objectives, the quality of their work reflects that of the organizations. Their continuous allegiance and support should be reciprocated. If the increase in sales and revenue is to be ensured, a lasting relationship with every part of the chain should be encouraged. Few are the reasons why boosting the morale of trade partners should be considered a part and parcel of the program:-
- Highly motivated partners are more likely to be innovative and give better results.
- An energized environment gives more chances to produce pure genius.
- Hard work should not be forced but encouraged and motivation achieves just that.
- Breeding loyalty in this competitive era gives you a competitive edge
There are many reasons why boosting the morale of the trade partner is considered a regular feature of marketing trade programs and there are many ways to do it. Both monetary incentives such as gifts, trips etc. or non-monetary ones such as awards and recognition are regularly used to encourage trade partners.
A wise man once said,
“For every sale, you miss because you’re too enthusiastic, you will miss a hundred because you’re not enthusiastic enough.”
