The competition in the retail market is fierce. In the retail market today we have substantially more goods for sale than there are clientele to buy them. Getting a competitive edge is essential which is only possible when understanding the customer and what types of customers there are to attract. Do you cater to the right customer segment? Do you reach out to enough people? Is your selection of goods optimal for your segment and would you say the same thing about their exposure in the store?
In marketing terms it is said that the three most important factors in determining the desirability of a business are “location, location and location”. That does not only apply to the location of the property, but also the location of your products and the general layout of the store. How your store layout is set up can mean night and day in terms of revenue.
By understanding the buyers, you will be able to understand how different marketing schemes will influence their behavior, be it eye level marketing, selection of background music or the application of a certain canned fragrance. Methods and schemes that are known to make people stay longer at the premises and potentially make more purchase decisions. You may also want to monitor the impact of a certain campaign or special offer.