In the current business climate, many executive teams are seeking ways to maximize revenue from existing resources – especially brick and mortar locations. Local store marketing can play a critical role in that initiative. Here’s why.
The Opportunity: Millions in Lost Revenue
How much revenue are retailers and restaurants failing to capture through their units? Our research shows that it may be more than you think.
Buxton recently compared the sales forecasts of a sample set of current clients to their actual performance, and found that on average they were leaving the following on the table:
*Forecast is above average unit volume but actual performance is lower than average
Capturing even a portion of unmet demand can make a meaningful impact on a company’s performance.
The Solution: Local Store Marketing
If your goal is to capture unmet demand across your network, where should you start? The first step is to drive traffic to your locations, which can be achieved through a local store marketing strategy.
Local store marketing involves executing custom marketing campaigns at the location level. It gives brands the opportunity to respond to the unique dynamics of each location’s trade area by considering factors such as competition, local events, and the profile of best prospective customers. It also gives brands the opportunity to go beyond loyalty program lists to reach new prospective customers.
While local store marketing is a sound business strategy, it has proven to be difficult to scale, which means it is often not executed fully. But today, companies can leverage local store marketing technology to empower their unit operators or franchisees to execute targeted, on-brand marketing campaigns across a variety of channels.
By involving your local operators, you ensure that campaigns are driven by professionals with in-depth knowledge of the trade area. You also free your corporate marketing department’s time to focus on developing resources that can benefit all locations.
The Bottom Line
Local store marketing plays a crucial role in driving foot traffic to capture lost revenue opportunities. By involving local operators, you can quickly scale your local store marketing efforts to make them both efficient and effective.
Learn more about Buxton’s local store marketing technology, LSMx, and how it can support your efforts to capture unmet demand.