The recent National Retail Federation study “The State of Retail Small Businesses” is good news for digital savvy manufacturing brands. The National Retail Federation commissioned a survey of retail small business owners to better understand their sentiments around a number of key issues and the impact of policies and regulations on their businesses. The survey was conducted from April 26, 2017 to May 14, 2017.
The survey found that the top two areas that retailers are focusing on are 1. “Expanding (their) Businesses’ Digital Presence” and 2. “Expanding into new product lines or categories.” Below I’ll dive deeper into the results, what it means for Promoboxx, and how this relates to beer.
1. Expanding their digital presence
This survey found that 36% of retailers are prioritizing their digital presence as their customers continue to prioritize an online experience. This focus on digital creates a large opportunity for brands who prioritize effectively supporting their local retailers by providing them with digital content.
2. Expanding into new product lines or categories
The survey also found that 34% of the retailers surveyed want to expand their in-store offerings into new products of categories. Local retail owners know that providing greater product offerings is better for customers, but this can also come at the cost of increased inventory risk. Brands can help mitigate the inventory risk for retailers by driving customers in store through contributing to their local advertising and marketing efforts. This is an opportunity for brands to stand out and promote their products alongside their retailers. With the added customer experience provided by specialty stores, once brands help retailers drive potential customers in store, your sell-in should be a breeze.
1 + 2 = Promoboxx
I’m biased, but this is good news for Promoboxx. Our platform helps retailers expand their digital presence alongside a brand, using expert brand campaign content and funds. When retailers feel supported by a brand, they will be more likely to consider expansions to their product line.
We Bought Tequila Flavored Beer
How does this tie in to tequila flavored beer? At my parents’ package (liquor) store, we were supported so well by Anheuser Busch and their distributors with marketing materials and a personal connection, that we’d consider any new product they threw at us. Take, for example, Tequiza, a tequila flavored beer meant to compete with Corona. While it was certainly a unique flavor and didn’t appeal to everyone, we loved our rep Jim and Anheuser Busch’s constant care so we would consider almost anything that they offered us! It just goes to show the importance of a strong brand and retailer relationship.
The simple tactic of supporting each other creates the ROI of a Happy Retailer. Providing retailers with digital marketing content will drive customers in-store, and they’ll be more likely to buy your new products. With this NRF study, we now see evidence of these top two retailer priorities aligning.