It is becoming increasingly difficult to be competitive and stand out in a retail sector that is constantly flooded by startups and advertising. The retail industry’s advertising spend increased by 50% to $28 billion in 2020. The result was that the U.S. retail industry became the biggest digital ad spender.
Retailers are increasingly recognizing the value of content marketing. This results in increased sales, consumer trust and brand awareness.
Why is content marketing important for retail stores?
Content marketing is an advertising strategy that promotes the company’s expertise and builds relationships with clients. This is achieved through the creation and sharing of educational and informative content such as videos, podcasts and infographics.
Content marketing is a long-term investment. Your marketing team’s efforts will result in loyal clients who return time and again. Retail stores need content marketing because it goes beyond selling products. The goal of content marketing is not to sell products, but to build a relationship with consumers by instructing, educating, and engaging them.
Content marketing can affect consumers on an emotional and psychological level. This fosters trust. By educating customers through written and visual narratives, retailers can improve their customer relationships. The consumer will then be able to identify the brands that have made an impact and consider these retailers to be authorities in their industry. This form of customer engagement leads to loyalty and customer retention.
Effective Content Marketing Strategies
How can content marketing be successful? My friends and I host a neighborhood haunted house every year to celebrate Halloween. Most of us dressed up in the traditional horror costume last year. Jake, a friend, chose a different approach and wore the famous red sweater with a nametag. He was well-known for his State Farm character Jake, and he encouraged haunt-goers to buy life insurance before they entered.
State Farm’s Jake was able to make everyone laugh, including adults and children. Despite Jake’s many variations, State Farm’s content strategy for marketing engages and raises brand awareness. Because we are familiar with the content strategy, this is why. Jake is a reliable and trustworthy person who will always be there for you when you are most in need.
Mass Mutual used visual storytelling in its content marketing strategy to educate customers about personal finance. This campaign exposed the “uncomfortable reality” of major financial decisions and addressed individuals’ vulnerabilities and anxieties. Mass Mutual was seen as an expert in financial services and people built trust by sharing visuals and relatable stories through the short-form videos.
8 Amazing Benefits of Content Marketing For Retailers
Content marketing is a great way to build trust with clients and increase brand awareness. Here are eight top benefits:
Content marketing builds trust and shows authority
Clients are becoming less open to traditional outbound marketing strategies as their buying habits change. Content marketing is on the rise, and replacing traditional strategies with ones that build trust. In order to be a leader in your industry and a knowledgeable authority, clients will appreciate informative content.
Your company will be seen as a valuable resource if you offer unique insights and expertise. This increases trust between your company and clients and boosts credibility. For example, 95% of consumers saw content from blogs, websites and newsletters, as a sign that a business is trustworthy.
Content Marketing Increases Brand Awareness
Consumers will have more opportunities to learn about your company if you increase your content marketing channels. Content marketing, for example, is more effective when multiple methods are used simultaneously. This includes blogging, videos and social media. 70% of consumers found out about a retailer’s brand via an article, rather than through advertisements.
Your content marketing strategy should not only increase the number of content produced by your marketing team, but also convey the unique benefits of your brand to clients. Your content marketing strategy should address the needs, desires, and pain points of your consumer.
Prospective customers will be more inclined to recommend your company if they can identify how your brand helps them. Because they already know your brand, clients will choose you over other brands when they have client needs.
Content Marketing educates clients
There is a lot of information online. However, it’s not all educational or informative. Content marketing can help clients learn more about the brand by informing, instructing, and improving their knowledge. 70% of marketers believe that content marketing is a way to educate clients.
Content marketing is not about selling to clients. It aims to help consumers understand how your products and services can improve their lives. Branded content that includes both quantitative and qualitative information can help clients gain insight. This establishes you as an industry leader and expert, increasing the likelihood that customers will choose to buy from you.
Content marketing helps retain customers
Humans are creatures of habit. A retailer who solves the client’s problems while offering a positive experience is likely to win them a repeat customer. Marketing to new customers is five times more expensive than maintaining existing customers. A 5% increase in customer retention through content marketing can translate into a 25 to 95% increase on profits
Content marketing isn’t a one-and done deal. Successful retailers need to keep working hard to be innovative in order to remain at the forefront of the retail industry’s evolution.
It keeps your audience engaged
Content marketing goes beyond just communicating with clients and inundating them daily with information. Content marketing is about building relationships and encouraging dialogue. Consumers will feel more connected and engaged if they feel valued.
For instance, Canva’s social media contest, #CanvaDesignChallenge, called upon users to create unique graphic designs. Canva’s Instagram account featured images from the best creators. The content strategy prompted engagement on social media. Designers were eager to check Canva’s profile to see the winning designs and to have a chance of being featured.
44% of clients average viewing three to seven pieces before contacting a salesperson. Another 70% of clients report that they have viewed at least three pieces before purchasing.
Content marketing is the key to your social media success
Social media is, unsurprisingly, the most popular channel for content marketing and distribution. Social media platforms have become the preferred channel for content marketers to reach their target audience organically. Retailers can use social media to reach untapped markets through recommendations and brand ambassadors.
Loyal customers can share your engaging and informative social media content with friends, family, or colleagues. New clients will trust recommendations from friends who have had positive experiences with retailers rather than paid advertisements.
It drives more conversions and sales
If your company doesn’t see a return on its investment, then investing in content marketing is futile. Content marketing is a great way to increase sales because it generates three-fold more leads than traditional methods. Sixty percent of marketers also reported that content marketing generates leads and demand.
Content marketing has many benefits that lead to increased conversions and sales. Content marketing that offers informative solutions is more trustworthy than trying to make a sale. The result is a more loyal customer who will buy from you. Providing ongoing support, answers and incentives will encourage loyal customers to return the favor.
It reduces marketing costs
As more content floods the Internet, advertising space is becoming more scarce and more costly. To attract clients, retailers spend exponentially on outbound marketing. Inbound content marketing through blogs, email newsletters and social media can cut marketing spending by 62%. Paid search advertising costs 41% more than content marketing.
Your content and brand will become industry experts, which will result in higher rankings and more organic traffic. Consistent content marketing can lead to higher returns with relatively low startup costs.
The proven ability to improve client relations, industry authority and customer engagement is a key advantage for retailers using content marketing strategies. Retailers can keep up with the changing advertising landscape by innovating their marketing strategies with innovative, informative, and insightful content.
Scoop.it Blog: Why Content Marketing Is Essential for Retail Businesses