With 8,500 stores located in 15 different country that are under 55 different company names, Walmart owns them all and is considered to be one of the biggest companies in the entire world. As of now they are still considered to be the largest retailer around the world and also the biggest grocery retailer within the United States. Walmart has done so many things right when it comes to their marketing strategies and business practices, so why don’t we go over some lessons that we can all learn from them.
One of the main things that anyone will notice is that they are able to provide all types of stuff for such a cheap price when compared to their competitors. While it can be quite obvious how this strategy would help their marketing efforts, it isn’t as easy as it looks. To be able to offer low prices and lower their profit margins, Walmart always needs to watch their financials very closely. They understand their revenue streams, have gotten their business valued, and know that if certain products fail or don’t bring them the revenue they were looking for, they can simply stop the sale of them and still be profitable from other areas of the business.
Once Walmart has set their prices, they then start to publicize it and people will then flock to their stores to get a hold of the fantastic prices. It is a straight forward strategy that has proven to work for generations, and while we all won’t be able to lower our prices as low as Walmart, it is important we understand that we have correctly priced our products.
If you are unable to adjust the prices of your products or services to your customers liking, try giving them extra value for that same price. For example, add in a company T shirt, key chain, or even a coupon, you will be surprised how much little incentives will push your customer to make the purchase. On the flip side of low prices, you can also try to increase the prices and brand your company as superior to your competitors. While this seems like the best choice, you have to make sure you can live up to your promise on the product because if you don’t, you will start to notice a hard decrease in sales.
Go for More Than Just One Demographic
Walmart offers so many different things that almost anyone can walk into one of their stores and find something they want. From electronics, groceries, toys, sporting goods, furniture, and so much more. While we probably won’t be offering anywhere near the same amount of products, it is important to always try and appeal to a large audience. The larger the audience we can attract, the more potential sales and customers we will have.
If you are planning to expand your product line or add new services to your business, why not try and see if you can offer a product that your current customer base would like, but also appeal to a different demographic. That way, the product will keep everyone happy.
Make the Buying Process Easy and Available
Walmart is very accessible and easy to do business with. There are thousands of stores all around the world, they are easily accessible, and some of them are even open 24 hours a day to ensure that their customers can buy their products with ease. If a customer doesn’t live near a Walmart or is unable to make it to a store, then they have the option of doing all of their shopping on the internet at Walmart’s website.
Making it this easy for people to spend money at their stores gives Walmart a large advantage over their competition and increases their overall profits by an incredible amount. The best thing that we can do for our customers is try and follow Walmart’s example. Even if we don’t have a physical store or can’t keep it open 24 hours a day, we should still give our customers the option to do business on the internet and make it easy for them to contact us. Give them a phone number they can call and leave messages anytime, the more contact you allow your business to have with your customers, the more overall sales you will see.
This from make a website – through their webhosting hub review page you can learn the best ways to get a website online today.
Image courtesy of El Ángel Exterminador on Flickr.