As retail marketing leaders—whether you’re in charge of a franchise brand, a multi-location outfit, or a single-store operation—you invest significant time, energy, and resources into creating and implementing marketing campaigns that build brand awareness, bring buyers into your store (or your e-commerce site), and encourage them to make purchases. But how do you know if your efforts are having an impact?

Marketing attribution can be tricky business, but here are seven key performance indicators (KPIs) retail marketers can look at to gauge their success—and tips for what to do if any of those results are falling short.

Conversion Rate

The conversion rate is the measure of how many potential customers become actual customers over a given period.

Conversion Rate (%) = # of signups or purchases / # of Successfully Delivered Emails X 100

Measure this rate—across individual campaigns and your entire marketing strategy—to keep track of how many of those ideal prospects you’re able to convert into customers.

What to do if the conversion rate is a little low:

• Look at your lead funnel. If all your collateral and outreach are designed to build awareness and/or interest, be sure to add some bottom-of-the-funnel outreach designed to encourage sales.
• Try personalizing your marketing materials, as research shows that personalization increases conversion rates and revenue.

Customer Retention Rate

The customer retention rate measures how many one-time customers become repeat customers, coming back regularly to make additional purchases. You can calculate this by subtracting the total number of new customers acquired during a given period from the total number of customers that period, then dividing the result by the total number of customers.

Customer Retention Rate = ((Customers you have at end of period – Customers you acquired during period) / Customer you have at start of period) x 100

What to do if retention isn’t where you want it to be:

• Try retargeting, either by showing customers ads for items related to what they’ve already purchased or sending them emails, postcards, etc. with recommendations based on their shopping histories.
• Consider a loyalty program, offering something like $10 off after the tenth purchase, to entice them to keep coming in.

Traffic

Traffic refers to the total number of entrances to the store (or, for digital platforms, total number of sessions) in a given period.

Traffic = Number of Entrances in Store

This metric is a useful indicator of whether users are familiar enough with your brand—and enticed enough by what they see online and in their mailboxes—to investigate your shop. (How many of those visitors make a purchase, on the other hand, that’s your conversion rate.)

What to do if traffic is low:

• Check your calls to action. Are you using your marketing collateral to directly invite customers into your store? If not, don’t be afraid to be forward! Include a QR code that takes catalog readers directly to your e-commerce platform, or ask social media scrollers specifically to “Stop by this weekend to see what’s in store!”
• Advertise your incentives. Are you donating a portion of your proceeds to a local charity this weekend? Is a never-on-sale item 10 percent off on Tuesday? Be sure potential customers know that, giving them extra incentive to stop scrolling and start shopping.

Average Transaction Value

The average transaction value divides the total sales from transactions by the total number of transactions to track how much, on average, customers are buying when they’re in the store.

Average Transaction Value = Sales / Number of Transactions

Why do marketers care? Because these numbers may highlight opportunities to boost revenue through marketing efforts designed to encourage customers to add more to their carts.

What to do if average transaction value could be higher:

• Add overhead signage and shelf-talkers to point out in-demand items. Customers won’t buy something if they don’t notice it, so leverage in-store marketing opportunities to showcase a wider range of products shoppers can’t live without.
• Create displays that match up complementary items for customers. Put cocktail napkins and bottle stoppers next to the on-sale wine, or display those no-show socks alongside the season’s bestselling sneakers. And, of course, don’t forget the signage—shelf-talkers, corrugated displays, etc.—that highlight these perfect pairings. These add-ons can really add up!

Sell-Through Rate

The sell-through rate is the percentage of any given item that was sold (as compared to the number available to sell).

Sell-Through Rate = (# of units sold / # of unity received) x 100

While inventory managers will use this data to make better buying decisions, marketers can use it, as well, to identify which products are selling well and which ones might need a little extra promotional love from the marketing team.

What to do if a product’s sell-through rate is low:

• Feature it in your next social media campaign. Highlight the product, its value, and why customers will love it, so they’ll be on the lookout when they’re in your shop or on your website.
• Create a promotion. Consider offering 10 percent off a slower-selling product when it’s purchased alongside another item that’s in higher demand. Advertise the promotion online and in store to drive sales.

Sales per Square Foot

Sales per square foot—calculated by dividing the net sales by the amount of sales space—is a great indicator of how effectively a store is merchandised.

Sales per Square Foot = Total Square Feet / Sales Space

Dig deeper into this data, using heat maps, inventory tracking, and other strategies to pinpoint which corners of the store are bringing that average down. Managers may rearrange merchandise accordingly, but marketers can help bring up those low-performing areas, too.

What to do with low-traffic parts of the store:

• Use directional signage to drive customers to those areas. No matter how great the products, shoppers may need a little nudge to make it all the way to shelves in the back corner, so bring it to their attention with overhead signage or floor sticks that point the way.
• Highlight your merchandise with shelf-talkers or corrugated displays designed to draw customers’ eyes to those little-noticed products or areas of the store.

Net Profit

Finally, net profit is the difference between gross revenue and total expenses.

Net Profit = Gross Profit – Operating Expenses – Tax

This doesn’t isolate marketing expenses or ROI, of course, but it does tell you whether margins are healthy or it’s time to look for ways to cut down on costs. If the latter is the case, every department should examine their balance sheet, but there are certain things marketing can do to minimize expenses without sacrificing quality.

What to do if margins are too tight for comfort:

• Minimize collateral design expenses. If the marketing team is reaching out to its freelance designers and copywriters for every new Instagram graphic and point-of-sale brochure, those invoices are no doubt adding up. Leverage modular content to enable marketers to create high-quality collateral with minimal expense, saving the big bucks for high-value campaigns.
• Eliminate wasted inventory. Whether you’re overproducing postcards to meet quantity minimums from your printer or paying for rush jobs because you didn’t realize how low your catalog stock had gotten, mismanaged marketing inventory can be a real drain on the budget. Embrace print-on-demand and real-time inventory management to minimize waste and make thoughtful, economical production decisions.

(Learn more about streamlining marketing costs in this blog post.)

Meet Every KPI with OneTouchPoint

In store and online, there’s no shortage of tactics for retail marketers to support their companies’ sales goals. OneTouchPoint is here to help, simplifying efforts (and streamlining budgets) with our end-to-end print and digital marketing execution services. Take a look, and

when you’re ready to learn how we can help your marketing team meet (or beat) every goal, contact us or request a quote on your next project. Our experts will provide insight and ideas to deliver phenomenal results at a great price.

Whether you’re welcoming the very first guests to a restaurant, a boutique shop, a hardware store, or even a new franchise location, a grand opening is always a cause for celebration. But to get it just right—to entice droves of customers not only to attend but to spend—takes a fair amount of legwork.

Yes, this includes all the logistics and heavy lifting that go into actually getting your space ready to welcome customers—stocking shelves, setting tables, setting up your POS system, training your staff, etc.—but we’re really focusing on is the marketing lift.

What does it take to introduce the community to your brand? What do you need to do to get them in the door on opening night? And, once they’re there, how can you encourage them to purchase your products during the grand opening and then leave the party excited to come back soon?

For retail and restaurant marketers, grand opening preparation is a big undertaking. Here, we’re making it easy by breaking it down into a detailed checklist of everything you need to consider as you get ready for the big day.

Connect with Consumers Online

Let’s start with introducing your brand to your community via online marketing channels, meeting them on their phone screens and laptops as they scroll social media or look for local recommendations. Here are the key areas to consider:

• Landing Pages: 97% of consumers go online to find and research local businesses, so you’ll want an online location page that’s easy to find and welcoming to customers. Be sure to provide key information like address, phone number, hours, and product or menu offerings. For restaurants, include information about making reservations, and for retail shops, add details about online ordering and pickup options. Also consider including complementary e-books, newsletter signups, and other content that offers value and uses automatic lead capture to drive real engagement.
• Paid Search: The first page of Google search results is marketing gold, and increasing your store’s visibility in search engine results is a powerful way to bring in new customers, for the grand opening and beyond.
• Social Media Marketing: Recent surveys have found that social media users spend an average of about two-and-a-half hours per day on social media. As they scroll, consumers are primed to encounter countless new brands and their offerings. All this exposure breeds familiarity and trust—the first steps on the road to purchase.
• Email Marketing: Once customers are familiar with your brand—they’ve interacted with you on social media, subscribed to your newsletter, or downloaded content from your website—they’ll be primed to notice your name in their email inbox. Use this as an opportunity to introduce yourself a little more formally, telling customers more about your shop or restaurant, reminding them to save the date for the grand opening, and offering discounts or incentives to attend.

Digital marketing has a lot of moving parts to juggle, but it’s a key ingredient in familiarizing your community with your new store. Fortunately, you don’t have to go it alone. Learn about OneTouchPoint’s digital marketing services.

Connect in Print

Another touchpoint you won’t want to skip as part of your multichannel strategy is direct mail. This traditional marketing tactic is still one of the most effective tools a marketer can use to build brand awareness, attract new clients and maintain existing relationships. Here are a few things to consider sending to your new neighbors via Every Door Direct MailÒ.

• Product Details: For retail stores, consider sending a direct mail piece showcasing a new brand or line that you are carrying in-store. (These could even include preorder opportunities so they can purchase items they’re excited about and pick them up at the opening.) For restaurants, send menus to your new neighbors to raise their appetites, highlighting any special dishes that will be available at the grand opening.
• Promos: Are you offering new customer specials? Grand opening deals? Loyalty programs? Let your community know via postcards delivered straight to their mailboxes. Show off the highlights on the cards, and use a QR code to invite them to visit a special landing page - or your website - for more details.
• Invitations: While you’ll share grand opening details widely online, nothing makes guests feel more welcomed than a personalized, physical invitation. A month or so ahead of the grand opening, cordially invite your neighbors to the big event. Include the basic details of the day, and feel free to step it up a notch with RSVP cards, swag, or anything else that fits your brand and will catch customers’ eyes.

The benefits of direct mail for connecting with customers are undeniable, but getting these campaigns just right — and integrating them seamlessly with other marketing channels — takes some expertise. At OneTouchPoint, we pride ourselves on being just the right partner. Learn about our direct mail services.

The Big Day

The marketing work isn’t finished once new customers arrive for the grand opening event. Now, it’s more important than ever to leverage print marketing strategies to create an in-store experience that makes customers feel welcomed, highlights products they’ll love, and entices them to come back for more.

• Welcome Them In: From a banner over the door to window clings front and center welcoming guests in the entryway or at the host’s stand, both grand format and more standard signage can make a fabulous first impression.
• Show Them Around: Remember, your space is brand new to attendees, so use directional signage to be sure they know where to go. In restaurants, this signage should indicate whether customers should seat themselves, head to the host station to be seated, or make their way to the counter to order. In retail stores, it can point them to different product categories, grand opening activities, or customer service, for starters.
• Highlight Must-Try Products: Overhead signage, shelf-talkers, corrugated displays, printed menus, and table tents are just a few of the ways retail and restaurant marketers can highlight featured products and promotions throughout the grand opening event. Remember, this may be the first time customers are encountering your brand in person, so don’t be shy about showing off the things they’ll love.
• Close Out the Event: The last impression is just as important as the first, so be sure the check-out process is just as vibrant with value as the rest of the event. For retailers and counter-serve restaurants, think point-of-sale displays that highlight community involvement, loyalty programs, and upcoming events. For sit-down restaurants, consider how to jazz up a branded check holder with additional information and engagement opportunities.
• Give Out Party Favors: Finally, no party is complete without party favors, and branded promo items go a long way in building brand recognition and reputation. Think through what kinds of items fit with your brand identity (mints for a restaurant, frisbees for an athletic store), and pack up those swag bags to help customers remember (and share) your brand, and get them excited to come back soon.

From signage to swag, the production needs for a grand opening are sky-high. OneTouchPoint can help there, too, with our full-service print and distribution solutions.

A grand opening is a great way to welcome customers into your shop for the first time, but it comes with a long to-do list. At OneTouchPoint, we pride ourselves on making every step of the process easier—supporting everything from the planning, to opening day and every day thereafter.

Learn more about how we work with our retail and restaurant clients to showcase their brands through impactful local marketing campaigns, supporting your locations with an online branded store available 24/7, to warehousing and fulfilling to producing, then shipping all the needed assets directly to each store location. Then, when you’re ready, we invite you to contact us or request a quote on your next project. Our experts will provide insight and ideas to deliver phenomenal results at a great price.