Why Marketing Plans are important for Shopping Malls?
*By Ameen Ahsan Strategy Consulting*
A shopping mall's sales marketing plan describes the strategies the mall management will deploy to attract and retain tenants and to bring in more shoppers to these stores. Preparing a plan is critical to success because shopping malls compete with each other and with other retail clusters, such as shopping centers. In metropolitan areas, consumers have numerous choices of stores, ambiance and entertainment options. Implementing a sound plan enables a mall to build its competitive edge.
A marketing plan for any business should include goals for the upcoming year. In a marketing plan, a key goal is the sales levels you want your tenants collectively to achieve. Set a goal for occupancy percentage -- the amount of available retail space that is occupied by tenants. A mall would also have a goal for rental income. Number of shoppers, also called visitor traffic, is another goal. With these goals in place, you can track your progress over the course of the year.
The mall owner and his team must have a clear understanding of the target markets they want to reach and attract to the mall. Demographic characteristics of the area -- factors such as age and income level -- give you a good idea what your potential customer base may be. Also look at who your current customers are and whether there are additional groups you want to target.
The marketing plan details the strategies and action plans the mall will use to find the right mix of tenants that fits the purchasing behavior and needs of its target markets. Shoppers coming to the mall to visit one store may find other stores appeal to them as well, necessitating some care into finding the right mix. The mall's management should devise tenant satisfaction strategies, such as conducting an annual survey of tenants to find out what they think the mall is doing really well and areas where the mall could provide better service.
Your marketing and promotions strategies should make your mall stand out. Ads could focus on unique stores you have, the excitement and fun available at the mall, the spectacular design and layout of the mall, or the variety of restaurants there
Ultimately you want to create a brand image for the mall, displaying why your mall provides a superior shopping experience.
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