With their wide range of activities, from shopping to entertainment, in modern cities, it’s easy to see why shopping centers have been so popular in today’s cities and societies.
After all, who wants to spend time running around town when you can find everything you need in one convenient location?
But the very thing that made shopping centers so popular—convenience—is causing their decline. In today’s hyper-convenient world, where every fourth person buys online, e-commerce is getting more popular.
And that’s just 2022; imagine what these trends will look like in the next year or even the next decade. So, the very existence of shopping centers is at stake, making it essential for them to innovate and catch up with the trends.
One avenue to consider is revenue marketing—a technique that involves using different marketing channels alongside sales to generate as many leads as possible.
For example, they can try out Scaling with Systems, an expert in ensuring clients obtain profitable client acquisition.
In this article, you’ll learn how shopping centers can leverage revenue marketing as a strategy to grow.
How Does Revenue Marketing Work?
Your revenue generation strategy should focus on creating marketing campaigns that will increase revenue and help you reach your targets.
Say your revenue goal for the shopping center is to generate $75,000 more than the previous quarter. Your revenue-generating strategy should be tailored to reaching that goal.
To work toward this goal, you need to identify the marketing channels that bring in the shopping center’s most revenue. And to measure the effectiveness of your marketing channels, analyzing your campaign metrics and results is essential. It’ll help you determine which channels and campaigns to optimize and double down on to achieve your revenue goals.
Understanding & Fulfilling Customer Needs
Revenue marketing is about a customer-centric approach to achieve maximum return on investment (ROI).
In the traditional sales funnel, the marketing team leads from the back. In revenue marketing, the marketing team is right alongside the sales team to ensure that their campaigns impact the bottom line.
This customer-centric focus makes it one of the most influential and up-to-date strategies in today’s market.
With revenue marketing, you need to focus on the touchpoints and marketing channels for your shopping center that your target audience prefers and that generate a higher ROI.
Working side-by-side, both teams can identify those channels and then push them harder than the ones that aren’t as effective.
Say the sales team has identified that customer loyalty cards are more popular with your target audience than your app. Then, the marketing team should focus more on getting the word out about the loyalty cards than on getting more app installs.
The synergy between both teams is what ensures a more holistic experience for the customer.
Aligns The Marketing & Sales Teams
Revenue marketing centers around one clearly defined goal: the customer.
Marketers look to make big-picture changes that can have positive long-term impacts on brands. But sales teams are more concerned with the specifics of individual conversions.
Revenue marketing eliminates this gap; the workflow becomes more efficient and streamlined. This provides various obvious benefits, ensuring that these teams can fulfill goals more effectively and respond to the latest trends in 2023.
By unifying the two teams through a single focus on customers, revenue marketing ensures that efforts from both teams are working together in tandem rather than in opposition. That produces better outcomes for all stakeholders involved.
That’s why shopping centers must prioritize revenue marketing.
Provides Customers With Tailored Experiences
Customers want you to see them as more than just a number. This is why more and more people are attracted to businesses with personal brand stories that treat them properly.
Revenue marketing helps fulfill these needs by looking at specific customers to understand what they want. This is done through data and analytics to develop a plan that delivers customers these tailored experiences.
For example, you could host specific events within your shopping center to help attract people from particular audiences.
To plan and execute successful events for shopping malls, you need an understanding of the customer demographics and retailer requirements.
To make a meaningful impact, create campaigns and activities that give shoppers something to look forward to while helping retailers gain visibility.
Collaborate with nearby businesses such as hairdressing salons or fitness centers to create exciting and engaging experiences; makeup workshops, zumba sessions, or food fairs, for instance.
These events will generate buzz while increasing store traffic and creating positive partnerships that will add value to products.
Utilizes The Latest Technology & Data
Revenue marketing heavily depends on data and technology to arrive at accurate insights that can help deliver results. These insights can help inform any decisions and changes you make with your shopping center for greater success.
There are various metrics that a shopping center can benefit from, which include footfall traffic, heatmaps, and store capture data.
Such data will allow you to understand what visitors prefer within your shopping mall so that you can address these needs.
Also, you must look beyond your traditional marketing strategies and embrace a multichannel approach.
Integrate digital tools into your revenue strategy to help marketers gain valuable insights into their audience and offer tailored experiences to shoppers.
Plus, promotional actions alone are no longer enough; shopping centers need to focus on creating an experience that moves customers to purchase in-store and online.
Approach marketing holistically to create a strong, unified image impacting online and offline channels.
Wrapping Up
In a world where shopping centers face new challenges daily, there’s an incredible opportunity to rise above the competition and create unforgettable customer experiences.
Revenue marketing is a powerful strategy that enables shopping centers to truly connect with their customers, understand their needs and desires, and provide them with tailored experiences. That will keep them coming back time and time again.
Focus on customer needs and fulfill them in innovative and creative ways to build strong and lasting relationships with their customers. This drives sales and revenue and creates a loyal customer base that will champion your shopping center to their friends and family.
Revenue marketing also encourages marketing and sales teams to work together more efficiently and effectively.
Your teams can develop new strategies and marketing techniques to drive traffic to your shopping center and increase revenue.
