Big Lots marketing strategy breakdown

About Big Lots

Big Lots was founded in 1967 by Sol Shenk in Columbus, Ohio. The company operates as a retail store offering a wide variety of products at discounted prices. With a focus on providing affordable options for customers, Big Lots has grown to become a popular destination for budget-conscious shoppers. The company's impact on retail is evident in its ability to offer quality products at competitive prices, attracting a loyal customer base over the years.

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Big Lots marketing strategy

Big Lots, known for offering great deals on a wide variety of products, utilizes targeted promotions to attract value-conscious consumers looking for quality items at affordable prices. By leveraging an omnichannel presence, the company ensures that customers can easily access their products both online and in-store. The goal of these marketing strategies is to increase brand awareness, drive sales, and ultimately, solidify Big Lots' position as a go-to destination for budget-friendly shopping. With a focus on providing value and convenience to their target audience, Big Lots continues to thrive in the competitive retail landscape.

General Info

Founded

1967

Headquarters

Columbus, OH

Big Lots marketing mix

Big Lots, like many other companies, relies on the classic 4Ps marketing mix framework to shape its marketing strategy. This framework comprises four essential elements:

Product

Big Lots focuses on offering a wide range of products at affordable prices to attract budget-conscious consumers. They strategically place their stores in convenient locations to make shopping easy for their target audience. Through various promotional tactics, such as sales and discounts, Big Lots aims to drive traffic to their stores and increase sales. The intended outcome of these strategies is to position Big Lots as a go-to destination for value-conscious shoppers looking for a diverse selection of products at competitive prices.

Price

Big Lots utilizes the price element of the marketing mix by offering discounted prices on a wide range of products to attract budget-conscious shoppers. By strategically pricing their products lower than competitors, Big Lots aims to increase customer traffic and drive sales. This pricing strategy helps the company position itself as a value-oriented retailer, appealing to cost-conscious consumers looking for affordable options.

Place

Big Lots utilizes the "Place" aspect of the marketing mix by strategically locating their stores in easily accessible areas with high foot traffic. This allows them to reach their target audience of budget-conscious shoppers looking for discounted home goods and furniture. The intended outcome of this strategy is to increase sales by making it convenient for customers to find and purchase their products.

Promotion

Big Lots utilizes promotions as part of its marketing mix to attract customers and drive sales. Through various promotional tactics such as sales, discounts, and special offers, Big Lots aims to create a sense of urgency and excitement among its target audience. The intended outcome of these strategies is to increase foot traffic in stores, boost online sales, and ultimately drive revenue growth for the company.

By strategically managing these four elements, Big Lots can develop marketing strategies tailored for customer needs, enhance brand value, and drive business growth.

Big Lots is on NYSE

Big Lots is listed on the NYSE, a significant milestone that underscores its prominence in the Retailers industry. Big Lots went public on June 20, 1985, marking the beginning of its journey in the public market, allowing investors to participate in the company's growth.

Over the years, Big Lots stock price has seen considerable fluctuations, reflecting its evolving business strategies, market conditions, and overall economic factors.

This growth trajectory not only highlights Big Lots success but also demonstrates its impact on the Retailers landscape, making it a pivotal player in the industry and a significant entity on the NYSE.Big Lots stock price has gotten to 10000 USD at the time of writing this article.

Search engine traffic

Big Lots places a strong emphasis on generating organic traffic, which makes up a significant portion of its overall web traffic. This strategic focus on organic search helps Big Lots attract a vast audience without relying heavily on paid advertisements.

Big Lots receives a 10.2m visitors per month from organic search and 20.0 per month from paid search. A substantial number of visitors each month are from organic search, demonstrating the effectiveness of its SEO efforts.

Big Lots domain authority is 77. A high domain authority indicates that the website is well-regarded by search engines, making it easier to rank for relevant keywords and attract organic traffic.

By maintaining a strong focus on organic traffic, Big Lots exemplifies how businesses can build an impactful online presence. This strategy not only enhances visibility and brand reputation but also paves the way for growth and success in the digital marketplace.

Big Lots Youtube marketing strategy

Big Lots has an active Youtube Channel with over 12.4k subscribers. Their whole channel has 222.6m views. They posted 131 videos, which means that every video got them 1.7m views for the channel and 94.7 subscribers

Big Lots Instagram marketing strategy

Big Lots has been steadily expanding its presence across various social media platforms to engage with its vast audience, Instagram being one of them. Currently Big Lots has 747k followers on Instagram. With its visually-driven interface and widespread popularity, Instagram provides Big Lots with a platform to showcase its diverse range of products and connect with customers on a more personal level.

Big Lots marketing strategy is not lacking social media. Gaining 3.5m followers/subscribers on Facebook is the biggest achievement for Big Lots on social media. While Youtube is lacking, with only 12.4k followers/subscribers, the other platforms sit right in the middle. Here is a breakdown for all of them:

R.O.I. of marketing channels

Even though online marketing channels are found to be more effective than offline marketing channels, not all are created the same. If you think of just running banner ads, you need to rethink your marketing strategy.

At the front of online marketing strategies sits email marketing, boasting high reach and engagement. Following after that is SEO, a cornerstone of any successful digital campaign. What makes this duo truly formidable is their synergy, working hand in hand to fuel an efficient online marketing engine.

SEO is our cup of tea, so if you want to start or improve your marketing strategy, feel free to book a call with us.

* According to Data & Marketing Association (DMA)

Author

Alexandru Totolici

Alex is the founder of Gliesess. With a foundation built on 7 years of experience, technical expertise is not a lack of his. After discovering SEO accidentally, he fell in love with it.