Getting new customers into your retail business is important, but so is keeping them. This can be done through loyalty programs, email or SMS marketing, and other tactics.
One such tactic is a retail media network. Companies like Promote IQ and Elevate are shaking things up by providing retailers more visibility, higher conversions, and automation capabilities.
Table of Contents
Reach the Right Audience
A good retail marketing strategy will attract new customers, but keeping them around is even more important. For any retail company, regular customers are essential for success. And the best way to get repeat sales is through targeted marketing efforts based on customer purchases and interactions with your brand. This can be done through email, SMS, remarketing ads or loyalty programs.
The best retail marketing platform can target shoppers based on their interests and passions. For example, you can target consumers looking for a new car or entertainment system by using browsing and purchasing behavior data. This type of targeting can also help you reach a particular subculture, such as a music genre or movie fandom, to create highly personalized messaging that drives brand loyalty.
A retail marketing platform will also enable you to track your ad effectiveness by unifying all of your campaign data so that you can see which messages are working and which aren’t. This helps you to optimize your campaign performance and show CPGs that their promotion dollars are being used effectively.
Increased conversions directly impact revenue and profits. Retailers can use many tactics to boost sales, including creating urgency with messaging like “limited quantity” or showing inventory in real-time, removing customer purchasing objections. Visual merchandising, such as product placement or positioning on mannequins, can also help drive conversion rates. Customers are four to five times more likely to purchase when online retailers provide free shipping. Retailers can use pop-up windows to promote their free shipping offer or run retargeting campaigns on social media and search engines.
Retail marketing platforms enable retailers to connect and integrate all touch points along the shopper journey, simplifying attribution reporting and making it easier for CPGs to see how their promotional funds are being invested effectively. In addition, these tools facilitate communication with customers, demonstrating your commitment to exceeding their expectations and strengthening your rapport with them.
Retail marketers can greatly impact their bottom lines with a marketing platform that offers automation, personalization and segmentation. By integrating all of their data sources into a single, accessible location, retail marketers can easily break down silos and measure marketing ROI.
Measuring marketing ROI is critical in optimizing campaigns and ensuring the highest return on investment. Marketers must determine their key performance indicators (KPI) and choose a measurement method to calculate ROI. For example, KPIs may include increasing profits by a certain percentage at a specific retail location. The more detailed the KPI, the easier it will be to calculate ROI and track campaign progress.
Retailers should consider implementing an attribution model that uses direct or indirect revenue attribution to maximize ROI. With direct attribution, only one marketing touch is credited with a sale, while indirect attribution gives credit to each communication that leads up to a purchase. This helps marketers see which ads are performing well and which need improvement. It also enables them to compare the sales of products that were promoted with a marketing campaign with the same sales of those products in the months before the campaign launch.
Maximize Ad Spend
The most important thing for any retail business is getting repeat customers. Several ways to boost customer loyalty include implementing loyalty programs, sending marketing messages via email or SMS, and using other tactics. A retail marketing platform can help you improve customer loyalty by tracking and analyzing your customer data from every touch point in the shopper journey. It can show you which promotions and media work best, so you can allocate your budget accordingly.
Using a retail marketing platform, you can target the right shoppers with personalized ads specific to their needs, location, and stage in your marketing funnel. For example, you can create ads that promote your best-selling products to your existing customers or offer discounts to encourage new customers to buy.
Retail marketing platforms can boost sales by helping you better understand how your current marketing efforts are performing. This feature allows you to customize your campaigns to optimize performance and attract new customers. This will help you boost your conversion rate and increase sales without spending more on advertising. This is particularly crucial in retail, where customers are increasingly unpredictable.
In the past, many retail marketers were siloed into their marketing and merchandising teams. But with a retail marketing platform, sales and marketing data are aggregated throughout the shopper journey. This ensures your marketing and merchandising teams align with shopper needs and behaviors.
Several retail marketing platforms exist. These platforms offer automation, personalization, and segmentation to help you achieve your sales goals. Retail marketing platforms can also help you improve customer retention and optimize customer acquisition strategy. In addition, they can help you increase e-commerce sales and create an online presence for your business.