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Total Retail recently published their top 50 tips for their 2022 report. This annual feature contains advice on how to run a more efficient and profitable retail business and covers multiple functions including marketing. Here are five tips designed for retail marketers to set your brand up for success in 2023 and beyond.
- Test and learn your marketing strategies for three-quarters of the year starting in January to see what works, then scale and leverage that information for the holidays. At the same time, consider the 70/20/10 rule in your budget. When testing before the holidays, 70% of your budget should be dedicated to proven marketing efforts. Then you should use 20% on an existing channel you know well, but you can tweak it in different ways (e.g. target new audiences) to get new results . The last 10% should be used for over-the-wall strategies that have never been done before. Make assumptions and take wisely calculated risks. The 70/20/10 rule is incredibly productive. Because you can scale up what works well for the holidays and pull away what doesn’t. — Adam Ortman, Media + Analytics, “Yesterday was the perfect time to start preparing for the 2022 holiday season,” August 15
- Inflation is driving prices up, and necessities are outstripping demand. It’s time to shift your focus from brand marketing to emphasizing the value you offer. Focus on product quality, prices compared to competitors, customer testimonials, and more. If the price-value equation is correct, you are more likely to win new customers. You can use your CRM file as a seed to build a model to find other users who look like your audience profile. You can split your audience between full-price shoppers and those just looking for a bargain, so you can continue to market both popular branded products and more popular products to value- or price-conscious shoppers. — Melissa Tatoris, Zeta Global, “Her 4 Tips for Vacation Planning Based on Back-to-School Trends,” August 31
- To attract the diennial generation [oldest members of Gen Z] For buyers, brands need to communicate the issues they champion through a variety of channels, from social media to TikTok to SMS. Short videos and graphical posts featuring real people rather than celebrities or influencers are best suited for this cohort. — Laura Apel, Mitto, “Her 3 Ways to Attract and Retain ‘Zillennial’ Customers,” October 31
- Zero-party data can be ethically and transparently collected from shoppers through polls to learn directly about customers without relying on third-party platforms. quizzes; customer preference centers; forms; and surveys. Collecting these insights you can use your information Collect to personalize in-app and in-browser messages, Email, SMS Campaign, Push Notices, and Other Customers messaging channel. — Sharon Panelo, BlazeHow to Solve Retailers’ Biggest Customer Engagement Challenges,” November 16th
- Send post-purchase messages and early promotion holiday.consumers shop while checking myself their gift list.give a little extra Incentives for your early vacation post-purchase shopper Offers (e.g. 15% off Your next purchase for the next 30 years day) text message or email.In this way they are over We may be back soon. — Caller Murphy, Berardi Wong, “How not to feel the pinch of the Digital Grinch this holiday season17 November
For more tips like these to start planning for 2023, download the Top 50 Tips for 2022 report today.
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