The winter holidays are the most important time of year for most retailers. As this study from the National Retail Federation shows, winter holiday sales can dwarf the revenue from all other holidays combined:
Given its seasonal importance, most retailers begin planning their holiday strategy far in advance. Although the majority of media buying and infrastructure decisions for the 2014 winter shopping season are already set, there is still time to implement data-driven strategies that can have a material impact.
This was the key premise of our webinar last week [link], featuring guest speakers from Google / Adometry, Monetate and Adaptive Audience.
PUTTING YOUR DATA TO WORK
Data-driven marketing strategies rely on harnessing the consumer insights that lie in the silos of data trapped in your CRM and POS systems. Each of the strategies outlined below can be augmented through data onboarding, the process of eliminating data silos by anonymizing customer records and matching data to online devices, so digital marketing applications can use segments.
- Measurement – One of the most important strategies for optimizing media spend is closed-loop measurement. In the past, many marketers have optimized media buys on the basis of last-click attribution tied to CPC or CPM. As Natasha Moonka from Google/Adometry pointed out, the current state of the art is to match online impressions anonymously to in-store transactions and perform multi-touch attribution analysis.
- Personalization – Consumers are increasingly tuning out generalized offers, forcing marketers to personalize experiences delivered via websites and email campaigns, according to Rob Falcone, from Monetate. By onboarding CRM data, marketers can now deliver personalized website experiences to site visitors without requiring a login. Personalization technology can also eliminate the burden on email and web creative teams by automatically inserting relevant promotions and information on local store locations into campaigns.
- Targeting – To drive winter holiday sales, it’s critical to build a strategy for reaching the right target segments with your message. Brendon Bethea, CEO of Adaptive Audience, presented a retail case study in which a client used a combination of segment analysis, look-alike modeling on third-party data, programmatic buys with viewability guarantees, A/B message testing and dynamic creative to boost conversion rates up to 40 percent.
Each of these techniques can be implemented in a few short weeks, giving you the opportunity to increase the efficiency and impact of your winter holiday campaigns.
For more detail, check out last week’s webinar below and sign up to be notified of our next one.