5 Tips to Boost Revenue This Holiday Season
- Written by Melanie Hoptman, COO of APAC at LiveRamp
For most retailers, the holiday season is one of the most important times of the year and despite rising costs of living, Australians are expected to spend more money this year, with pre-Christmas spending expected to reach $63.9 billion.* Although Australians plan to spend more, retailers face a unique challenge as the challenging economic environment has shifted consumer buying habits. Shoppers will be more selective and buy fewer products and will be looking for the best deals. They are also starting to shop earlier, requiring retailers to go the extra mile to win them over. Retailers are keen to retain and grow their customer base so it’s essential they understand how shopping behaviours have changed and adjust their marketing strategies to make the most of the holiday spending opportunity. New tools and innovations are available to provide a helping hand for retailers to ensure they target customers more effectively. All that’s needed is a few simple tricks to fully take advantage of the increased spending and boost revenue.
Timing is key
As consumers choose their purchases more carefully this year, it's more important than ever to develop a strong media strategy. Using clever data can ensure you reach the right audience at the right time, delivering more effective and targeted advertising campaigns to boost sales.
Collaborate for shared wins
With shoppers likely to be more discerning in their holiday spending this year, retailers and their partners need to think about innovative ways to bolster the bottom line. Data collaboration, particularly in the form of retail media networks (RMNs), is a highly effective way for retailers and suppliers to gather insights on their target audience, improve measurement and boost revenue. RMNs are essentially advertising networks created by retailers that offer brand partners an opportunity for hyper-targeted marketing to reach their customers across multiple channels. So whether consumers click, purchase, or anything in between, retailers and brands can better understand their customers and deliver more personalised experiences that resonate.
Deal or no deal
As people watch their spending, finding the best deals and discounts will be a high priority for consumers this year. Retail media provides a perfect opportunity for companies to test out new offerings and learn about consumer habits this holiday season, which will deliver higher ROI. Right now, retailers are looking for ways to drive revenue and profit. Strengthening your RMN to have more value propositions attracts more customers and improve profits. Right now, there’s a huge opportunity for retailers to lean into their RMN and gain those dollars back.
Show your customer you know them
Targeted advertising that feels personal to each and every customer will be key to get people to notice your brand this year. By using data to better understand your audiences and the channels they prefer, you can sharpen your personalisation strategies and optimize campaigns on the fly. Privacy will be a crucial element to ensure personalisation aligns with consumer trust.
Be flexible
Be ready to pivot your campaign messaging. Make sure to gather and analyse data during your campaign and, if the message is not resonating, alter your messaging to make sure it delivers. For example, through RMNs, retailers and their partners can assess real-time data garnered and pivot campaign messaging.
With customers approaching this Christmas cautiously, this year it’s all about being agile and flexible to deliver the best outcomes and make this holiday season truly memorable.