4 Suggestions To Increase Marketing ROI Over The Holidays
The holiday season brings forth a plethora of opportunities for buyers and sellers alike. It’s a win-win situation for all of us. As per the numbers, this year’s holiday e-commerce activity shows an estimated increment of 15.5%. This brings the total number to a staggering $236 billion when it comes to overall holiday e-commerce activity. In case you’re wondering how to target your custom audiences this year, fret not for we’ve got you covered.
As a marketer, you’ll be dabbling into the realm of e-commerce almost on a daily basis. This constant involvement calls for a robust strategy that’ll assist you in increasing your ROI. Marketing in its own right is one of the most powerful and accessible tools to garner people’s attention toward your brand. For example, the cost of digital content marketing is 62% less than the conventional methods.
ROI dictates almost all business actions these days. The better the numbers are, the more likely your business is to gain an edge over the competition. So, if boosting your ROI is such a crucial aspect of establishing your brand’s presence, what steps should you take to achieve the best results? Well, this is where the following points come into the picture.
Personalization is the key
Running a personalized marketing strategy works wonders for your business model. To put it simply, the more personalized your approach is, the more likely the customer is to believe you. Close to 80% of customers are highly likely to buy from a brand that approaches them with a personalized ad, mail, or any other message as per their marketing campaign.
Once you’ve established your understanding of your target audience, you can study their buying prowess and map the results with a cohort that shows a similar interest. This establishment of understanding between your brand and the customer is crucial as 70% of customers show loyalty to the brands that understand the customers’ needs. Speaking of the aforementioned mapping process, you can in fact create your lookalike audience from the existing bunch that shows interest in your personalized approach.
Absolute personalization can also be achieved if you take into account the data that you’ve been gathering all this time. You can deploy sophisticated AI-powered automation, combine the existing zero-party data with third-party data streams, and a robust audience manager.
The more channels you tackle, the better
One absolutely effective way of creating custom audiences during this holiday season is to approach them on as many channels as possible. It’s pretty simple, allocate a budget for the total number of channels that you wish to reach people on. There’s a catch though, it’s up to you how you spend your money on each channel. Say, if a strong set of customers are flocking to a couple of channels out of a dozen, then it would be wise to invest more on the two channels than the others.
For example, as of 2021, users have been spending an average of 10 hours per month on Instagram. It trails right behind Facebook as the most probable social media platform for marketers on this planet. So, as a marketer looking for the right channels to tackle during the holiday season, you would be more interested in Instagram and Facebook than other social media channels.
Emails have been a strong channel for marketers as well. With personalized email copies, marketers have been able to target the right audiences at the right time. Global email users are expected to reach a figure of 4.48 billion by 2024, one more reason for you to choose email as another potential channel from the list of channels.
Location-based marketing can work wonders for you
A whopping $66.61 billion market size is expected to appear on the horizon by 2028. This figure relates to the location-based services aspect of businesses. While the digital realm attracts almost a gazillion users every day, brick-and-mortar stores are adopting trends to stay in the game as well. You can literally use a certain percentage of your custom audiences who might be in close proximity to a physical store with an enticing offer.
In fact, you can target the said chunk via personalized emails and messages, reminding them about the latest offer that the brick-and-mortar store is talking about. Location plays a huge role in determining your customer’s buying behavior as well. The more options a place offers to the customer, the more they’ll be interested in exploring it. You can also gather intelligence based on one location and map the same on a separate one to get a lookalike audience for your campaign.
Loyalty matters, probably the most
Perhaps one of the most important aspects when it comes to preparing for the holiday season is your ability to retain the customers you come across. Customer loyalty gives rise to customer retention which is just the icing on the cake. Customer loyalty management is literally a thing and it shouldn’t be taken lightly, in fact, the said industry is valued at $4 billion as of 2022. And, it is expected to reach $18 billion by 2028.
Establishing loyalty is a game of patience while providing the best services to your long-time customers. Moreover, you can start a set of exclusive perks and rewards for those long-time customers who have been loyal to you. Their loyalty is not only a permanent number on the statistical sheet as they can also help you increase the existing number of customers quite efficiently.
References work tremendously in favor of businesses. A reference from a loyal customer is more likely to get a new customer onboard. Plus, the fact that it costs more to acquire a new customer than to retain one, also falls in your favor.
Long story short
The holiday season involves a ton of planning and the right execution of the said plans at the right time. While increasing the ROI is everyone’s go-to approach, deploying the right strategies is what drives the numbers you’re looking for. If you’re a marketer struggling to keep up with the right tools and data for your campaign, then Cubera is your go-to option. With a state-of-the-art audience manager, algorithms, identity graphs, and much more, Cubera’s assistance shall help you witness the surge in your ROI that you’ve been waiting for.
