The Australian retail industry experienced some of the biggest disruption last year and the retail scene is only going to transform even further. With more global e-commerce players such as Amazon Prime launching in Australia mid-last year and the rise of sales events such as Prime Day, Afterpay Day and Click Frenzy, the retail landscape in Australia is deepening its digital footprint.
These changes have fundamentally altered shopping patterns of Australian consumers. To ensure you remain relevant and get your return on investment (ROI) from the campaigns you execute, developing and enhancing your data driven marketing strategies is crucial.
Data-driven marketing strategies harnesses consumer insights that lie in the silos of data trapped in a marketer’s customer relationship management (CRM) and point of sale (POS) systems.
It’s not too late to jump onto the data-driven bandwagon this summer as these strategies can be deployed quickly, help drive online and in-store sales and do all of these with greater efficiency. Each of the strategies outlined below can also be amplified through data onboarding – the process of eliminating data silos by anonymising customer records and matching data to online devices, so digital marketing applications can use segments.
Here are three data-driven marketing strategies for you to consider:
1. Measurement
How can a brand tie their online marketing activities to actual in-store purchases and drive smarter optimisation and greater efficiency? Measurement such as attribution analysis, mix optimisation and site analysis help to connect marketing efforts to actual results a marketer will receive and forms the line of what the brand is doing to what it is going to result in.
One example is media spend optimisation. One of the most important strategies for maximising media spend is closed-loop measurement. In the past, many marketers have optimised media buys based on last-click attribution tied to cost per click (CPC) or cost per mille (CPM). The current state of the art is to match online impressions anonymously to in-store transactions and perform multi-touch attribution analysis.
2. Personalisation
Customer experience is extremely important because a loyal customer is for life and that can mean deep ROI for a brand. The key question you need to ask is: How does your brand personalise the experience you deliver to consumers at the level of your website, at the level of dynamic creative you puts out there to deliver more relevant and timely messages, at the right time through the right channel?
Consumers are increasingly shunning generalised offers, forcing marketers to personalise experiences delivered via websites and email campaigns. By onboarding CRM data, marketers can now deliver personalised website experiences to site visitors without requiring a login.
Personalisation 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.
3. Targeting
To drive more summer sales, it’s crucial you build a strategy for reaching the right target segments with the right message. There are successful brands that have use a combination of segment analysis, look-alike modelling on third-party data, programmatic buys with viewability guarantees, A/B message testing and dynamic creative to boost conversion rates up leaps and bounds.
You may at times find yourselves missing data-driven strategies when it comes to running a campaign. This is not surprising because the amount of data that’s present in the market today is growing at such an exponential rate. There is a serious data fragmentation in the market and brands struggle to make sense of the data. The pace of innovation is also increasing which means more complex ways to reach your target audience.
You can turn this around by onboarding the data – match offline audience segments to online channels. And the first step is to adopt the above data-driven strategies which can be implemented in a few weeks. This will give you the opportunity to increase the efficiency and impact of your summer marketing campaigns.
Ready to dive in? Download our IdeaBook: 100 Ways To Do People-Based Marketing in Retail today!