5 Tips for Creating Successful Marketing Strategies
Retailers are relying too heavily on coupons at the expense of more effective digital tactics, according to data from an analysis of ThinkVine customers with average annual sales of more than $1 billion. With the retail market shifting to omnichannel marketing in response to changing consumer behavior, retailers need to rethink the way they plan, forecast and optimize their marketing to keep pace.
With so much happening, it can be difficult to know where to start. And at the end of the day, what really matters is achieving results. By following the five steps below, retailers will be on their way to making better strategic decisions about marketing tactics, timing and spend levels that will deliver the results they need.
1. It all starts with your customer. This has always been true, but is more important than ever because of the diversity of consumers, changes in consumer behavior and the availability of "big" online data. Is your marketing keeping up with changes? With each year, there are new devices, new apps and new ways to reach consumers, who are demanding greater cross-channel consistency and expect more personalization. Start by looking at where and how your target audience consumes media and buys products in your category, then create marketing strategies based on what you find.
2. Think "set," not "path." Searching for that one clear path to purchase that your customers take from awareness to purchasing your product is unlikely to lead you to a pot of gold. Each consumer chooses their own path, some more complex than others. To make a difference, instead of trying to map out every path and optimize the details, use data to determine the right set of marketing activities to drive sales. For example, learning more about how your customers consume media can help you determine which marketing tactics generate awareness that leads to sales.