On 19th June, equimedia hosted a ‘Performance Marketing for Retailers’ event at Google's Central St Giles office. It’s no secret that the High Street is in distress – every week a new department store chain or traditional retailer seems to announce job losses or store closures. We rounded up some friends from DoubleClick, Google and Fifty Media, and headed to the stage to discuss how customers' changing demands are shaping shopping habits, and how retailers can capitalise on the changes to boost their online performance and total sales in a tough market.
High Street Uncertainty
Stories have been dominating news sites as many high street retail outlets struggle to cope with declining footfall and sales. Hundreds of stores have closed, and thousands of jobs lost...
What’s causing the demise of these brands?
- Commercial model - Getting the balance right between customer experience, revenue and costs.
- Aligning the bricks and mortar with the eCommerce experience - Ensuring a smooth in-store and online experience that complement each other are crucial to gaining and retaining a customer.
- Innovation - Retailers are falling behind when it comes to keeping up with the pace of increasing consumer demands and expectations.
Time to adapt to succeed - customer first and digitally powered...
- In 2017 44.8m users made a retail purchase online (1).
- In Q2 and Q3 2017 over 88% of the digital population visit online retail sites globally (2).
- Yet only 13% of retailers describe themselves as digital first (3).
We discussed "innovation with a small i"; - we weren't there to pitch integrated augmented reality strategies, but did want to provide examples of techniques retailers can use to leverage tactical opportunities through programmatic media, PPC and CRO, to maximise sales. And would it be a marketing event during a World Cup if we didn't discuss our favourite world cup campaigns?! Absolutely not:
Jimmy Bullard and Dominos Pizza’s tie up, celebrates 'staying at home during the world cup' and is a great watch. Another feel-good favourite of ours is Paddy Power's Rainbow Russia campaign; pledging a minimum of £50,000 or £10,000 for LGBT charities for each goal scored by the hosts.
DoubleClick's presentation focused on the advantages of using the Google stack and a blend of automation and human-led bidding strategies to test, test, test, to provide the most intuitive and consistent user journey right through to purchase. The example cited was Boot's' use of automated landing page experiments; finding the optimal online user journey to generate purchases from Paid Search.
Google discussed the proliferation of data points over the last few years; with $750m retail sales and 3.5m google searches now taking place in an internet minute! With all this data being created, it is paramount that retailers use it to inform front-end targeting strategies, to give users relevant messages and timely communications, maximising their ability to convert them to value.
Our "7 deadly sins of Website Usability" session covered what not to do, with helpful tips to help our audience get the best out of their website and convert the maximum number of site visitors into customers.
This is such an important part of our day that we’ve create a separate article covering all our do’s and don’ts, and you can download your copy by clicking here.
Finally, Fifty Media discussed the opportunity for using social media data to enhance acquisition targeting techniques.
With over 24 million active users on Twitter in the UK, and each user following on average 300-400 handles, advertisers can drill deeper into their users' behaviours and interests than ever before. Fifty Media are tracking over 2 billion different pieces of social media activity per month and mapping over 600 million people over the same period, allowing them to create unique data segments to set advertisers apart and give them a unique targeting edge, over their competitors.
Despite a difficult outlook, there are always opportunities to audit your current strategy and ensure you are using all the available techniques to target the right audiences for you.
To find out more about what you missed, or to seek advice with maximising your online sales through performance marketing, across paid, owned and earned media - download the slides here, or get in contact below to speak to one of our experts!
(1) GB TGI 2018 Q2 (Jan-Dec 17) | (2) Global Web Index Q2 & Q3 2017 | (3) Econsultancy / Adobe March 2017