Retailers Use Data-Driven Marketing for Holiday Promotions
Every year consumers lament that they don’t even get through Halloween before they start getting inundated with holiday marketing pitches. This is compounded with the complaints companies are starting to receive around their remarketing. If a consumer has just made a purchase from a retailer, the last thing they want is a barrage of offers to buy the very same handbag they just purchased. Right?
So what can you do this year to improve your results and empower consumers to do more of their holiday shopping with you?
Here are a few tactics to incorporate into your overall marketing strategy for the holidays.
- Screen your current customers based on wealth to determine the appropriate targeted promotion.
- Base your discount offer on their net worth. For example, you might offer $10 off a $100 purchase to one segment and $50 off a $500 purchase to another depending on their income and assets.
- Look at price points of products you would like to promote and feature those that align with the household income and spending capacity of your customers, specifically.
- Develop a model of last year’s best customers now so you can segment and personalize your messaging when the time is right.
- Take the data you already have around your customers and their buying behavior and then let WealthEngine help develop a model of your ideal customer using our wealth scores and analytics. By modeling your best customers, you can then create messaging to increase loyalty for increased business this year and capture market share from your competitors.
- Surprise and delight new potential customers in a way that entices them to subscribe to your list in time for holiday offers.
- Direct mail is not dead. Use our WE Prospect tool for audience development and to identify new prospects. Building a target list takes just minutes and since you can focus only on those households who look like your best customers, you can invest more in the offers to entice them to sign up for your email list or follow your social media accounts.
- Use exclusive events to capture the attention of your VIP customers and create a unique shopping experience.
- Develop a geo-targeted list and further narrow it down based on wealth and lifestyle factors to bring new customers into your store. Consider hosting an event after-hours for this exclusive group, or provide VIP access in advance of your store opening and provide special offers and experiences for those in attendance. During the event, inspire sharing on social channels with lots of photo opportunities.
- There are always people who wait to shop at the last minute, make sure your offer is the one that brings them joy vs stress.
- Bucket your list into two segments: those who have already shopped with you during the holiday season and those who have not. For those who have purchased, be sure to suppress any offers they have already responded to and instead, build an offer based on their wealth and complementary products and services. For those who have yet to make a holiday purchase, be sure your offer is one they can’t refuse.
This year, smart marketers will take a more respectful approach and reap the rewards. With all the marketing noise between now and the holidays, the retailers who take the time to understand not only buying behavior, but also holiday budgets and capacity to spend, will win.
Want to find out more about how WE can help you with your holiday marketing this year?