With the world facing recessionary times never seen before, retail brands need to expand their marketing creativity and channels in order to manage and grow their business in these unprecedented times. With that being said, COVID-19 measures are slowly being lifted, giving marketers time to now think and react to the new life ahead, with very new marketing strategies.
As the economy begins the recovery process, businesses must now begin to prepare. It is important to note that reverting back to old plans and activities that were in place before the pandemic is not the way to go. New ways of operating and adapting to how consumer shopping behavior, post pandemic is crucial. This will certainly affect business operating requirements.
While stores begin to open, many retailers are already using their online presence to get consumers to buy online. Because of this, competition will only begin to soar and it’s only the companies who understand the consumer on a deeper level and know how to make their lives easier, that will prosper.
Some marketing strategies that businesses should focus on now:
To rebound quickly in these more difficult times, taking care of and re-engaging with your loyal customers is priority #1, as they have the highest chance for increasing your revenue. This can be done through email or display advertising – specifically retargeting, which is extremely cost effective.
When retargeting be sure to personalize all messages based on your customers’ past buying behaviors.. With increased caution in spending, due to tighter budgets, customers will be more likely to buy things they need, so provide them with the best experience, with useful relevant ads. For example, showing customers products that were similar to their last purchase, shows relevancy and will more likely get them engaged. This is best executed in display advertising.
Furthermore, customers like to compare and shop for deals. Sale items an a focus on customer price points, will most certainly catch their attention right away. So show them, not just the right product, but the most affordable. This all matters during our bounce back from COVID-19. Make their experience convenient and as seamless as possible.
Retailers need to also think beyond current customers and find new ones, by converting more new shoppers as they arrive at your website.. Engaging potential customers in a relevant way – with offers that suit their interests, will increase the likelihood of purchasing. However, this can be tricky without any previous purchasing or browsing behavioral data. Instead, try other powerful marketing strategies – show different relevant products, i.e. “most popular products”.
These prospecting ads can use contextual data to provide better targeting. Contextual data is very broad, providing a lot of characteristics and advertising strategies. For example, businesses can add other levels of personalization by using geolocation, time of day, device type etc.
Furthermore, businesses can apply all these targeting strategies, to show relevant messaging that is dynamic to users, ultimately giving them a better experience.
Incomplete transactions or items left in a shopping cart are low hanging fruit. Use retargeting strategies to target these customers to close a sale. This is a common behaviour by consumers as they are often distracted and may wander elsewhere.
Sending triggered emails or using display retargeting to remind them is super helpful in gaining their attention back to complete their purchase.
Social proof such as customer reviews are also very helpful in providing consumers with more confidence and a greater likelihood of completing the purchase they started.
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Overall, while on the slow recovery from the COVID-19 pandemic, it is important for businesses to slowly adapt to the new world and think about new ways of doing things. The old ways will no longer matter and it is important to recognize that.
