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Submission: On June 08 via manual from US — Scanned from US
Submission: On June 08 via manual from US — Scanned from US
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We do not use cookies of this type. [#IABV2_LABEL_PURPOSES#] [#IABV2_LABEL_FEATURES#] [#IABV2_LABEL_PARTNERS#] [#IABV2_BODY_PURPOSES#] [#IABV2_BODY_FEATURES#] [#IABV2_BODY_PARTNERS#] Cookies are small text files that can be used by websites to make a user's experience more efficient. The law states that we can store cookies on your device if they are strictly necessary for the operation of this site. For all other types of cookies we need your permission. This site uses different types of cookies. Some cookies are placed by third party services that appear on our pages. You can at any time change or withdraw your consent from the Cookie Declaration on our website. Learn more about who we are, how you can contact us and how we process personal data in our Privacy Policy. Please state your consent ID and date when you contact us regarding your consent. Cookie declaration last updated on 5/15/22 by Cookiebot INTERVIEWS, INSIGHT & ANALYSIS ON ECOMMERCE Twitter Linkedin Rss Search * Customer Experience * DTC * Marketing * Marketplaces * Responsible Business * Strategy * Technology * Awards Menu * Customer Experience * DTC * Marketing * Marketplaces * Responsible Business * Strategy * Technology * Awards KEEPING PACE WITH RETAIL CHANGE – THE FOUR THINGS EVERY MARKETER MUST KNOW ABOUT MEASUREMENT * Andy Oakes * Marketing * Opinion By Justine O’Neill, Senior Director, Analytic Partners. Bricks and mortar, just clicks or bricks and clicks – the retail landscape is constantly changing. Add to this a myriad of new marketing technologies and legislations, not to mention the impact of the coronavirus crisis – and retail marketers on the eternal quest for customers could be forgiven for asking ‘just how do we keep up’? Underpinning this seemingly constant flux there are some key marketing challenges, which must be identified to help the savvy retail marketer deliver. Quality over quantity The omnipresence of advertising and abundance of choice often paralyses retail customers, forcing many to turn away when they’re served content that doesn’t meet their requirements. But that choice can be a false dawn for marketers too. In the choice equation of quantity versus quality – pity the marketer who sacrifices good content and tailored messaging in exchange for seeing their messaging on countless platforms. To stand a chance of being noticed, retailers must prioritise good quality, impactful creative when building their advertising campaign. According to our research, built over the past 20 years, creativity is the biggest driver of advertising performance and increased ROI and one third of the impact of a video impression depends on creative implementation. Too many vs too few But nothing is ever that straightforward. While quality must be the watchword, marketers must still reach their desired audiences and too few channels will be just as damaging as too many. Our evaluations show that more usually brings more. For example, multi-channel campaigns across at least three channels are about 23% more successful than campaigns via just one channel. It is not only important to choose many channels, but also those that fit the product and target group and to find the right combination. A campaign through online and offline channels can be 45% more successful than one that only runs online or offline. The multi-channel approach is particularly successful when synergies are created between the different platforms, so that the message within the campaign is reinforced. Though the content must be tailored to each channel – even if it seems to be the same format. For example, the combination of TV and online video can enable a 35% increase in ROI– but not if a TV commercial is simply used one-to-one as a skippable pre-roll ad on YouTube. Analytical paralysis during measurement A retail campaign distributed across many channels may mean more ways to measure how successful a campaign has been, but with this comes a more topline understanding of a vast range of channels and granular expertise is often lost. A uniform measurement is problematic and companies become less able to understand which drivers are really responsible for performance increase or waste. Saying goodbye to third-party cookies makes the situation even more difficult. Unfortunately, there is no one solution to this paradox. Rather, it lies in a mix of different instruments and a holistic approach. For example, the cookie challenge can be overcome by setting up a way to gather first-party data accessing cohort data or relying on context-dependent advertising. As with a campaign, impact measurement also requires a holistic approach that is strongly aligned with the customer’s complete marketing experience. Those who take this holistic view can take a better look at the overall picture – and thus understand synergies and better predict the performance of the company. In this way, targeted optimisations can be made and measures can be carried out in all important investment areas such as marketing, operations or the introduction of new products. Short-term planning In the digital world change happens fast and retailers are under pressure to adapt and while performance and short-term sales are becoming increasingly important, they are not the drivers of long-term sustainable growth. Retailers who only focus on immediate sales targets in the short term are likely to see negative effects in the longer term. Retailers must use measurement methods that evaluate both short and long-term consequences. This also means that marketers have to deal with how much they want to spend on brands and performance. Our evaluations show how important investments in the brand message are: Brand messages exceed the performance of product, advertising and functional messaging in 80 per cent of cases. But companies need to find the right balance between branding, product and performance messaging. This is the only way they can achieve both their corporate and performance goals. Result Rapid change, a flood of information for consumers, the feeling of constant acceleration – and often associated overstrain – among marketers: it has never been easy to always be up to date and keep up with every emerging market requirement. But, the experience of the last 20 years shows that success lies ahead for the savvy marketer who stops from time to time and reflects on the four principles mentioned: 1. Creation: Use strong creation to stand out from the flood of information that overflows the consumer. 2. Planning: When planning media, rely on several channels that are specifically selected according to reach and target group relevance. Pay attention to media synergies and adapt advertising to the platform. 3. Timeframe: Aim for both short-term and long-term success, which is mainly achieved by strengthening the brand. 4. Proof of effectiveness: Holistically measure the effectiveness of the measures in order to react adaptively to market changes and to optimize strategies over time. Share on facebook Share on twitter Share on linkedin OPINION More posts from Opinion -> Marketing CROSSING THE COMMUNICATIONS DIVIDE Customers now demand fast, friction free shopping experiences Read More -> Andy Oakes June 7, 2022 Technology FUTURE OF ECOMMERCE: HOW TO IMPROVE CUSTOMER LOYALTY USING AI As businesses search for additional methods to connect and interact with their customers, many are turning to the use of artificial intelligence. Read More -> Justin Pearse June 7, 2022 Technology RETAIL FINDS SECOND LIFE ONLINE When parallel technology developments start to overlap, amazing new opportunities emerge for retailers and brands that are seeking to bring their customers closer to the action. Read More -> Andy Oakes June 1, 2022 RELATED ARTICLES Marketing CROSSING THE COMMUNICATIONS DIVIDE Customers now demand fast, friction free shopping experiences Andy Oakes June 7, 2022 Marketing A POOR RETURNS POLICY COULD COST RETAILERS OVER £19BN IN 2022 68% stated that a retailer’s returns policy is important when it comes to whether or not they will make a purchase. Andy Oakes May 30, 2022 Marketing EXPLOSIVE ECOMMERCE GROWTH DRIVES NEED FOR IMPROVED BRAND AND PERFORMANCE INTEGRATION SAYS WFA RESEARCH The rapid growth in ecommerce is driving a business transformation in multiple areas that will continue over the next few years Andy Oakes May 25, 2022 * News * My Digital Hero * My Media Hero * My eCommerce Hero * Interviews * Programmatic Stars * Columns * Tech for Good * Reasons to be Cheerful * Podcasts * Roundtables * Opinion * Entertainment * Fashion * Finance * Food & Drink * General Retail * Grocery * Health & Wellbeing * Home & DIY * Luxury * Technology * Travel Copyright © 2022 . All rights reserved. Ecommerce Age, published by Bluestripe Group, is the sister title to New Digital Age. It covers the latest analysis, insight, opinion and research on all aspects of ecommerce. 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