As a consumer, it feels far too soon to already be thinking about Christmas. However, many brands are well underway with preparing for their end of year campaigns. Cyber Monday, Black Friday, Thanksgiving and Christmas all provide brands with the perfect opportunity to boost their sales.
If we look at Black Friday in particular, there are some crazy statistics! For example, almost one-quarter of all Black Friday retail shoppers are willing to camp out in anticipation of the day. Furthermore, according to an Adobe Digital Insights report, Black Friday represents 4.6% of total U.S. retail revenue for the holiday season.
This end of year “peak period” is crucial for brands across several sectors. However, competition is fierce at this time and the costs for visibility are high. Therefore brands need to strive to stand out with their marketing campaigns.
To increase ROI and the profitability of peak season campaigns, brands need to position themselves carefully. Ensuring that they are in the right channel and communicating the correct message to their audience. This can be made possible by adopting the so-called “brandformance strategy“. This blog will provide some insight into the approach.
What is Brandformance?
Brandformance is a marketing term which can be defined as combining two concepts, branding and performance. It’s an approach used by ROI focused advertisers in which branding activities are performance orientated and expected to give more or less immediate results.
To improve Christmas period performance, brands should base their decision making on data collected from their earlier campaigns. This is not only in terms of how many views, comments or likes their campaigns received. Brands need to look at quantifiable business measures like the number of qualified leads and conversion rates. To obtain this data, shopper paths need to be continually monitored from start to finish. Brands can then make more informed decisions and identify their top performing methods, messages, products and retailers.
A good brandformance strategy needs to encompass three main elements: simplify the shopper path, track shopper paths and have an “always on” shoppable approach.
Simplify THE ShoppER path
First of all, brands need to ensure they have created a shopper path from their adverts to purchase options. Swaven’s POP solution allows brands to do this in an easy, fast and efficient way. It integrates seamlessly into all digital brand contents to drive consumers to purchase options in a few clicks.
With the solution, for example in a video advert, customers can discover in one click, inside the video, where the brand’s products are being sold online and offline based on their geographic location. Next, customers can opt to purchase the product from their favorite online retailer or get directed to their chosen brick and mortar retailer. The solution reduces the path from the brand content to shop, maximizing the chances for conversion.
It’s important that the brand displays all points of purchase and all retailers to ensure they collect the “full picture” of data about the campaign and product performance. Remember that user preferences are different in terms of online and offline so both need to be considered. Furthermore, if a brand has an e-shop it may often only account for 10-20% of sales, whereas their distribution partners handle the majority.
Overall, simplifying the shopper path makes it easy for customers to get from A to B. It increases the likelihood of conversions and leads to a higher click rate and customer engagement. You can read some examples here.
Track Shopper Paths
To be able to capitalize on different audience groups, it’s important to track all shopper paths. Swaven’s POP solution makes this possible on all digital lead generation channels. Brands also need to use a consistent UTM tracking method.
This will allow them to identify which particular advert, social media post, email message and call-to-action was the most efficient. With the collected data, brands are able to detect the best patterns to develop their campaigns. And plan a more cost-effective peak season strategy to ensure better profitability.
“Always On” Shoppable Approach
Finally, to achieve the best brandformance strategy, you need to adopt an “always on” shoppable approach. This is a method where both marketing performances and impact on sales are monitored all year round. Brands that adopt a consistent brandformance strategy are able to identify, create and categorize their audience and choose their best formats and assets.
They optimise their performance and budgets for both the strong and lower sales periods. During peak seasons and in between. An “always on” shoppable method makes it possible to regularly drive sales from all marketing and advertising activity. In other words, it avoids putting all your eggs into one basket. Marketing investments can be allocated more wisely and in a more cost-effective way for each high and low season, in turn increasing profits.
To learn more about the success of adopting brandformance strategy, read our blog post on Group SEB, who divided their acquisition costs by 10.
Contact the Swaven team for more information on how you can boost your brand’s digital marketing performance.