We know that when a major festival is coming to a near, people are preparing. And by preparing I mean, they are in shopping mode. This will also attract more marketers to spend more on marketing, so they don’t miss out on the opportunity.
It’s crucial to get your festive marketing right because you don’t want to be burning through your marketing dollars and not get returns.
Here are five tips to make sure you are getting the most out of your marketing spend.
1. Strategic discounts and promotions
Shoppers will be looking for the best offers they can get.
But that doesn’t mean you have to go crazy on discounts just to sell as much as possible.
Think of a specific goal you want to achieve with the discounts.
It can be to get rid of old inventory, to increase basket value, to encourage repeat purchases, or to reward existing customers and maximize lifetime value.
Let’s say that your goal is to maximize lifetime value.
Then you would create an offer exclusively for existing customers only.
New customers will not get the discount.
2. Run ads targeting existing customers
It costs seven times more to acquire new customers than to retain existing ones.
Your customers have already bought from you before so they don’t need as much convincing to buy from you.
Using Facebook ads, instead of targeting by interests, you can show your ads to people that have already engaged with your business by targeting custom audiences.
This is why I prefer using delivery software like WIMO.
My customers’ shipping details are automatically saved in the address book whenever I create a new shipment.
I then can export my customers’ information like email address and phone number and upload that list as a custom audience for Facebook ads.
3. Run ads targeting warm & hot audiences
Existing customers might not be a big enough pool of audience.
You can still get a higher return on ad spend by showing your ads to people that haven’t bought from you but have engaged with your business in some way.
Aside from uploading email list or phone numbers, you can also create a custom audience of people who have engaged with your page or Instagram or those that have visited your website.
They just need a little bit more convincing to complete that purchase.
But not as much convincing as those that have never heard of you before.
4. Increase basket value
One way to increase business profit is to get customers to spend more on order.
There are many different ways to this.
- Set a minimum order amount for discounts
- Bundle products together
- Set a free shipping threshold (ex: free shipping on orders AED100 and above)
- Add credit card as payment method option
- Loyalty program
5. Create a better shopping experience
This is important because it will help you to increase your conversion rate.
Some of the things you can do are create a shopping guide, make sure your website is easy to navigate and shipping costs are displayed before checkout.
An excellent shopping experience doesn’t stop when payment is made.
It is when the customer gets their hands on your product.
This is a critical moment of truth for online retailers because that can take days.
Make sure you provide a great experience after the purchase by being efficient with the shipping process from when the order is received until it is shipped out.
Don’t keep your customers guessing when their orders will arrive by using tracking notifications.
This can easily and quickly be done through WIMO.
Just discounting or spending more on marketing than usual will maybe get you more sales, but it will not give you a high return on your investment if you are not using it effectively.
Focus on what will give you the most returns with the least amount of marketing investment.
Also, make sure there is a strategy behind every activity.