As inflation continues to impact retailers, the basket size of every shopper is critical to profitability. To attract the price-wary omnishopper, you must create a seamless, consistent cross-channel experience. Engaging and retaining them is incredibly valuable, but it takes finesse to understand who they are and how they shop.
In setting your 2023 marketing budget, know your CFO understands the power of leveraging digitization to create business value. In fact, “driving value through tech-based innovation” ranks among CFOs’ top areas of focus, says Deloitte. A CFO shares three things he expects from his CMO partner and needs to make decisions.
Search engine optimization (SEO) is the cornerstone of the modern business. If you are an ecommerce seller, you cannot grow your base of loyal customers if you’re stuck on page 6 in search results. Here are basic SEO principles that will help you increase website traffic going forward.
The CPG industry is evolving faster than ever. Nearly everything about the category has changed, including the way brands develop and bring products to market. Also, inflation puts pressure on marketing budgets, loyalty is weakening and younger consumers have higher expectations and tend to be skeptical of advertising efforts.
As prices continue to rise, more consumers are looking for the value vs. sticking with a particular brand. Clearly, many brands are facing a difficult environment. But there are still solid opportunities to be creative and maximize marketing budgets, despite demanding conditions, that will encourage and keep consumers loyal to your brand.
Are there any instances where it’s not advisable to spend in search? Sure, if you’re a brand-new product with no organic ranking, and it’s going to cost you $10 per click to get to the first page of the keyword to sell a $4 product, you might be better off moving those dollars elsewhere. But spend wisely and don’t go entirely dark.
Best Buy is the first retailer to leverage a new demand-side platform from Criteo that lets brands and agencies purchase ads across retail media networks in self-serve fashion, while also using retailer’s first-party data to make programmatic buys on the open web as third-party cookies are being sunset.
Ad spend: should you really be thinking of cutting it in a recession (or near one)? Consider the contrarian route. Inflation is over 9% and consumer sentiment is falling for the first time since early 2020. Counterintuitively, these recessionary markers indicate it’s actually the perfect time for ecommerce companies to step up advertising.
A study sampling 5,000 DTC sellers in Q2 found ad spend on TikTok was up 53% from the previous quarter, as brands flock there based on lower costs relative to Facebook and Instagram, as well as the short-form video platform’s younger audience being their lifeblood for the future.
While there appears to be no end in sight to the tumult of the retail landscape, behavioral science reveals that much consumer behavior is actually durable and predictable. And while behavior is relatively well understood in academic circles, it becomes murkier in the context of marketing science. Here’s how to understand it better.