Retail businesses play a crucial role in our economy, and while the current economic state may not be ideal, it doesn’t mean they have to throw in the towel just yet. In fact, during a recession, the last thing a retail business should do is cut back on activities that drive growth. Instead, they should double down and make every marketing dollar count by using data to their advantage. And with the right approach, it’s not as daunting as it sounds. As a veteran in digital marketing,
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g, I have a few pieces of advice that can help retail businesses get the most value out of their marketing budget.
1. Embrace the future
First and foremost, let’s talk about digital marketing. It’s time to embrace the future, people! Digital marketing, including social media and email marketing, is often more cost-effective than traditional marketing methods. It’s like comparing a Tesla to a horse-drawn carriage. Utilising digital platforms can help retail businesses reach a wider audience and drive conversions. So, if you want to reach more customers without going broke, it’s time to go digital.
2. Integrate your channels
When it comes to digital marketing, it’s not just about doing one thing right, it’s about doing everything right and making sure it’s all aligned. That’s why the integration of channels is the key to success. But what does this mean? Integration essentially means that your email marketing, social platforms, website, podcast, blog, and all your digital channels are working together to create a seamless experience for your customers, whilst delivering consistent brand messaging.
With the same messaging, your brand is viewed consistently be your audience, and your overall marketing strategy is exponentially more powerful. Marketing efforts become more effective, but they also ensure memorability. When everything is aligned, your pack a real punch and can have a much bigger impact on your audience, and in turn on your designer business outcomes.
3. Leverage your data
Next up, data – it’s your new best friend. Just like a superhero sidekick, data can help you track the success of your marketing efforts and make informed decisions. Collecting and analysing data can help retail businesses determine which tactics are working and which are not. This information can then be used to optimize future efforts and maximize the return on investment.
One of the best ways to use data and analytics is by benchmarking your website or running a website audit. It’s like going to the gym for your website. This will help you understand how your website is performing, where your traffic is coming from, and identify any areas that need improvement. You can then use this information to make sure your website is working as hard as it can for your business. If you want to up your game, the newly launched Google Analytics 4, along with Moz and Semrush, are all powerful tools to help you benchmark and measure progress accurately.
Another way to use data and analytics is by setting business impact KPIs (key performance indicators). These KPIs are the signposts on your journey to marketing success. They give you a way to measure the impact of your marketing efforts and see if they are having the desired effect. For example, you might set a KPI to measure website traffic, conversion rates, or social media engagement. By regularly measuring these KPIs, you can see how your marketing campaigns are performing and make any necessary adjustments to improve your results.
4. Tap into your community
Lastly, collaboration is key. Working with other like-minded businesses that are non-compete but have a similar target audience, is like having a wingman. It can help spread the cost of marketing efforts and increase exposure to new audiences. For example, one of our clients, an international gin brand, recently launched a new product in Australia and partnered with an innovative bakery to create a delectable gin-infused dessert just in time for Valentine’s Day. The campaign included PR, digital marketing, sponsored content, and influencer relations with consistent messaging for both brand partners. This alignment increased the visibility of both the gin brand and the bakery, helping both parties reach new audiences in a cost-effective way.
In conclusion, retail businesses don’t have to be scared of a recession. With the right approach, they can reach new audiences, drive conversions, and get the most value out of their marketing budget. Digital marketing, data, and analytics, and collaborating with other like-minded brands are all tools that can help make that happen.