Enterprise retailers strive to increase ROI of marketing campaigns by understanding customers’ path-to-purchase and how to engage them every step of the way. While 96% of Americans shop online, nearly half of Americans are discouraged by the fact that they can’t touch or see the product in person before purchase.¹
Marketers must now find solutions that connect the online-to-offline experience to improve customer satisfaction while gaining the insights necessary to shape a successful enterprise marketing strategy. Explore four common retail marketing challenges and their solutions below:
Fraudulent Offer Redemption
Marketers that fail to secure offers are putting their organizations at risk for fraudulent over-redemption. Customers can easily forward unsecured offers through emails, SMS, and other channels. However, new technologies can generate single-use offer codes that protect against coupon fraud while providing valuable insights.
Brands can leverage data science and machine learning to send predictive alerts when there is a perceived risk of fraudulent activity. Marketers can use a variety of channels to distribute single-use offers. Electronic offers can be sent to a customer’s email and stored within the mobile wallet for in-store redemption. While many would believe the printable coupons and direct mail offers would be ripe for over-redemption, advanced technologies can ensure this does not happen.
Electronic, direct mail, and printable offers all have unique codes embedded within the offers to safeguard against fraudulent use, ultimately saving retailers from revenue losses. One retailer saved $22M using secure dynamic offer codes, blocking 3.4 million fraudulent codes at the point-of-sale.
Low Offer Redemption Rates
When distributing digital or direct mail offers to consumers, marketers are looking to increase website and foot traffic, increase sales, and gather valuable shopper insights. An offer that goes unnoticed or unused by its target audience fails to contribute to any of these goals.
To help combat low offer redemption rates, it’s vital that marketers incorporate personalization into their offers. With an offer management platform like RevTrax, marketers can send dynamic offers specific to the recipient that loads content at the moment the recipient opens the email. By linking to the CRM, these offers can reference not only customer name, but purchase history, product type, offer preference, and other prior brand interactions.
Related blog: Dynamic Email Tactics to Support One-to-One Marketing
Inability to Efficiently Promote Offers Across Channels
Cross-selling and distributing offers through different channels can be a tedious task for enterprise marketers looking to reach audiences. A centralized offer management platform is a viable solution that meets this need with the ability to distribute secure offers using email, paid search, social media, affiliate networks, and more.
Eliminating the siloed nature of multiple channels as their own entities in favor of an omnichannel approach can have a positive effect on both marketers and customers alike. Marketers can distribute promotions at scale while gathering important insights and customers can expect to have the same experience with the brand across all channels.
Lack of First-Party Data
Enterprise retailers often distribute offers through third-party vendors, leaving them without the first-party data they might not realize they need. First-party data enables marketers to shape strategy based on specific customer behaviors, interests, engagement points, and purchase history. Knowing where and how customers are engaging with offers is critical in maximizing redemption rates and driving sales.
Modern technologies such as machine learning and behavioral economics can improve data modeling and ad targeting to use the right offer to reach the right customer at the right time. Furthermore, the data can be incorporated into your existing technology stack whether it's in a CRM, DMP, or Marketing Cloud.
RevTrax Offer Management Platform is a modern solution designed to deliver secure offers across channels at scale for enterprise marketers in the retail industry and beyond. The OMP centralizes data to give brands and marketers insights to connect the dots from online-to-offline and complete the path-to-purchase journey for future marketing strategy. To learn more about using our Offer Management Platform to grow your business, contact us today.
Jonathan Treiber is the CEO & Co-founder of RevTrax