When it comes to preparing for Black Friday and the Holidays, it takes more than just standard marketing. Brands need to be just as savvy with their promotional planning as they are with their overall marketing tactics.
Diversify Your Offer Strategy
Make sure you are delivering offers through more than one channel. An omni-channel marketing approach guarantees that your customers are seeing offers in a variety of different ways that builds up your brand’s stickiness.
Companies that create a robust omnichannel experience have 91% greater customer retention rates year-over-year compared to businesses that don’t. And according to the recent RevTrax Promotions Benchmarking Report, brand categories that invested in all channels saw higher redemption rates overall. Health Brands in particular saw great success with a 28% redemption rate, leading all other categories. Diverse channel investments provide brands in the Health category superior promotional performance, and serves as an example on how to integrate offers across paid, owned, and earned media.
Additionally, an omnichannel strategy supports opportunities for new types of sales, including buy online, pick-up in store (BOPIS), and online-to-offline promotions, as well as providing over four times the amount of data that businesses can then apply to optimize future marketing efforts.
Use this opportunity to grow your first-party data
Remember it’s not just about getting people to buy things (although that is a huge part). It’s also about growing first-party data. According to industry research on AdWeek¹, retail brands collected more than 8.8. Billion data points on Black Friday alone. That includes sending almost 3 billion emails and more than 82 million texts.
With RevTrax, you can improve your first-party data assets, gain real insights, and optimize your campaigns going forward. Offer Redemption data helps you tie a specific consumer to the online engagement that sparked their purchase intent. As a result, you can close the path-to-purchase loop from online to in-store, and double down on successful campaigns.
Unfortunately, most brands overlook first-party data, or they don’t even know it’s available. Black Friday and the Holiday Season is a great opportunity to build up your first-party data.
Jonathan Treiber is the CEO & Co-founder of RevTrax