Retail is a cornerstone of the American economy, offering the goods necessary to live a comfortable first-world life. However, the advent of the internet has changed the landscape significantly; with increased competition, growing customer demands, evolving digitalization, and new technology, simply stocking shelves with wares won’t cut it anymore. To succeed in the digital marketplace, it’s critical that retail outlets strive to build brand awareness, promote customer and product research, and drive sales both online and in-store.
The best way to achieve this? Retail advertising.
Advertising is a transient part of doing business for most retailers, but incorporating digital advertising can be a valuable additional revenue stream. Optimizing marketing across all channels is an important part of seeing growth across all stores, both physical and digital.
In order to increase reach and facilitate success, we have identified six tips for retailers to drive their advertising sales year-round.
1. Utilize Targeting as a Competitive Advantage
Traditionally, advertisements were available to anyone, regardless of applicability or interest, but the increase of the use of the internet has made advertising more specific and relevant than ever before. The ability to target advertisements to everything from like count to demographics allows marketers to put marketing messages in front of the right people at the right time.
Before peppering the web with ads, it’s crucial to know who the target audience is and establish buyer personas for accurate targeting, what needs to be targeted, and the best methodologies to ensure visibility. Behavioral data now plays a large and vital role in targeted marketing. Currently, 76% of marketers fail to take this into account, leaving the door wide open for those willing to put a little extra effort into crafting a campaign. For those who have incorporated targeted retail advertisements will reap the rewards and gain a competitive advantage.
2. Ensure Locally Relevant Advertisements
For most retail outlets with a physical store location, location matters. While e-commerce orders can come from anywhere, purchases on-site are restricted to those who physically pass through shop doors – and that means targeting those in the local community.
Being locally relevant to your target audience can increase retailers’ chances of winning them with the potential to retain them. Local advertising and marketing can be approached in several ways from targeting selected residential locations on Facebook to using location keywords on Google AdWords. However, many shoppers will use keyword phrases like “near me” as well as city-specific terminology to find nearby locations. Mentioning phrases, events, and brands that are local in a community can attract traffic to brick and mortar outlets, which is key for retail outlets that value area shoppers.
Utilizing effective locally relevant advertisements, retailers can establish a sense of a community amongst their customers. The introduction of geo-targeting, relevant imagery and the use of local language can assist retailers with being as locally relevant as possible. If customers feel part of a community and the brand i.e. the retailer, blend seamlessly, they are more likely to draw and emotional attachment resulting in customer loyalty and retention.
3. Diversified Advertising Channels
Facebook, Twitter, Instagram, Snapchat, Pinterest, banner ads, Google AdWords, In-store advertisements and display advertising. These are only a number of the countless ways for retailers to get consumer attention today – meaning increased opportunities to sell products. It may seem logical to focus attention in one place to avoid spreading dollars across too many areas and risking the loss of effectiveness, but this is not the best idea. By keeping irons in the fire across channels, it’s possible to maximize the number of individuals and potential customers who will see ads.
Social media alone has a global market of around 2.65 million individuals, therefore it retailers should invest in social media advertising as it can help easily find and get in front of consumers most likely to purchase their products or retarget consumers who have previously purchased. It is crucial that in order to increase retail media sales that multiple channels are utilized in order to expand your reach and presence.
4. Invest in Podcasts for Increased Advertising Sales
In comparison to the world of social media and short-form video content, podcasts are often an ignored afterthought, particularly for those who don’t partake in the medium themselves. However, for savvy fans of ad sales, podcasts offer great potential, particularly for retail outlets.
Between 2017 and 2018, ad dollars spent on podcasts increased by 53%, growing from $314 million to $479 million and demonstrating the value in this industry. Around 32% of Americans listen to podcasts at least once a month, therefore it is evident that there is a large market for podcasts that many retail locations are currently failing to penetrate.
5. Establish Customer-Centric Advertising Opportunities
Advertising isn’t a one-size-fits-all endeavor. Customizing advertisements play a crucial role in increasing efficiency; by maximizing resources and optimizing information provided in ads, it’s possible to target the right group and inspire sales.
For example, if a market includes both young adults and ageing couples, the same ad opportunities shouldn’t be available for both. All advertising plans should be specific to the market, demographic, and any other targeting strategy in place. Ad dollars should be spent wisely, not broadly – achieving results that resonate means finding the right audience and ensuring ads hit home. Unwanted wastage can cost companies money, but customizing can eliminate the risks of this occurring and ensure increased advertising sales for retailers.
6. Understand Advertising Seasonality Peaks
Particular times of the year are better for retail advertising than others. The retail industry ebbs and flows with consumer trends – December, for example, is a particularly valuable period of time due to the holiday season – and understanding the ins and outs can make capitalizing on seasonality easier.
By scheduling major campaigns around both the launch of seasonal goods as well as peak times for specific retail purchases, it’s much more likely that ad sales dollars can be utilized as intended. Following trends mean attracting buyers at the most lucrative periods of time.
Increased Retail Advertising Sales Ensures Greater Revenue
Retail is a chaotic industry, but the right approach to marketing and advertising can inspire additional advertising revenue and boost the business. By focusing strategically on advertising operations such as targeting methods, advertising channels and approaches, even retail outlets in the most niche markets can see success.
By utilizing the tips highlighted, retailers can obtain an additional revenue stream from successful advertising sales to maximize their advertising revenue year-round.