Last week we hosted our clients, partners and several industry speakers for our 6th annual client summit. The goal of the event is to connect our clients to their peers, their account teams, and to educate them on the latest industry changes that will impact their digital strategies in the years ahead. Speakers from Google, Bing, Adlucent, and SHIFT Communications shared their insights into the greatest opportunities for Retail which we've recapped below.
1. There were over 72 million news stories shared in 2016
We’re producing more content than ever before and it’s increasingly hard for brands to stand out among all the noise. Marketers can’t win by volume. That’s why we must make decisions based on data first and make sense of our customer’s journeys from awareness to purchase. With this knowledge, we can build personalized advertising strategies that align with these journeys.
2. “Funnels are for marketers at the expense of customers. Journeys are for customers at the expense of marketers.” –Christopher S Penn
The customer journey is not linear, yet marketers try to keep shoppers on a straight path to purchase. Journeys are complex and they require a lot of resources from marketers, but it's the future of Retail. Brands must create an organizational structure, choose the right technologies and select goals that are aligned with the way the customer shops.
3. 71% of consumers prefer ads tailored to their interests and shopping habits.
Given the amount of data we have access to, personalized ads often risk becoming “creepy," however, the majority of consumers would prefer to see an ad that’s relevant to their unique needs rather than the generic “spray and pray” ads of the past.
4. Only 30% of consumers would click on an ad from an unknown brand but 50% would click if the ad were personalized.
Ad personalization will earn you more clicks. This is especially important for brands that don’t have a lot of awareness or those entering new product categories.
5. In 2010, 5% of store sales were digitally influenced but in 2015, 70% of store sales were digitally influenced. (MasterCard SpendingPulse)
Consumers are checking prices and reading reviews while looking at products in stores. Ensure you capture the sale by quickly delivering the content they need whether that’s directions to a nearby store location, an offer code, or more.
6. When people shop in stores, they spend 17% more.
While store foot traffic is on the decline, consumers who shop in stores are worth more than those who shop solely on other channels.
7. Nearly ⅓ of all online sales now occur on mobile. By 2020, this is expected to hit 50%. (Forrester)
Retailers are making headway in mobile site usability. It’s paying off as nearly half of all digital purchases will be made on mobile devices within a few short years. At Adlucent, we saw mobile orders grow 143% in the last year alone.
8. Only 28% of Americans can identify a favorite retailer, down from 47% in 2007.
Today, consumers are less brand loyal. It’s considerably cheaper to retain a customer than to acquire a new one so personalized brand experiences should be created across all channels—from email to social. Lookalike audiences are a great way to acquire individuals who share similar characteristics to your best customers.
9. The Bing Network reaches roughly 50% of the US population and their searchers spend 23% more online than the average internet searcher. (ComScore)
Bing has a wider audience network than you may think. It’s a great place for retailers to find customers that may not interact with Google properties, or reach those who traverse across multiple networks. We’ve found that Bing Product Ads drive strong orders and sales with a lower overall investment. Consider growing your Bing investment in 2017, or at the very least, running more tests.
Do any of these resonate with you? I’d love to hear about it! Share your thoughts below.