There’s no denying the fact: Brexit and the political machinations around it, have brought about massive economic uncertainty in recent years. But what does surprise us is the shortsightedness of many national retail chains, particularly when we look at their recent marketing campaigns. Today’s economic climate is a troublesome one, and many retailers are feeling the effects of a difficult few years.
A huge number of retailers still opt for TV campaigns but there is another way to get the cut through desired and improve media efficiency. The question a CMO should be considering is not the level of their brand’s overall consumer awareness but whether they are reaching all the people that have a reason to be their next customer in the next few weeks and months.
Compliment the brand building, as this is of course important, by using a data led life stage marketing approach to target those consumers involved in a home move who we know need your products. We all know that fewer people are buying and selling property as the result of Brexit uncertainty. But that doesn’t mean that people aren’t moving at all. For two million adults in the UK, moving house remains a necessity. In fact, around 10% of adults in the UK are engaged in a home move (either through buying or renting) at any one time. This statistic is important because it defies seasonality, economic influences and of course Brexit.
This is where data-driven marketing comes in. UK retailers can use the information we already have to target consumers in the UK who are engaged in a home move. The same data can be used to suggest audiences that are likely to move in the near future, or consumers who have recently purchased a property.
This data is invaluable because these are the very consumers that brands need to reach. Brands running targeted adverts for homewares, furniture, soft furnishings, interior decor, beds, televisions, appliances and other large ticket, infrequent purchases should be jumping at the chance to start a conversation with consumers like these.
Analysis has shown that when it comes to marketing, targeted advertising comes out on top. Our team has run a series of tests using targeted campaigns, and compared the results of these with control groups. The results proved that presenting a consumer with a product at the right moment is essential if a brand hopes to influence a buying decision. If such information is overlooked, brands risk missing out on valuable prospects.
To optimise efficiency (whilst still maintaining brand awareness and bringing in those all-important sales) brands need to make full use of all information available to them. Retailers should be pulling out all the stops to reach the consumers who are already in the market for their products and services. By doing so, they stand a real chance of achieving unparalleled data-driven results - and beating the competition!
To find out more about reaching the right consumers for your brand, talk to us. We have incredible amounts of information at our fingertips and we can’t wait to show you what this data could mean for your marketing strategy. Contact our team and we’ll show you how to soften the revenue slowdown in what is an incredibly challenging time currently for UK retailers.