According to the Office of National Statistics, retail sales volumes fell by 3% between 2021 and 2022. As trusted programmatic partners for the retail industry, we’ve helped our global retail clients achieve exceptional marketing results, even as budgets get tighter.
With this in mind, our Chief Commercial Officer Andy Houstoun joined Simon Moore, Director of Marketing at Dreams, on Retail Gazette‘s latest podcast discussing all things omnichannel advertising to maximise your retail campaign’s impact.
On the podcast, Andy shares his perspective on the metrics and benchmarks brands need to keep in mind to truly measure their campaigns to judge their success. Here’s what you missed.
Take a measurement-first approach
We believe that retailers should be taking a more rounded approach to planning, targeting and measurement when building a marketing strategy. As the majority of consumers engage with brands on multiple devices in multiple locations, the concept of a linear purchase funnel is dead. As such, a “measurement first’ approach will help to accurately inform your campaign planning and targeting from the outset and give you a clear vision of what you’re trying to achieve.
Use an accurate attribution model
Using a high-performing attribution model will help you make informed decisions and identify which channels are working. It will also highlight every single customer touchpoint across devices, giving you the insight you need to accurately predict future campaign outcomes.
Our Total Media Attribution model encourages marketers to allocate marketing spend more strategically. Not only can it help you make more informed and accurate choices, but it will also help your marketing budget go further, maximising return on investment and measuring campaign performance much more accurately.
How we helped Miss Selfridge achieve a new customer rate of 47%
We put theory into practice with the team at Miss Selfridge. They came to us wanting to achieve a new customer rate of over 40% through display channel. After updating their messaging and creative daily to align with key spending events, we were able to create a control group and pair it with a lifecycle marketing framework to manage a 2:1:1 ratio of new customers, conversions and lifetime value growth, alongside an incremental return on investment. As a result of this measurement first approach, we achieved a new customer rate of 47%, plus generated £307k revenue for the brand. The results speak for themselves!
“Crimtan surpassed our initial expectations to find new customers, achieving a better new customer rate than either search or social. They are now part of the team and their managed services mean that we can focus on our core messaging.”
Chris Rodger, Head of Digital at Miss Selfridge
If you’d like to learn more about how retailers can up their marketing game in 2023, you can hear more from Andy on Retail Gazette’s ‘Retail Inside Out’ podcast. Covering current market trends and top tips on the future of retail marketing.
And while you’re here, you can also discover how Crimtan’s Total Media Attribution model can help you maximise your marketing budget and achieve exceptional campaign performance by downloading our data marketer’s guide to accurate attribution.