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How to Navigate Your Retail Strategy Down the Purchase Funnel?

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The retail industry could not escape the need for a technology revolution, especially during the time of a pandemic outbreak where non-essential shops are forced to temporarily closed. Retailers are looking for ways to keep their business on-going as people who are always on-the-move are now mostly staying indoors.

In times of uncertainty, the competition in the retail sector is tougher - everyone wants to win customers with their advertising effort. The retail world is changing; the path to purchase is no longer a straight path anymore. Thus, retailers need to learn to navigate the twist and turns of the purchase path that will lead straight to their customers.

 

But how to steer your ad campaign strategy more effectively?

Advertising in the retail industry is about high-velocity execution underpinned by data and artificial intelligence. The skills of leveraging data and technology are the critical steps in navigating your campaign strategy to success.

Location data allows retailers to really know their customers deeper and with precision. This enables retailers to shift their budgets to invest in sophisticated personalisation technology, which includes programmatic digital signage and place-based digital screens.

Simply put, programmatic involves automation in the buying and selling process of ad placements with the assistance of data. Retailers and marketers can easily plan, buy and measure their digital signage performance through a bunch of meaningful datasets, without any intervention from a third party.

The programmatic approach allows retailers to enhance the customer journey starting from acquisition, engagement to conversions of the customers.

 

Acquisition

The programmatic in an ad campaign in retail has given a new opportunity - leverage data and anticipate consumer’s need for personalisation and deliver this need.

The first step for you to increase your ROI is to acquire the interest target audiences. Instead of reaching out to a lot of general audiences, it will be more strategic to only focus and reach out to the potential customers you have identified to be only a step away from purchasing.

But, the key to acquiring your customers is to know what kind of audience they are:

  1. Modelled audiences: Consumers who have not yet considered your brand for purchase. This group of people is great for creating a targeted audience personas.
  2. Observed audiences: A group of people who have made a purchase or engaged with your brand in the past. These audiences should be kept in sight to analyse their behaviour that makes them decide to engage with your brand.

Identifying the type of audience can help retailers to better understand how to further engage with their audience.

 

Engagement

Programmatic technology creates an unprecedented opportunity to engage with consumers on a one-to-one personalised level. Personalised ad messages will create a perception among the audiences that the brands value their customers more, according to a Nielsen report- 59% of the surveyed people agreed.

Programmatic technology has enabled data-driven advertising where marketers and retailers can get an in-depth insight into their target audience shopping behaviours and journey. Through programmatic, retailers can easily personalise their ad message using a wealth of location data.

For example, with location data, retailers can identify their target audience movement to be shifting to be mostly in residential areas during the pandemic outbreak. Hence, they can relocate their ads on digital screens that are near residential areas to reach more people.

Once you have managed to keep your brand on the audience’s mind, you need to know how to make the engaged audiences move down the purchase funnel.

 

Conversion

Programmatic campaign can reveal brand affinity across multiple channels for retailers and help determine who, where, when and how to present to the potential customers to bring them down the purchasing funnel. Plus, programmatic has enabled precision targeting to ensure the right ad message is sent to the right audiences at the right time and location.

The algorithm-based technology takes advantage of the available aggregate data sets such as buying history, search history, interests, demographics and psychographic factors for precise audience targeting and segmentation.

It also uses real-time behavioural and geographical datasets to determine supply and demand along with customer value, automatically altering the price in accordance with the changes in consumer behaviour. These abilities brought by programmatic technology allows the maximisation of utilising data at its fullest potential.

Retailers who are able to deliver a personalised ad to the right audience, at the right time and place have a better chance of getting a higher ROI and ROE than the others.

 

It’s never too late to integrate a programmatic approach into your retail strategy.

In short, programmatic technology allows for real-time, automatic and efficient digital media inventory purchases, by using intricate data, machine learning and decision-making algorithms in order to deliver the right content at a precise right time.

It’s not surprising that budgets have increased towards the data-driven solution (programmatic campaigns) as such it removes the traditionally mundane and extensive process of human negotiations and enhances automation in buying, executing and optimising the ad campaign in the retail realm.

If brands have any hopes of standing out from the rest, location movement information has to also be leveraged to the full extent with this programmatic technology.

 

Moving Walls is a media technology group with a presence across four continents and seven markets. The Company operates Moving Audiences, a patented multi-sensor approach to location-based media measurement. Today, Moving Walls processes more than 10 billion data points and measures more than 35,000 media sites across the globe.

Through measuring physical locations and people movement, this powers Planning, Buying, Verification, and Content Delivery capabilities for location-based media like billboards, digital signage, and transit media.

 

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