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For retailers, the customer journey is no longer confined to browsing behavior and purchases that occur inside brick-and-mortar locations. Real-time actions that take place in the digital world matter more and more, and retail advertisers who don’t factor this evolution into campaigns will find it difficult to drive and scale high-value customer acquisition.
How are modern retail marketers driving revenue and lifetime value (LTV) through online advertising? Here are three ways:
Nowadays, the customer journey is multifaceted. People can have many touchpoints with a retail business, including browsing in-store, researching products on mobile devices, and making a purchase on desktop. Being able to track all shopping behavior is essential to informing advertising-related decisions such as bidding and budgeting optimization.
Successful retailers feed offline, first-party data (such as catalog circulation, and participation in loyalty programs) into their online strategy in order to build a better understanding of the value generated across desktop, mobile, and in-store. Once they know who’s engaging the most with their brand, offline and on, they can create custom lists aimed at acquiring more top shoppers – with an ROAS increase as the end result.
Data-driven retail advertisers have a lot of information at their fingertips — and smart ones source their insights directly from internal and external sources. Internally, collaboration with the team responsible for buying products can lead to knowledge of which new items are high-margin, and therefore more valuable to build online campaigns around.
First-party data sourced from customers and calculated via analytics — like average order value — is also extremely helpful to savvy retail advertisers, as it enables retargeting customers who frequently spend more than your typical shopper. No matter where the information comes from, automating campaigns around the specific sales that deliver the most value is a surefire way to improve a retail brand’s bottom line.
You may be surprised to hear that big-budget retail advertisers are still able to fine-tune their user acquisition and retention campaigns. Using automated ad creation and bidding built for large-scale, fast-changing offers (like flash sales), performance marketing experts are able to dynamically manage creative, audiences, ads, and budgets without sacrificing granular control—unlocking higher ROI across their entire inventory.
Download this free eBook to learn how in-house marketing teams at today’s top online retailers are delivering results with advertising automation software.
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