Have you noticed a shift in the marketing strategy of the most popular and influential retail brands? If not, now is the time to start paying attention to the retail media strategy (and the shopper engagement it receives) of those around you, especially your competitors.
Heavy hitters like Amazon and Walmart are putting their considerable resources into the following marketing focuses, and brands who want to stay relevant and successful in this landscape should take note of their approach.
This marketing investment will take time and effort, but the return is worth it. And, as always, partnering with the right creative agency to help strategize and execute is the easiest way to fast track those results.
The 4 Traits of a High-Performing Retail Media Strategy
1. Add a Keyword Strategy to Your Retail Media Strategy
In a retail media network, your SEO strategy can make or break a sale. Each keyword must target the right people at the right place and pop up at the right time – when and where your customers need them.
As you can expect, getting the appropriate ad to display as a result of a consumer search or a social interest is something of an art in itself. And when done correctly, it is the easiest way to 10x your results.
Relevant keywords tether your products to consumer interests. Ad platforms are becoming more sophisticated and will not allow you to pop up an ad that has nothing to do with the product. Google and other search engines, for example, look beyond just what keyword and ad copy you’ve created to ensure that the landing page experience matches the “promise” laid out in the ad.
Brands must be intentional in their ad buying as they decide where to invest resources. This is one of the most commonly outsourced services due to the complexity of targeting the right consumer, compelling them with the right message and converting them with the ideal offer.
2. Understand the Consumer so You Can Engage Them
To ensure shopper engagement, you should place yourself in the shoes of the shopper.
If you consider their needs – the “What’s In It For Them” factor – you can align your keyword strategy to match their challenges or opportunities. For example, you may want to use keywords that describe your product when focusing on the problem your product solves.
Understand where your target consumer is in the buying funnel. This helps you nurture them with relevant content that assures your authority and appeals to their trust, thereby encouraging a purchase.
This also helps you understand what doesn’t work. For example, if your consumer is looking for a specific brand, popping up an unrelated product most likely will not work. Instead, a better approach for the consumer experience in this position is to highlight something unique about your product or quote a review to add social proof.
3. Know the Platform and Structure Ads Accordingly
Each platform is a little different in the amount of control they have over ad placement. Therefore, if you want to give yourself the best advantage for shopper marketing, you must understand each platform and what messaging structure works best.
For example, Facebook is best suited for video or bright images, Instagram for short video snippets and Google ads get more clicks the more compelling the copy. Plus, an increasing number of retailers are developing their own media platforms like Walmart Connect.
Alongside the ad format, be aware if the platform will filter out phrases or if they will allow out-of-category advertising. It is also important to understand how often your customer is going to purchase your items. If they are a one-time item, they should be removed from that ad workflow so they aren’t inundated with the same ads.
4. Do Not Underestimate Your Competition
First, you should know who your competition is. Secondly, you must understand your competition and its marketing techniques. With a clear understanding of the competition, you are more strategically placed to outperform them.
This often means taking the buyer’s journey with your competitor – whether that means subscribing to their content or purchasing their product to get a first hand look at the customer experience.
Keep in mind that just because a brand isn’t in the same category as you, it doesn’t mean they aren’t your competition. It’s a fatal mistake for your business to discount them.
Along with bidding on competitor terms, we also recommend bidding on your own brand terms, no matter how high-end you are. Don’t make the mistake assuming your consumers will always come looking for you. You may have to spend time and money to get their attention.
Getting Started with a Retail Media Strategy
Interested in running ads around your products? Curious how to improve shopper engagement within a larger consumer experience? The retail media network specialists at Cliffedge Marketing can bolt onto your team and start generating the results that leave the competition in the dust.