The Secret to Targeting High-Value Consumers – Multi-Channel Merchant

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If the past two years have taught us anything, it’s that consumers are unpredictable. They shopped at the last minute, spent less, and dabbled in unusual verticals causing substantial spikes and declines during what were once considered peak industry moments. However, it taught an important lesson to retail marketers: the ongoing battle for online market share is far from over.

A large portion of online purchases come from high-value consumers (60% to be exact, according to NetElixir data), but they are the missing component of every success retailer’s digital strategy. Even knowing this, brands still struggle to reach high-value consumers. So let’s talk about some strategies that brands and marketers can implement to reach these consumers and drive campaign success forward.

Focus on hyper-personalization

Brands and marketers live in the age of the savvy shopper. Consumers are smart; they are attentive and expect a lot from the brands that target them. When marketers turn their attention to high-value consumers, it’s essential that they create hyper-personalized ads based on the audience they are reaching.

Every consumer is different. A 25-year-old single man won’t want to see the same advertising as a 40-year-old mother of four. If brands and marketers fall into a “one size fits all” routine with their creative content, it will turn off consumers. Today’s consumer especially wants to see ads that resonate with them and in which they can truly see themselves.

Hyper-personalization, while it may take more time and effort behind the scenes, will make a long-term difference when targeting high-value consumers. Take the time to really understand who you’re targeting, what they like, what they don’t like, and where they are in their lives.

Understanding changing consumer behavior

Consumer behaviors can change within an instance – just look at the seismic shifts in consumer buying behavior brought on by the pandemic. Now our data shows consumers are spending more time online (but less time buying anything) and using their phones to drive over 72% of all website shopping sessions and 55% of all website sales, as the primary device for every purchase. Category. But, all of that is subject to change.

Given the volatility of consumers, especially high-value consumers, brands and marketers must be prepared to adjust their strategies on the fly. By constantly aggregating live customer data streams, using custom data analytics models, and applying those learnings, marketers across a variety of industries can make more responsible and impactful marketing decisions on the way forward.

Consider off-the-beaten-track tactics

The world around us is changing, and it’s foolish for brands and marketers to just ignore that and continue with the status quo. New opportunities present themselves to marketers every day and need to be explored.

Take the Metaverse, for example. The explosion of the metaverse is further blurring the lines between the concepts of “online” and “offline”. The platform creates a unified experience to connect the physical world to the endless possibilities of an endless online world. An experimental mindset is no longer a nice thing to have – it’s a necessity. If brands and marketers don’t incorporate emerging technologies like the Metaverse into the planning process and strategies, they’re going to fall behind other brands that do. Brands should strive to understand how they can use emerging technologies to their advantage and evolve to put them at the forefront of business decisions.

The high-value customer is key to successful marketing strategies, but has recently been a difficult audience to target. Their feelings are changing, what they want and how they want it are constantly shifting and where to reach them has never been more fragmented. But brands must not give up.

In order to make a meaningful connection with the high-value consumer, brands need to create ads that reflect the consumer themselves, understand how their needs and wants change over time, and think outside the box to learn how and where to reach them. . If brands and marketers can master this, the high value customer will become central to their strategies for years to come.

Udayan Bose is CEO and Founder of NetElixir

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