The COVID-19 outbreak was recently declared a global pandemic by the World Health Organisation. Although health and safety are our top priority, we’re also acutely aware of the economic impact that this outbreak is having on retailers. Here are our recommendations for operating your business during this time to minimise disruptions and sustain revenue growth.
With both consumers and businesses taking precautions to prevent the spread of the novel coronavirus, in-store foot traffic has dropped. Just because consumers are avoiding public places does not mean that they will stop shopping, however.
Instead, consumer shopping behaviour has shifted to online channels. That means that retailers need to double down on their digital marketing strategies to stay top-of-mind and make up for the drop in brick-and-mortar income.
To help you strengthen your online presence during this disruptive event, we’ve rounded up our most sought-after playbooks, case studies, and practical advice for effectively increasing your digital ROI.
Adapting to Life and Work During the Coronavirus Outbreak
If you’re working from home for the first time due to COVID-19, you may find yourself feeling lonely and unmotivated without the structure and community provided by the office. You’re not alone—but know that there are concrete steps you can take to re-energise yourself and remain productive and focused at home. Here are our top 10 tips to help you adjust. Read Full Article
The pandemic has thrown a wrench in typical brand communications. Brands that push too hard for sales during this time will be seen as insensitive, and brands that fail to contextualise their customer outreach will struggle to remain relevant. It’s important to address the crisis in a way that is respectful, empathetic, and honest. Here are best practices for brand communications regarding COVID-19 and 7 compelling examples from retailers like you. Read Full Article
Consumer buying behaviour has changed. The COVID-19 outbreak has accelerated the shift from brick-and-mortar to ecommerce, and consumers are buying in different categories in response to this crisis. With mastery of your customer data, good communication, high-value customer acquisition, and a focus on building customer loyalty and evangelism, your brand can adapt to these shifts to sustain your business throughout and beyond the pandemic. Read Full Article
How retailers can use customer analytics to improve digital experiences and drive sales
One of the best things you can do as a customer-centric brand is figure out how to give back to the community during the COVID-19 crisis. One of our clients, Igloo, is doing just that by donating 100% of the profits from their iconic cooler product to the CDC Foundation. This campaign is a relevant and socially responsible way of welcoming new customers to the brand, generating cash flow, and making a positive and powerful impression on their customers. Read Full Article
Although the current crisis has made conversions difficult, growing your email list and strengthening customer relationships is more important than ever. This blog is an 8-step playbook detailing how to attract high-quality prospects, re-engage lapsed or unengaged customers, and enrich customer profiles with zero-party data. Read Full Article
The coronavirus is accelerating a shift that was already occurring in the retail industry: The shift from channel-based to customer-centric business operations. As consumers continue to increase their online shopping behaviours, retailers need to take advantage of the customer data available to them to provide customers with personalised, frictionless digital experiences. This blog introduces the primary forces driving change in the retail industry and introduces the best next steps you can take to cater to your customers, no matter where or how they’re shopping. Read Full Article
As shopping to online channels amidst coronavirus concerns, retailers who aren’t well-represented as digital, DTC brands will lose that spend to those that are. This blog explains the most common reason that retailers struggle to optimise their DTC sales (spoiler: the challenge lies in your data) and why Customer Data Platforms are the perfect tool for understanding your customers and engaging them with the online experiences they deserve. Read Full Article
With coronavirus concerns driving consumers online, retailers will be inundated with new and valuable data. This data can be used to understand, predict, and respond to customer behaviour—but only if your business is set up with the correct tools and processes. This blog will help you understand where your business falls on the customer analytics maturity curve and what steps you can take to develop that maturity. Read Full Article
How retailers can drive digital acquisition and avoid wasteful ad spend
Because consumers are shopping less in-store as a precaution against the coronavirus, retailers need to make up for that income in online sales channels. But for the majority of the brands we’ve worked with, we’ve found that about 80 percent of their overall revenue comes from only about 20 percent of their customers. That means that, in order to maximise return on ad spend, retailers need to focus their acquisition efforts on only their highest-value customers. This blog shows you how to segment and target those customers in four steps. Read Full Article
During the coronavirus outbreak, businesses need to be careful about where they’re funnelling their ad spend in order to maximise their return. The biggest mistake retailers make in digital advertising is targeting too broad an audience and wasting ad spend on prospects who were unlikely to convert in the first place. This blog walks you through practical approaches to suppressing irrelevant audiences and avoiding wasteful ad spend. Read Full Article
According to a report released by cybersecurity leader White Ops and the Association of National Advertisers, fraudulent impressions can represent up to 37% of an advertiser’s total impressions. As you shift your focus to digital advertising during the coronavirus outbreak, you need to ensure that you’re protecting your ad budget against fraudsters. Here’s how to do it using people-based targeting. Read Full Article
With rising advertising costs, algorithm updates prioritising paid content over organic, an increase in competition, and more, social media marketing is not as easy as it used to be. During the coronavirus outbreak, you need to be mindful that you’re targeting and acquiring the right customers to avoid driving up your cost-per-acquisition. This blog walks through the four steps one of Lexer’s clients used to lower social CPA and increase ROI by 94 percent. Read Full Article
How retailers can drive retention, loyalty, and lifetime value
The coronavirus has changed the shape of consumer behaviour, and there is a risk that overall customer lifetime value will drop for some brands. Because two-time buyers are nine times more likely to make repeat purchases than one-time buyers, the second sale is one of the most critical milestones for growing CLV and strengthening customer loyalty. Here’s how to target the right people, at the right time, with the right message, in the right channel to maximise the second conversion. Read Full Article
Even though the coronavirus is driving changes in where and how consumers shop, there are still steps you can take to continue growing your overall CLV. This blog defines CLV, shows you how to measure it, and provides nine practical tips from retail industry leaders for driving high-value acquisition, reducing wasteful ad spend, boosting customer loyalty, and growing CLV. Read Full Article