5 Ways to Maximise Your Marketing Budget This Festive Season
Get the most out of your marketing budget in the upcoming festive season! We bring you some of our expert tips to help you plan for success.
The season of giving is nigh! As we edge towards the year’s end, brands and business owners are busy planning new product launches and exciting discounts to make the most out of this lucrative period.
This is a crucial time, as people get in the mood to spend and splurge. But it also comes with plenty of challenges as marketing budgets are stretched to the maximum. Without sufficient foresight and planning, it can be easy to slip up.
To help you avoid making any costly mistakes, here’s a guide on how you can maximise your marketing budget this festive season and enjoy a slice of the holiday pie.
2022 Holiday Season Consumer Trends
Sometimes, the best way forward is to look into the past. How consumers choose to spend their money during the holidays can help you in crafting your advertising strategy, and make wise decisions about where you choose to invest.
Here are some of the top three trends for you to make the most out of the upcoming 2022 festive season, no matter what.
Inflation is a Consideration
The holiday season is an essential time for retailers, as sales surge during this time. According to Deloitte’s annual holiday retail forecast, retail sales are expected to increase between 4-6% in 2022. In contrast, 2021’s holiday sales saw a growth of 15.1%.
One of the biggest factors contributing to this difference would be the current economic climate—with inflation and fears of an impending recession on the horizon, customers may be looking to spend less. Further insights in the report also noted that changing consumer priorities and trends may see more spending in categories such as food, travel and e-commerce.
Shoppers Are Starting Early
Inflation is also driving shoppers to start their holiday haul earlier. Salesforce reported that 42% of shoppers are planning to make purchases earlier, to counter rising prices and shipping delays. Another report from Google mentioned that 53% of holiday shoppers in the APAC region plan to do the same to avoid items being out of stock.
Loyalty programmes are also a key driver of this trend. Deloitte’s report found that 81% selected specific brands based on discounts offered, and 61% of shoppers joined programmes just for access to promotions.
With exclusive offerings, shoppers are eager to make use of membership programmes to find gift inspirations and get ahead of their holiday shopping list. This suggests that retailers should also factor in off-peak marketing strategies to maintain visibility and reach more customers.
Omnichannel Experiences are Key
The idea of omnichannel is not new. In the past, it was about just having an online and offline presence. Today, it is about providing a unified shopping experience to customers by using different channels such as mobile apps, websites, and physical stores. According to McKinsey, omnichannel shoppers make purchases 70% more frequently and spend 34% more than people shopping in stores.
Great omnichannel experiences can help you reach more customers. As their experience with you is smooth, consistent and accessible on all channels, it deepens their loyalty and your brand value.
Key Questions to Guide Your Holiday Marketing Strategy
Now that you understand the trends that are guiding the decisions of your audience, here are some questions you can ask yourself to refine your marketing strategy for the festive season:
What Are My Objectives?
Think about what you want your business to achieve in this last quarter. Holiday marketing isn’t simply about promotions, discounts and revenue. Are you looking to improve sales? Launch a new product? Or perhaps even educate people on your business offerings?
What Channels Should I Be On?
Or more accurately, where would your audience be getting their information from? Are you focusing only on social media, and if so, which channels in particular? This would help you consider where you should invest your efforts.
What’s the Timeline?
When would be the best time for you to start your marketing, and how long will it last? Also, consider the pacing of your entire digital campaign.
5 Strategies to Maximise Your Marketing Budget For the Festive Season
Here are some ways you can take action and stretch every dollar this holiday season.
#1 Start Early
And we can’t emphasise this enough. Google’s research found that 34% of people enjoy discovering new products and getting ideas when it comes to the shopping experience. And this isn’t just surrounding the festive period as most people might think—they’re on the hunt for inspiration all the time.
These are the moments when you should be in their line of sight. Start your marketing efforts early and ahead of your competitors.
#2 Focus on User-Generated Content
Advertising is great for visibility, but nothing convinces your customers better than experiences shared by others. In fact, ratings and reviews are one of the top factors behind the price for users to consider making a purchase. Use this festive season to encourage user-generated content for your business through methods such as contests, coupon codes and freebies. Bonus: you’ll also be getting content that you can repurpose for use later on!
#3 Create Value Through Loyalty Programmes
Photo by Forbes
Customers love personalised experiences. Coupled with tantalising offers and an outstanding experience, this can motivate your shoppers to engage with your brand while generating long-term value. Offer promotions which are timed to coincide with the holidays, key dates or significant events and tie these into reward points as a way of incentivising purchases.
#4 Optimise Experience Across Channels
Uniqlo’s “Click & Collect” Feature
Meet your consumers where they are, no matter how they choose to shop. Provide more options for your shoppers to be accessible to your brand and engage with you on their terms.
One of the ways you can do this is to showcase your product in a few selected channels and target them accordingly. Combine this with a variety of options for your shoppers for delivery or store pick-up. Make sure your creatives or ad settings highlight any in-store offers to make them more enticing. This increases your visibility and adds value to your customer’s experience with your brand.
#5 Double On Outreach Efforts
Online advertisements aren’t the only way to reach your audience.
Data from Consumer Holiday Shopping 2022 report found that respondents highly preferred email marketing for communication, no matter if it’s a new product launch or a response to an inquiry. SMS was also cited as another preferred method of communication, with 34% and 27% wanting SMS as the main form of contact for shipping and back-in-stock updates respectively.
Now’s the time to put your data to good use through email marketing or mobile marketing campaigns to engage your customers. It is one of the most powerful tools at your disposal that can yield high returns for your business!
Put Our Tips to Work
The holiday season is upon us, and consumers are already gearing up. Habits are constantly evolving, so use the trends as a guide for you to broaden your strategy. Advertising costs can be especially high during this time, so consider our tips and techniques in mind to guide you to strategies that can help you get the most bang for your buck.
Learn how we can help you optimise your marketing and stand out with a winning strategy tailored for your brand. Book a call with us today.