Refining Your Paid Media Strategy for the Holidays
October 29, 2018
Paid media campaigns are an essential part of your brand’s holiday success. Worldwide holiday online sales grew from $94.4B in 2016 to $108.15B in 2017, according to Shopify.com. This year the haul will be even bigger. While buyers still love to shop in stores, almost everyone does some part of their shopping online. A recent Deloitte holiday study showed that 57 percent of total spend is expected to be online compared with 36 percent in stores, a drop of 10 percentage points for stores in the last four years.
So are your online paid media campaigns ready? You can wrap your holidays in success this year, even if you start planning right now, but move quickly. Preparation begins around August and concludes with last minute tweaks through early November. So what are you waiting for? Get started today refining your paid media strategy.
Be prepared for higher media costs and budget accordingly. You should be planning for an increase of between 20 to 40 percent. This may seem steep, but paid media gets more competitive each year – because it works. Be agile, too. Be prepared to move budget between channels. If performance is high in one channel and low in another, you need to respond.
Make sure your promotions are compelling. For instance, offering a percentage off an order or item is typically more effective than providing a specific amount off – say, $20. People are more motivated to buy when they receive a discount expressed as a percentage unless a large dollar amount is being subtracted from the price.
Maximize your exposure time for each promotion. You can do this with ad and campaign schedulers. Make sure your promotions are accurate, and your ad scheduling is working correctly. Remember, too, you can’t set it and forget it. Be prepared to watch performance daily. Variables like time of day and weekday matter. Watch and learn if you need to push budgets or pull back in one area that is underperforming to spend more in another.