How to Maximise Sales on Cyber Monday – Key Takeaways from Latitudes Retail Event
Anyone for a Christmas jumper?!
It may seem odd thinking about the Christmas season while the UK is currently experiencing all day sunshine and soaring temperatures, but if you work in retail, the holiday season is just around the corner. Many retailers signed off their Christmas 2014 products back in March, ready to launch in September, which is now just under one month away. The pressure to deliver a successful Christmas campaign is well and truly on and Q4 planning is in full swing. The all-important question on every retailer’s mind is, how can businesses push their hero products to yield maximum return this year?
Latitude recently held an event at Paramount, Centre Point, on the topic of how retailers can make the most out of their digital spend during the Christmas season. Aimed at senior retail marketers in the e-commerce space, the event attracted over 50 attendees from a variety of retail brands. Speakers included Phil Barden, Managing Director at Decode and Suzanne Tallon, Industry Manager at Google and presentations ranged from PPC and conversion analytics to the behavioural science behind consumers’ buying decisions.
Phil Barden, MD of Decode Marketing and the author of Decoded: The Science Behind Why We Buy
Phil Barden gave a highly insightful presentation based on the behavioural science behind purchasing decisions. Phil’s presentation included practical examples of what marketers can do to motivate consumers to buy through simple visual clues. One example of what influences our purchasing decisions is detailed below:
Reward > Pain = Net Value
What this means is that visuals pull the levers in the mind of consumers influencing purchase decisions. Highlighting the right information to customers can result in a large increase in sales.
As the image displays, because the previous price of £8 was highlighted in bigger letters, the consumer felt unconsciously that they were getting a better deal, resulting in 28% increase in sales. Below are some of the further key highlights some Phil’s presentation:
- Be aware of what’s going on around you that may assist in increased sales. In Germany, a pet food retailer put the German flag on all products during the Wold Cup and saw a significant sales spike during that period.
- Increase awareness and perception. Make sure the right image and creative is displayed effectively by testing out different variations to see what captures the attention of your customers.
- The ‘how’ is important. Ensuring the consumer sees value in the creative to make that purchase. ‘How’ we display our products and pricing is vital.
Ben Wightman, Head of PPC & Darren Herbert, Head of Conversion Analytics, Latitude
The event also featured presentations from Latitude’s Head of PPC, Ben Wightman and Head of Conversion Analytics, Darren Herbert, who discussed how PPC advertising and conversion rate optimisation can work together to increase sales.
Key takeaways and suggestion included:
- Implementing PPC tactics, such as using Ad Extensions to enhance ads with seller ratings and social engagement
- Creating memorable and optimal user experiences by presenting a tailored mix of content
- Focus on multi-channel messaging
Suzanne Tallon, Industry Manager at Google
Suzanne treated the audience to a seasonal themed presentation (including Christmas trees and Santa’s elves!) that included an analysis of Christmas last year and some predictions for 2014, including the value of thinking mobile first.
The event finished off with a panel discussion on mobile advertising, chaired by Latitude’s Head of Display, Holly Patel. The panel consisted of Sean Friggieri, EMEA Retail Creative Lead at Yahoo, Adit Abhyankar, Director at Visual IQ and Kirsty Styles, Senior Reporter at Mobile Marketing Magazine. Questions included, “Why are brands are slow to advertise in the mobile space?” and “How can marketers maximise the potential of mobile advertising in the run up to Christmas?” Sean Friggieri suggested that the reason why some brands are slow to advertise on mobile is that they think their products don’t lend themselves to mobile, especially when it comes to luxury brands. Kirsty Styles highlighted the fact that customers on mobile expect brands to contactable at all times, whether that be reactive to queries on social media or otherwise.