With every brand vying for consumers’ attention during the holiday season, it can be hard to stand out. So what’s the secret to reaching holiday shoppers and overtaking the competition? As it turns out, it’s understanding consumer brand loyalty.
While you might have a strong grasp on which consumers typically shop your stores, understanding brand loyalty opens up many doors. Not only can it help you target your current consumers better, but it can also reveal a whole new slew of audience segments for you to target during the holiday season, which you might have missed out on otherwise.
Given that consumers spent $789.4 billion during the 2020 holiday season, and are projected to spend even more this coming year, you can’t afford to lose out on holiday shoppers. Read on to learn how to maximize your ROI this holiday season by using brand loyalty to your advantage.
Enhance Your Existing Audiences Using Brand Loyalty
Through location data, you can identify which other brand locations your consumers visit — i.e. their brand affinities and loyalties — to better understand their behaviors and preferences. Doing so will help you target your existing consumers more effectively, ensuring you are sending them relevant messaging.
There are two key segments of existing consumer audiences to target based on brand loyalty:
Reach consumers who are loyal to your brand by targeting those who show a higher level of brand loyalty based on their visit frequency and time spent in store, along with a low frequency of competitive shopping activities.
Connect with consumers who recently visited your brand location. Not only will this help you build loyalty and retention, but it will also help you drive incremental visits with holiday offers.
Identify New Holiday Shopper Audiences for Targeting
When it comes to holiday shopping, it’s important for you to reach all potential audience segments who might be interested in your brand, so you can maximize your ROI. To this end, it’s crucial to identify any new audience segments that you might be missing.
You can identify cross-shopping behaviors of consumers to understand new segments that might be interested in your brand, and target them accordingly:
Through predictive audiences, you can target consumers who are more likely to switch brand loyalties or affinities. Connect with consumers via predictive audience modeling and align your ad impressions against consumers who are on the verge of switching brand loyalties. By understanding changes in visit frequency and increases in competitive shopping, you can identify consumers who are on the verge of switching loyalties, who will be more receptive to new holiday offers.
Target consumers who match your buyer personas and campaign parameters by activating custom audiences, such as consumers who might not visit your brand but are active spenders within your industry vertical. For example, you can use “day-parting” to understand the most popular time of day consumers visit similar brand locations, and then create segments based on time of visit.
By using brand loyalty to target a mix of specific audience segments, you can refine your targeting efforts and ensure you get the highest ROI possible from this lucrative holiday season.