From single budget restraints to an inability to leverage local market knowledge, multilocation retail marketers face a number of challenges to succeed
One of the most significant challenges faced by retail marketers is how to best execute highly targeted marketing campaigns to customers in the brand’s retail location. The majority of retail brands build digital marketing campaigns that are geo-targeted to local markets around their retail stores. There are scenarios where individual store budget flexibility is required; however, it’s only beneficial when the brand’s national buying power can be leveraged. For local retail market success, it is crucial to set up individual local budgets reflecting prioritization by market spend objectives.
Marketers Need to Avoid Self-deception to Future-proof Marketing Strategies
Retail marketers fail to leverage local market knowledge in most cases. Corporate marketing teams have limited knowledge of the local communities where they are running ads, as they do not interact daily with the local customers. Hence, it is not possible to understand the specific needs and preferences of customers from afar. Leveraging the community knowledge and getting detailed customer insights from local retail store managers such as popular products, price points, etc. will be beneficial for the brand to scale further.
It is essential for retail marketers to get reports of each location in order to optimize and drive sales at each of these stores. Having only broad programmatic optimizations may not garner a strong impact on the marketing budget of all retail locations. Retail businesses need to engage their customers across display, mobile, video, and social channels using multiple touchpoints. However, hyper-local audiences soon get fragmented, and very soon, this leads to data getting into isolated siloes. Trying to market with local budgets in all necessary channels can be a non-starter with minimum budget threshold requirements. In order to build relationships and brand loyalty with their local customers, retail marketers need to provide a more personalized and relevant experience.
Optimizing the Martech Stack needs Smart Management by Stakeholders
