Dynamic Marketing Strategies 101: Pivoting Your Dynamic Strategy
You have your marketing strategy set for the month: you know what your flagship categories are, you see opportunities to capitalize on trends for the month, and you’ve identified opportunities to increase inventory, run campaigns, and maybe even run a sale. How do you measure performance, and pivot your strategy mid-way through if it isn’t performing?
Step 1: Identify Your Benchmark
First and foremost, you need to know your benchmark performance. If you predicted a certain amount in daily sales based on past campaign performance, and your current earnings are far from your target earnings, you see that you won’t hit sales goals for the month unless you pivot. Pivoting is not easy, and it requires a swift team of go-getters that are balls-to-the-wall when they need to be. If you have a team that will do whatever it takes to hit sales goals, continue reading. If you don’t, go fire your team and hire a new one, and then continue reading.
Use This: How do similar campaigns usually convert? What is your average daily sales volume? How does seasonality (historically) affect your data? How are you performing according to that?
Step 2: Measure Your Current Performance
You should be measuring campaign and sale performance on a daily basis. If you aren’t, you can’t be proactive and will instead be reactive in your marketing strategy. When you notice that for two days in a row, say a Monday and a Tuesday, that your sales are low considering the sale you’re currently running and the day of the week, call an all-hands meeting and brainstorm.
Use This: Ask yourself…
Is it your marketing strategy? I.e. is the sale or campaign enticing? What are other people in your field/industry doing? Are people engaging with your content and if so, in what way?
Is it the category, brand, or product? Are people opening your emails across your different ESPs? Are people opening, but not clicking through? When people open, does the subject line mention the sale, category, or brand, or does it exclude it?
Is it the inventory? How many units of your flagship brands/categories make up the total inventory for the campaign/sale? How many units of your trending brands/categories? Are you showing the best items at the top?
What performed exceptionally well for you? Why? Which campaigns had the highest level of engagement? The highest level of sales? What did you do well? How can you incorporate that?
Step 3: Assess the Problem
If people are opening your emails and clicking through to the page, but not purchasing, you know the inventory isn’t enticing enough.
Use This: If you notice that certain brands of shoes sell well, and your shoe sale has limited inventory of said brand, you know to source more inventory, and then market the he** out of it.
If you’re running a sale and nobody cares (surprising, right), you need to discover what people are looking for and market it cleverly.
Use This: If you notice that your active wear is your top selling category, but you’ve already run a sale across active wear last month, you can run a spring sale themed around becoming your best self, and include inventory from various categories but specifically market your active wear within your sale.
If you notice that you’re off target for the month, you don’t want to run another brand-specific sale (you’ve done too many, or you know it’s still a bit niche and want to capture a larger revenue pool), but you know that your top two brands bring in the most revenue, find a way to reinvent it.
Use This: What do those brands specialize in (look to what category people purchase most from that brand)? If they both specialize in handbags, you can run a sale across handbags to effectively capture the market for both those brands while keeping your marketing fresh.
If you notice that people aren’t opening your emails at all, then identify why by running a test.
Use This: Are people engaging with subject lines that don’t include the category, or the word “sale”? Then try crafting a visual or an inspirational story around the items you’re selling, and include the sale price next to the items instead. Think: if you purchase this, you’ll fulfill this dream — and oh, look! It’s on sale for two days.
Sometimes, after a particularly strong month, you’ll notice sales will start to slow. This isn’t always because people are going through withdrawal — it could (and most likely is) because you’re not capturing their interest in new, refreshing ways. Remember, they don’t want your product(s) — they need your product(s). Make sure you remind them of that. ;)
About Fifth Tribe
Based out of the Washington DC Metropolitan area, Fifth Tribe is a digital agency that empowers visionaries to launch bold ideas through our ground-breaking solutions. We specialize in providing product development, branding, web/mobile development, and digital marketing consultations to top industry leaders in the Government, Healthcare, Finance, and Social Impact sectors. Our client list includes Oxfam, Kaiser Permanente, Ernst and Young, the U.S. Air Force, INOVA, the Hult Prize, the Department of Defense, and more. To learn more, visit www.fifthtribe.com.