Not sure where to start? Don’t worry! Read Coniq’s top 5 tips for optimizing your shopping mall marketing strategy…
It’s essential to ensure that you get the most out of your marketing budget by ensuring that your marketing strategy delivers significant value to your customers, your retailers, and your mall! Therefore, the key to a thriving retail destination is measuring and optimizing your mall’s marketing strategy. If you don’t understand how your marketing channels and campaigns impact your sales, then you won’t be able to increase those sales!
1. Segment your email campaigns.
A huge amount of effort goes into obtaining your customer data. Understanding the intricacies of your customer’s shopping behavior takes time and money. This goes from knowing where your customers shop to how much they spend in-store. Once you have acquired this information, you want to ensure that you use it as wisely as possible!
Too often, businesses resort to sending blanket email promotions with irrelevant information. This will only drain your marketing budget, disengage your audience and fail to provide an accurate view of your customer’s engagement! Segmentation allows you to separate your mailing list based on customer profiles and behavior, enabling you to target your most valuable and engaged members (i.e. repeat buyers or potential win-back opportunities.)
Segmentation can help you tailor your content to appeal to specific customer segments. This will simultaneously boost your sender reputation by making your audience feel as though you know what they like. If your audience is interested in your content, they will be more likely to open and interact with your campaigns. This will allow you to accurately measure the open, click-through, and conversion rates created by the marketing campaign.
It may sound extreme, but a segmented database is a smart database. It is a powerful tool that will help you accurately measure and optimize your marketing strategies- so you get more bang for your marketing buck!
Read our growth playbook on how to use email marketing to build a database of ready-to-buy shoppers.
2. Understand the relationship between brands.
How you formulate your retailers is especially important for optimizing your mall’s marketing strategy. Simply put, some brands do far better when they are placed in close proximity to one another. For example, a promotion at Zara will directly increase footfall to shops like H&M. This is because businesses want to locate themselves near the center of their customer population to attract the greatest amount of traffic.
However, to measure the success of brand positioning, you must consider more than simply footfall and traffic. For example, if your campaign aims to increase sales and convert customers, then you must focus on measuring that by analyzing transaction data.
You can nurture the customer journey by positioning similar retailers together by offering them similar, convenient alternatives. If a comparable store is stationed next to one your shopper has just exited from, they are more likely to enter the second store, as it offers a related product in a convenient location.
This strategy can help shopping malls drive foot traffic toward multiple stores at once. Therefore, brand placement and promotion targeting is invaluable and can be further utilized with a segmented and smarter database!
3. Share your data.
It’s time to take a closer look at your data-sharing strategy. Having a wealth of data is fantastic, but if it’s not accessible or actionable, then it’s no good to anyone!
Your retailers are your best link to your shoppers. Therefore, supplying frequent data samples to your retailers creates valuable insight that will improve and maintain lasting relationships. This data will also help you optimize your mall’s marketing performance using actionable metrics.
Data can help you compare, analyze and improve your marketing strategies, streamline your process, and improve your ROI! Some of the best data collection strategies leverage loyalty programs to help them better understand their customers.
Read about how loyalty can drive value for your tenants here…
4. Your shoppers come first.
Consider the customer at every stage of your strategy development. Ask yourself:
- How does this benefit shoppers?
- Why would my shoppers use this?
- Would they understand it?
Shoppers that have the freedom to choose their preferred marketing channels, such as an App or loyalty card, tend to spend more and engage with malls for longer periods. Always remember that a happy shopper is an engaged shopper, and an engaged shopper is a high spender!
Understanding your customer journey and how they experience your mall is vital for knowing what your shoppers want and how to give it to them.
Find out how to improve your customer experience by utilizing omnichannel retail strategies.
5. Measure what’s important.
If you really want to get the most out of your marketing, you need to measure it to optimize it. If you’re not measuring each campaign or promotion you’re running, you’re not allowing yourself to maximize the results.
Measuring sales is always an indicator of how well you are doing. However, it is equally as important to measure the impact of your sales, and for this retailer, data is not enough.
You need to know what campaigns have directly impacted this outcome, consider things like:
- Which marketing channels were used?
- What customer segment performed best?
- Who were the top spenders?
- Where did customers spend their money?
You then need to present this information in a digestible format so that you can view trends and possible anomalies and identify ways to optimize your marketing performance. Today, many different tools and technologies can provide you with a comprehensive view of your shoppers and how they interact with your mall- make sure you use them!
Furthermore, by measuring the performance of your campaigns and promotions, you can quickly learn how best to approach your shoppers and optimize your outcomes. For example, set up an automated marketing process involving personalized apps and relevant, timely emails to enhance customer engagement. When you take the time to optimize your mall’s marketing strategies, you give yourself the best possible chance to succeed with your customers and improve your sales! What’s not to like?
