Holiday 2023 Marketing Strategies by Consumer Type
How can you ensure your holiday marketing messaging actually resonates with your audiences? As marketing costs rise and we approach the busiest time of the year, that question could be the key to your program’s success. Our experts unwrapped a few truths and compiled helpful tips for targeting consumers with customer acquisition and retention in mind.
What the Holidays Hold
We’re expecting to see a strong holiday season for retailers, with growth coming from both in-store and e-commerce. Although consumers remain cautious due to macroeconomic factors like inflation, recent events like Prime Day and Back to School have driven strong results. This indicates consumers are ready to get out there and spend — and sometimes splurge.
Build Strategies Based On Audience Age and Price Point
One of the most impactful ways to drive success with your marketing program this holiday season is to build your strategy based on audience age and product price point.
Younger, possibly lower-income consumers are more likely to be impacted by economic pressures like inflation and student loan debt. That means they’ll likely be hunting for inexpensive gift options.
Targeting Young Consumers At A Low Price Point
Signaling value to this group is key for lower price-point retailers. If that’s your brand, consider targeting those younger, lower-income consumers with big deals on low-priced items.
Targeting Young Consumers At A High Price Point
Higher price-point retailers should expect more touchpoints along the path to purchase. We recommend highlighting flexible payment options and focusing acquisition efforts on loved ones who may want to play the role of gift giver to these consumers.
Targeting Older Consumers At A Low Price Point
Older consumers in higher income groups will be less impacted by economic pressures. They’ll be shopping and spending this holiday season, especially when they’re assured they’re getting a great deal
To resonate with this group, we recommend lower price-point retailers focus on growing AOV with promotional add-ons or BOGOs and push messaging that highlights value.
Targeting Older Consumers At A High Price Point
Higher price-point retailers should focus on retention to capture that splurge moment and messaging that speaks to getting the best deal.
Plan Your Holiday Marketing Strategy Now
There’s still time to optimize your holiday marketing strategy to target key audiences. Ovative’s media and measurement experts are here to help you strategize, plan, and execute a successful program. For more holiday 2023 insights, check out our latest Ovative Outlook report.
Reach out to learn more about prepping your holiday 2023 marketing strategy.