With 2018 officially underway, Shopkick CEO Bill Demas shares some of the most important trends that brands and retailers need to keep top of mind to succeed this year.
- Real-time is key. Being able to track and react to shopper behavior across environments, stores and platforms will be key for sophisticated marketing. Shopkick helps expose otherwise opaque behavioral data, and it’s often what most directly impacts bottom line.
- One source to rule them all. While the world is now rich with data, it’s often piecemeal, and weaving together a complete picture of a brand’s impact, or an individual shopper’s path to purchase is time consuming and muddy. A central source of first-party data will be table stakes for future marketing.
- Fight for the full funnel. Rather than wasting resource divvying spend among initiatives, future marketing will examine holistic metrics vs. an amalgamation of the various parts. As consumers become savvier and channels continue to multiply, it’s the whole of a campaign that matters for ROI vs. any one element.
- The race to the bottom is done…and most brands and retailers lose. Only the giants can compete in this race, and no one else can even begin to approach them. So stop trying. Brands and retailers must compete on different value propositions – of experience, excellence, exclusivity and other elements that don’t dilute brand value.
- Pay for performance will gain prominence. In uncertain times, guaranteed returns will grow increasingly valuable.
- No room for fakes. Brands won’t tolerate fraud, so safe haven media buys are essential.
- New formats will change behaviors. Augmented Reality, incentivized video (already huge in Asia/S. Korea), and shoppable branded content (Pinterest) will change how and where people buy products.
While there are many trends already starting to take shape this year, we believe these are the biggest and most important for brands and retailers. It will behoove marketers to pay attention to each of these and think about what they mean for your business as we move forward into 2018.