The retail landscape has changed

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Marketing tactics that worked yesterday won’t help you succeed tomorrow. Find out what’s changed and how Cashrewards can help you adapt.

Once upon a time, in the ancient times of 2017, there was a marketing manager. This hard-working manager mastered his marketing strategy: he invested in display ads, tracked audiences with cookies and focused on customer experience.

Fast forward to 2022 and this trader has found himself in a strange new land. Amid a pandemic, inflation and the rising cost of living, everything seemed different. Online shopping no longer complemented brick and mortar, it replaced it in many cases. The price comparison was in order. And the lettuces were $10.

Over the past decade, retail marketing has grown at a dizzying pace. Marketers have had to adapt to the rise of social media, the proliferation of martech, the acceleration of e-commerce and the gradual disappearance of cookies. It’s no wonder that today’s marketing landscape can seem virtually unrecognizable compared to a decade ago.

“That’s why it’s imperative that marketers constantly update and refine their strategy,” says Elise Krucler, B2B marketing manager at Cashrewards.

“What worked yesterday will not work tomorrow. Retail marketing is changing. And with rising costs and shrinking marketing budgets, marketers are expected to do more with less.

A proven solution? Cash rewards.

Introducing Cash Rewards

Cashrewards is Australia’s largest cashback program, with over 1.4 million members and over 2,000 partners, including Apple, Myer, Liquorland and Target.

Cashrewards works with brands to create a cashback offer for that brand and then promotes that offer to its network of over 1.4 million shoppers. These customers have joined Cashrewards to benefit from cash back and exclusive offers. Cashrewards’ tailored cashback offers drive customer acquisition and brand revenue.

Cashrewards has just released the results of a study commissioned by Forrester Consulting Total Economic Impact™ (TEI) which confirmed that using Cashrewards in the marketing chain can generate significant returns while offering “near zero” risk to retailers.

Forrester, a global market research firm, surveyed four major retail brands and aggregated their experiences with Cashrewards into one composite organization. He found that Cashrewards offered a return on ad spend (ROAS) of 14:1.

Marketers are adapting

The study recognized that conditions are currently difficult for marketers. “As consumers shift their consumption behavior to digital, there is a confluence of factors that make sales more challenging for marketers,” the study notes.

However, the study found that Cashrewards solves many of these difficulties.

Fight unnecessary ad spend

A growing challenge for marketers is wasted ad spend, and in 2021 brands are estimated to have lost hundreds of millions in digital advertising that didn’t drive conversions.

Cashrewards’ pay-for-performance model offers a solution to wasted advertising spend, as brands only pay when a conversion occurs.

The Forrester study confirmed that Cashrewards offers “virtually zero risk and enjoys a guaranteed return on its marketing investment”. In interviews with the four Cashrewards partner brands, Forrester found that all four had previously worked with traditional and digital marketing partners with “limited success.” These marketing programs “did not have a strong owned audience or did not exist at the time of the review.” Brands have also struggled to reliably track performance.

In comparison, Cashrewards provided a return on advertising spend (ROAS) of 14:1 and a return on investment (ROI) of 514%.

Reach new customers

Although social media has been a game-changer for brands, rising acquisition costs have become an increasing challenge.

However, Cashrewards offers a new way to reach potential customers.

With over one million Australians as members, Cashrewards offers brands a new channel to reach customers. When brands work with Cashrewards, they can use Cashrewards’ in-house agency, which offers designers, writers and videographers to create bespoke campaigns, which can then be amplified across a range of channels, including audience belonging to Cashrewards.

“Partners can think of us as an extra wing of their marketing team, and we’ll do the hard work for brands,” says Sally Marsden, B2B Marketing Manager for Cashrewards, “Our offering is an effective way to build loyalty and continue to drive conversions down the sales funnel.”

An omnichannel solution

Retail is no longer confined to physical stores or even just e-commerce.

“The path to purchase is no longer linear,” says Marsden, noting that this can make it difficult for marketers to track and measure performance.

However, Cashrewards works both online and in-store. “[It] allows both traditional brick-and-mortar businesses and online businesses to increase brand awareness, as well as increase sales with existing customers, new customers and old customers, resulting in overall customer loyalty to brands,” the Forrester study found.

Reach informed consumers.

Cashrewards is also perfectly positioned to appeal to discerning shoppers and price-sensitive consumers.

Today, according to to research from the Boston Consulting Group (BCG), while Cashrewards’ own research found that 80% of Millennials shop for the best value and 73% go out of their way to find a bargain.

“We live in an age of the savvy, value-conscious buyer who knows how to research their options thoroughly before making a purchase,” says Nicole Bardsley, CMO of Cashrewards, “With Australian confidence levels falling and With growing concerns over the cost of living, Australian shoppers will become even more supply-driven and cost-saving.

In addition to enabling retailers to reach these customers, Cashrewards also offers retailers a simple, customer-centric service that delivers a ‘surprise and delight’ moment that builds brand loyalty.

Read the full Cashrewards Total Economic Impact™ study here.

The e-commerce landscape is changing. With a Retail Feed Enabled As a member, you have access to current e-commerce revenue and forecasts, traffic levels, average conversion rate, payment preferences and more!

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