Newsflash: Retail
A recent study from IAB has identified that online ad spend delivers the biggest impact for retail brands within the media mix. Online was seen to drive 40% of brand engagement, whereas Press received 31% and TV 19%.
Another interesting statistic was that the retail brands surveyed spend 2.5% of their marketing budget online, seems pretty low considering these statistics.
See further details on the brand engagement study from the IAB here:
Brand engagement measurements for the store brands reviewed are listed below, the results indicate that store reputation and whether they could associate themselves with the retail brand (Affinity) provided the highest %.
If it is affinity they want (only women surveyed) then it is my opinion that online is place to give it to them, with opportunity to segment, talk in their voice, get them chatting to you (Blogs, Facebook Fan pages etc etc).
I am confident that we will see the brand engagement level for online rise this year, as more retailers turn to the web for their online promotions.
It was only yesterday that I found myself completing an online competition for Primark to win a £200 shopping spree (times are hard!).
Interesting brand engagement measurements and results from the New IAB study on retail brands:
Affinity (24.3%) - whether the store has a good reputation, and is for 'people like me'
Quality (19.3%) - that the store sells well known, high quality brands ·
Fitting one's needs (16.5%) - relating to store convenience, and whether it suits a consumer's particular tastes ·
Presence (14.7%) - a readily available, traditional store, with a national high street presence
With recession looming and purse strings tightening, businesses may want to cut back on marketing spend and for retail sites, this study indicates that online is the way to go especially as you have the ability for tighter targeting and of course have the ability to truly measure the ROI of your marketing efforts.
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