As summer winds down, the most wonderful (and busy!) time of year ramps right up. Every advertiser knows the importance and challenges of the holiday shopping season — and the 2023 season will be no different.
There’s good news on the horizon for retailers. The National Retail Federation projects that retail sales will reach between $5.13 trillion and $5.23 trillion this year, a 4-6% growth from last year. On the flip side, getting a piece of those precious consumer dollars will be more challenging than ever. Ninety-two percent of consumers in the U.S. have cut spending on nonessential goods like home decor and clothing over the past six months.
With more people shopping online, there’s ample opportunity for advertisers to create timely and memorable touchpoints with consumers to move them down the funnel over the three-month season. Keep reading as we break down everything advertisers need to know to prepare for the busy holiday shopping season.
Timing is Everything – Holiday Shopping Starts Early
December may seem far away, but in 2022, 56% of consumers started their holiday shopping in October. Another 35% started in November. It’s never too early to get consumers familiar with your brand and holiday deals. With this in mind, we suggest a three-pronged approach to move consumers down the funnel over the coming months.
1. Late October
Consider heaving up on awareness-focused channels such as advanced TV (CTV/OTT), pre-roll and native video, and audio. At this stage, the messaging and ad creative itself doesn’t have to revolve around the holidays, but it won’t hurt to get your brand on people’s radar.
2. Week of Black Friday & Cyber Monday
In 2022, 196.7 million Americans shopped either in-person or online over these five days. Embrace a heavy-hitting strategy using high-impact ads to draw in consumers flooded with ads and deals during the shopping frenzy.
Consider one of the following new and emerging ad formats to stand out from the crowd and catch consumers’ eyes:
- Scratch-Off Promo Offers: Create scratch-off cards that reveal special offers, discounts, or promotional codes.
- Dynamic Product Feed: Utilize an inventory data feed to create dynamic product ads that automatically update with accurate product information, such as title, price, availability, and images.
3. Mid-November to Mid-December
During the homestretch, focus on your most valuable audiences to drive them further down the funnel. Continue to run conversion tactics, with a significant focus on retargeting your most valuable prospects.
In summary, this year’s holiday shopping season will require a strategic balancing act from advertisers: launch early but plan the long haul strategy. Media buyers should be prepping and launching campaigns in the coming month to capture those early dollars as holiday shopping starts to creep into everyone’s mind. However, a long-tail strategy will be essential to also capture those last-minute purchases made closer to the holidays.
Looking for more holiday shopping insight? Check out the previous blog, Three Ways To Reach Online Shoppers This Holiday Season, for insights into key media strategies and tactics to move the needle with consumers this year.
Have a Holly Jolly Holiday Season with Digilant’s Holiday Shopping Solutions
At Digilant, we understand the importance of a solid digital advertising strategy to conquer the holiday shopping season and end the year on a high note. With that in mind, our media strategies are ready to create a custom, tailored solution to achieve your brand’s goals. Contact us today to get started building your holiday shopping media plan.