Merkle’s Six Tips to Optimize Promotional Strategy in 2021
Merkle’s Jason Kim has shared six tips to optimize promotional strategy in 2021.
He says, “To offset the volatility of the disruptive months we experienced last year (and are still experiencing), marketers must create compelling promotional strategies to maximize sales. Here are six suggestions that can effectively help marketers optimize promotional strategies through the research, planning, and communication stages.
1. Run competitive analysis
Analyze your past performance of similar promotion events thoroughly and identify wins and losses. A good strategy for this upcoming season is to leverage previous successes while avoiding repetitive tactics that did not work. As times have drastically changed, you want to make sure you are creating the necessary changes to reflect your industry. Additionally, make sure to share lessons learned with critical non-marketing team members (e.g., merchandiser, demand planner, designer, copywriter).
Retailers tend to follow similar promotional calendars from prior years”.