WIN SHARE DURING TARGET PROMOTIONS: INSIGHTS AND STRATEGIES FROM OUR WEBINAR
HOW TO WIN SHARE DURING TARGET PROMOTIONS
In a world where retail promotions are evolving at breakneck speed, staying ahead of the curve is crucial. Our recent webinar, “How to Win Share During Target Promotions,” delved into this dynamic landscape. Here’s a comprehensive recap of the key takeaways and strategies discussed by our expert panel to help brands navigate and thrive during Target’s promotional periods.
Our panel featured experts from DIGITS Agency and special guest Maya Mirt from Krazy Coupon Lady, who shared insights on leveraging Target’s promotional tools and strategies for maximizing impact.
UNDERSTANDING TARGET’S PROMOTIONAL TRENDS
Promotional Spend Insights: Target has ramped up its promotional spend by 41% year-to-date compared to last year, with over 90% of departments reporting higher spends. The average discount has increased slightly from 16% to 17.5%, reflecting more competitive deals.
Promotional Channels: Most of this promotional spend is directed through circular ads, category-wide promotions, and basket spends. These channels offer broad visibility but can make it challenging for individual brands to stand out.
HIGHLIGHTS OF THE NEW TARGET CIRCLE
Target Circle Relaunch: In April, Target revamped its Circle program, enhancing how promotions are delivered and utilized. Key features include:
- Auto-Apply Deals: Circle members automatically receive discounts without needing to tap to add coupons.
- General Incentives (GIs): Category-wide promotions like gift card offers on purchasing multiple items.
- Mass and Segmented Offers: Different approaches to targeting and segmenting audiences based on their shopping behaviors.
For a deep dive into these changes, check out our previous webinar on the new Target Circle here.
STRATEGIES FOR BRANDS TO SUCCEED
1. Utilize the Full Digital Flywheel:
- Paid Search: Leverage high-ranking placements for increased visibility.
- Roundel Programmatic: Utilize Target’s programmatic advertising for tailored campaigns.
- Target Circle: Maximize Circle promotions to drive additional lift and trial.
2. Align with Roundel Programs:
- Purposeful Media Planning: Align brand media strategies with Target’s promotional calendar to ensure synchronicity.
- Nimble Campaigns: Create flexible media campaigns that can adjust to promotion schedules.
3. Measure and Optimize:
- Incrementality and ROI: Focus on measuring the effectiveness of promotions in terms of incremental sales and ROI. This data helps refine strategies and improve future campaigns.
4. Boost Through External Media:
- Krazy Coupon Lady Collaboration: Amplify promotions via third-party media like KCL to drive additional traffic and engagement.
- Digits Media Promo Boost: Use targeted, intensive one-week campaigns to saturate key markets during promotional periods.
PANEL INSIGHTS
Chris Throne (DIGITS Agency) highlighted the importance of leveraging site merchandising and aligning with Target’s promotional plans. He emphasized the need for brands to ask for visibility support from Target buyers.
Maya (Krazy Coupon Lady) stressed the value of storytelling and full-funnel approaches. Combining editorial content with promotional amplification can drive significant engagement and sales.
Dylan Mueller (DIGITS Agency) discussed the effectiveness of targeted digital media campaigns. He highlighted the recent launch of DIGITS Media Promo Boost for one-week intensive campaigns, designed to maximize impact during key promotional periods.
Navigating Target’s promotional landscape requires a strategic blend of leveraging available tools, optimizing media spend, and driving external traffic. By aligning with Target’s promotional cycles and enhancing visibility through targeted campaigns, brands can effectively increase their share and ROI during these periods.
For a deeper understanding of these strategies and insights, watch the webinar recording here.
Dave Glaza, Founder & CEO of DIGITS, remains committed to bringing digital capabilities to physical stores!
LinkedIn: https://www.linkedin.com/in/davidglaza/
Follow DIGITS on LinkedIn: https://www.linkedin.com/company/digits-agency/
