5 Takeaways from Google’s Think Holiday Event 2022
Webtmize was thrilled to have our founder & CEO, Abdo Mazloum, and Paid Media Director, Guillaume Aziere, attend the recent Google Think Holiday Event in the Distillery district of Toronto.
The event was an incredible opportunity to gain valuable insights into consumer behaviour and trends, and to learn about the different ways that businesses can use Google's data to their advantage, in their holiday marketing and advertising strategies.
As the American marketing pioneer, John Wanamaker, once said, “I am convinced that about half of the money I spend on advertising is wasted, but I have never been able to decide which half.” Google can’t predict the future, but they help us prepare for it and identify which portions of advertising are not wasted.
Below are five key takeaways for online businesses to follow this holiday season our team came away with, in order for you to generate a high profit margin and return on investment.
1. Start early and stay all season long if you have inventory
It is a known fact: consumers are shopping earlier for the holidays. After over two years of increased yet inconsistent pandemic-driven shopping and supply chain challenges, shoppers are researching and buying well in advance.
So be sure in 2022 to capture holiday demand early. We recommend being there for shoppers throughout their entire journey, with engaging shopping experiences on Google and YouTube.
2. Turn intent into sales with automation
Did you know that 15% of searches on Google every day are new? This implies that exact and phrase-matched keywords won’t be enough to capture intent. The logical way to move forward now is to combine broad match with smart bidding (i.e. Target ROAS or Target CPA), which Google proved generates a 14% lift.
Another interesting trend is that particular search trends keep on surfacing based on key moments. “For” is the new “Best”: “purses for women”, “best shoes for standing all day”, and “gifts for foodies” are examples of rising searches. Make sure that your automation and content reflect this reality.
3. Win online and offline
The numbers don’t lie: 9 in 10 Canadian shoppers shop online before they visit a store. This year, eCommerce is projected at a 15% share of all retail and it has been proven that omnichannel shoppers are 2X more valuable than single-channel shoppers.
If you have a mature marketing framework and know the lifetime value of your customers online and in-store, we recommend automating & optimizing towards total sales across online and in-store. Or else, focus on the channels that you can properly measure. Local inventory ads and Performance Max campaigns can provide a frictionless experience for that purpose.
4. Win the price-conscious consumer
In this economy, it is no surprise that price-sensitive shoppers are seeking out “deals” more so than last year. 54% of Canadians have already switched brands or stores due to price. There has been an 80X search growth in “gifts by price”. Stand out from the crowd and differentiate yourself through the creation & communication of value beyond price.
We suggest you compete on cost & convenience. Highlight competitive pricing and seasonal deals through high-impact search ads, and price extensions and prioritize sale products in Performance max product feeds to make sure you’re on a winning strategy.
5. Turn inspiration into action
If there was one point during the event that was repeated constantly, it was that Canadians turn to YouTube for inspiration. With a 34% increase in YouTube watch time by viewers and the 16 million Canadians who watch YouTube on TV, we can confirm that this platform is worth investing your time into.
With 70% of consumers saying they bought from a brand because they saw it on YouTube, we are strongly recommending that our clients provide us with assets to create ads for this channel. It’s a risk that will definitely pay itself off.
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Finally, the holiday season is a marathon, not a sprint. Choose optimism and don't presume pessimism. Be a captain on this journey and not a passenger by driving educated results through technology and data.
Feel free to reach out to us to discuss more & find out how Webtmize integrates the aforementioned best practices and lessons for our remarkable eCommerce & SAAS clients.