What is Digital Trade Marketing?
It’s alright if this term throws you back for a moment. Digital seems to be the new business buzz word. Now that we are done with adding an “e-” before everything and are almost nostalgic for a time when an “i-” was the in-prefix. Just as our phones got bigger so have our prefixes. But, I assure you “Digital Trade Marketing” is not one of those come and go trends. For retailers, digital trade marketing is a lifeline before they are swallowed up by the Amazon’s of the world into a shameful demise of “shop-in-shop.”
Retailers who want to survive the Amazon web tsunami will have to get their act together in the digital ecosystem and we aren’t just talking about banners and ads but taking purchase conversions into their own hands before the middle man, aka Amazon, slices off a portion of their margin.
Whoever is Collecting the Money owns the Purchase
And that’s exactly how e-commerce websites are hijacking a retailers hard earned profits. They own the platform, thus own the customer. So, how does a traditionally brick and mortar retailer prepare for this tsunami. Is it too late?
Well, that’s where Digital Trade Marketing comes in play.
Digital Trade Marketing is the Conversion on the Digital Path to Purchase Funnel
Digital Trade Marketing is crucial as it is the “first moment of truth” online, it is when the consumer is punching in their credit card details to make that purchase and you want to be on the receiving end of that payment or else watch your profits get swindled.
I get it, but how can I take back control?
Many of us trade marketers have been caught in the cross-fire. Digital has been the space of our communication managers, creating awareness for the brand and building preference but seldom directing the purchase and managing conversion. If you think about it, where do your customers end up after watching your snazzy new ad on their phone? Do they hop into the next Uber and head on to the mall? Or, do they search the web to find someone offering it online? Are they searching for the cheapest price?
Did your comms manager think about how that ad will lead to a purchase?
Probably not. And, neither have you. This is still virgin territory for many brands and a lot of experimenting is in the process. It is not an easy journey, however it is important that you start NOW. You don’t want your profits hijacked and you sure don’t want to be a casualty of the digital Tsunami.
You will find the Answer if you Search Yourself
And I don’t mean looking up your name on Google. I mean study your target customers digital path to purchase. Understand their online behaviour. What intrigues them? Why are they there in the first place? Chances are you understand your consumer more than the e-commerce pirates offering nothing but convenience. However, they don’t have the relationship you have with your customer. They don’t have the relationship you have with your suppliers. Think of the value you can channel from your suppliers to your customer. Think about ways you can create a unique online to offline experience for your precious customers. An experience they will tweet about and share with their friends.