Goodway Group POV Guide
7 Tips To Successfully Conquer the 2023 Holiday Season PREPARED BY
SARA PALMIER Center of Excellence – Head of Search Goodway Group
September 2023
goodwaygroup.com
Goodway Group POV Guide
2
Boost Your Holiday Sales With 7 Insights From Google Think Retail Recently, I had the privilege of attending Google Think Retail 2023. My objective? To decode this information, apply context, and lay down actionable tips for you to navigate the holiday season with success. It’s pivotal to understand that while the allure of the Cyber 5 sales — the five-day period between Thanksgiving and Cyber Monday — is undeniably robust, the true potential lies beyond it. According to the insights derived from the Google Think Retail event, the window of opportunity isn’t restricted to this short burst. Instead, it seamlessly extends through the festive season, spilling over into the two weeks following the Christmas holiday. Here are seven noteworthy insights from the Google Think Retail event and practical tips you can take from them to help improve your sales during this holiday season.
© 2023 Goodway Group. All rights reserved.
goodwaygroup.com
3
Goodway Group POV Guide
1. Holiday Sales Expectations Are -0.5% Lower Than the 2022 Season The forecast indicates a growth of 4.5% YoY as opposed to 5% YoY in 2022. While inflation has seen improvements, external factors such as rising interest rates and the resumption of student loan payments might make shoppers more conservative with their spending.
4.5% YoY The predicted growth in holiday spending in 2023.
Tip for Success: Clearly Define Your Business Objectives Make the most of your holiday strategy by defining business objectives for the holiday season. For example — will you promote a product, drive to in-store locations or have a specific revenue goal?
2. The Extra Weekend Phenomenon With an additional weekend squeezed in between Thanksgiving and Christmas this year, how might this affect overall shopping patterns? Historically, extended weekends have meant an uptick in sales, especially for retail.
Tip for Success: Adapt Your Marketing Strategies in Anticipation With an extra weekend for consumers to browse and shop, marketers should consider adjusting strategies to support this timeframe including changing ads to call out in-store availability through the last weekend before the holiday.
© 2023 Goodway Group. All rights reserved.
goodwaygroup.com
4
Goodway Group POV Guide
3. Early Bird Shoppers Have Become the Norm By October’s end, half of Americans are already deep into their holiday shopping, and 28% wrap it up entirely by then. Even for those waiting to buy, a whopping 74% of holiday purchases were deliberated and decided upon well in advance.
74% of holiday purchases are decided on by the end of October.
Tip for Success: Don’t Wait To Launch Your Ads Start drawing in shoppers by sharing your brand message and product differentiators now.
4. Influencers Impact Purchasing Decisions Online shoppers — especially those actively engaged on social platforms — on average rely on 10 touchpoints when evaluating influencer-inspired purchases. Examples of these touchpoints include influencer testimonials, user reviews, unboxing videos, Instagram stories, affiliate links, interactive polls, Q&A sessions, product demonstration videos, comparison blogs and interactive live sessions.
Tip for Success: Level Up Your Influencer Game Don’t wait to get in on influencer marketing. Want tips on how to get started or advice on how to expand your strategy? Check out our user-generated content (UGC) guide.
© 2023 Goodway Group. All rights reserved.
goodwaygroup.com
5
Goodway Group POV Guide
5. Post-Cyber Monday Sales Opportunities Consumers’ spending three days after Cyber Monday equals the sum they splurge on Black Friday and Cyber Monday together.
Tip for Success: Maintain Communication During This Crucial Time
95% of in-store holiday purchases are influenced by paid search prior to the purchases taking place.
To get the most sales during this short window of time, continue to speak to consumers looking to finish their shopping lists before the shipping cuts off.
6. The Power of Paid Search Before making 95% of in-store holiday shopping purchases, consumers turned to paid search. Omnichannel shopping takes place through the entire season from early product research in September, deal seeking through Cyber 5, and “near me” terms at the end of the season for those last-minute gifts.
Tip for Success: Leverage SEM in Your Media Mix You should definitely consider using paid search as a key part of your omnichannel marketing strategies during the holidays. If incorporating SEM, ensure ads are placed from September throughout the end of the season.
© 2023 Goodway Group. All rights reserved.
goodwaygroup.com
6
Goodway Group POV Guide
7. Post-Christmas Spending Sprees Post-12/25 saw a surge in spending, with consumers shelling out a staggering $47B in retail.
$47B The amount consumers spent in retail during the 2022 holiday season.
Tip for Success: Focus on Brand Loyalty This period is a golden window for building brand loyalty with consumers. The rise in shopping during this period might be due to returns, the use of gift cards, or perhaps the age-old tradition of self-gifting to reward oneself for surviving the holiday chaos.
What’s Next? You can delve deeper into these insights — including details on holiday shopping personas, ways to harness Google’s AI solutions, nuances of omnichannel measurement and maintaining shopping feed hygiene — by scheduling time to speak with your Goodway Group rep or contacting us directly. Also, check out Google’s best practices to multiply your holiday performance this year. Stay informed and leverage these insights for a successful holiday season!
Visit our blog to learn from our experts about how to use data and strategic approaches to produce results. © 2023 Goodway Group. All rights reserved.
LEARN MORE
goodwaygroup.com
