Strategies + Tactics that Win Back-to-School Buyers
P.S. It’s Not Too Late!
Listen up, retailers! It's back-to-school time, and families are gearing up for the new school year, which means they're about to spend a lot of money in a short amount of time. If you haven't planned your campaigns yet, don’t worry—it's not too late. There’s still time to seize this opportunity and capture the back-to-school rush. This handy guide is packed with insights from the latest data and trends, so you can reach more customers and boost your sales, even if you're getting a late start. Get ready to take your back-to-school game to the next level!
Introduction to Pink Spot Media
At Pink Spot Media, we believe in the power of trusted strategies for optimal impact. With over 23 years of expertise, we deliver holistic, impactful campaigns that consistently exceed client goals. Our mission is to provide transformative marketing and advertising experiences that drive significant impact for our clients and their bottom line. We achieve this by leveraging our tech-driven, white-glove approach, ensuring meaningful, strategic relationships with our clients. Whether you're a small retailer or a large franchise, our personalized, holistic, omni-channel strategies are designed to cut through the noise and deliver results.
Market Overview
Back-to-School Sales Trends
The back-to-school season has been on a steady upward climb, and it's no surprise that it's a big deal in the retail world. In 2023, the U.S. saw a whopping $71.74 billion in back-to-school sales. That's a 5.5% jump from the year before! These sales made up a cool 3.9% of all retail sales in the third quarter and 1% of the year's total sales. If you’re just getting started, there’s still time to run special promotions and campaigns to attract these last-minute shoppers.
Timing of Purchases
Most back-to-school shopping happens in late July and early August. In a survey by Morning Consult, 73% of people said they planned to shop during that time period. And guess what? Most people spend between $100 and $500 on back-to-school stuff. So, retailers need to jump on this opportunity and start running special promotions and campaigns.
Economic Factors Influencing Behavior
The National Retail Federation (NRF) did some research and found out that people getting ready for the new school year are doing a bunch of things to save money during these tough economic times:
Almost half (45%) of them are spending more time comparing prices online before they buy anything.
Another 45% are out there hunting for sales like it's their job.
About 39% of folks are choosing to buy store brands or generic products instead of the name brands.
And 27% are using coupons like crazy to get discounts on their purchases.
Back-to-School Shoppers: Who Are They and What Do They Want?
If you want your back-to-school campaigns to succeed, you need to know who you're targeting. Here's a quick rundown of the different types of shoppers you're likely to encounter:
Parents: These folks are usually the ones doing the bulk of the shopping. They're looking for all the essentials, like clothing, supplies, and electronics.
Students: Older students might have a say in what they want, especially when it comes to clothing and electronics.
Teachers: Don't forget about the teachers! They're also in the market for supplies, like classroom materials and teaching aids.
Now, let's talk about some of their shopping habits:
They start early: Most people start shopping in July and August. Some even get a jump on it earlier.
They do their research online: Parents often do some online research before they buy in-store. They also make sure to check return policies before they commit.
Kids have a big influence: Over half of parents say their kids influence how much they spend on back-to-school shopping.
Economic Concerns and Their Impact
Economic concerns, particularly inflation, are messing with back-to-school shopping this year. Here’s the situation:
Inflation got parents feeling the pinch: 34.9% of 'em are planning to cut back on their spending because of it.
Debt's a real downer: A whopping 75% of shoppers are worried that their credit card and personal debt will mess up their back-to-school budgeting plans.
Shopping Destinations
More than half (that's a whopping 57%) of U.S. shoppers are gonna be doing their back-to-school shopping online this year, according to a survey by the NRF. But hey, there are still some folks who prefer the brick-and-mortar experience. Here are some of the most popular shopping spots:
Department stores (50%) - for all your one-stop shopping needs
Discount stores (47%) - where you can find great deals on everything from clothes to school supplies
Clothing stores (42%) - for the latest trends and styles
Electronics stores (23%) - for all the gadgets and gizmos your kids need for school
Budget Considerations
Families with kids from grade school to high school are planning to shell out an average of $874.68 on back-to-school shopping. That's a little less than last year's $890.07 but still the second-highest amount ever recorded in this survey. It seems like people are still willing to spend money on their kids' education even though the economy isn't doing so great. This shows how important it is for retailers to offer good value and make their products seem high quality.
Influences on Spending
Most parents are getting ready to spend less on back-to-school shopping this year, according to JLL's 2024 Back-to-School Shopping Report. Over half of them (55.3%) are planning to tighten their belts, and a lot of them (34.9%) say it's because of inflation. Low-income parents are getting hit the hardest, with an average budget cut of 18.3% because of rising costs.
Advertising Strategies
Leveraging Creators and Influencers
In this digital age, platforms like Instagram, TikTok, YouTube, Twitch, and Twitter are where students hang out. Influencers and creators on these platforms have some serious skills when it comes to reaching these online-savvy kids. Here's how they can help:
They can show off the hottest clothes and accessories that everyone's wearing.
They can feature affordable supplies that won't break the bank for families on a budget.
They can make shopping a breeze with shoppable videos.
They can highlight personalized gifts and products that teachers will love.
They can compare must-have supplies for learning at home or in the classroom.
Creator Collabs: How To Do Them Right
Make sure your goals and the creator's goals are on the same page. You want to make sure you're both working towards the same thing, whether it's getting more customers, getting people to come into your store, or just getting people to know your brand.
Hop on those trendy TikTok challenges. People love them, and they're a great way to get your brand in front of a lot of people.
Don't be afraid to let the creator add their own touch to things. They know their audience best, so let them do their thing. This will help make your content more authentic and relatable.
Get your brand and product front and center right away. People have short attention spans, so you need to grab their attention fast.
Don't be afraid to use paid ads to boost your reach. This can help you get your content in front of even more people.
Omnichannel Strategies
Nowadays, folks are mixing and matching online and in-store shopping when it comes to back-to-school shopping. If you're a retailer, you gotta get with the program and use omnichannel strategies to make sure your physical and digital experiences are on the same page. That means using both your e-commerce platform and your brick-and-mortar stores to make shopping as easy and seamless as possible.
Enhancing the Shopping Experience
Discounts and Deals: Strategically offer discounts throughout July and August to attract deal-seeking consumers.
Convenience Hubs: Place “must-have” hubs stocked with essentials like pencils and notebooks across the store.
Loyalty Programs: Emphasize rewards and loyalty programs, which can sway interest and sales toward smaller and mid-sized businesses.
Pricing and Promotions
When it comes to back-to-school shopping, the price tag is still the biggest deal-breaker for most people. If you're a retailer, you'd better make sure your prices are competitive and have some awesome sales and discounts to lure in those bargain-hunting shoppers. Here's the scoop:
A whopping 84% of shoppers say the price is the main thing they look at when they're deciding what to buy.
Almost all back-to-school shoppers are suckers for a good sale or discount.
Loyalty Programs
In today's tough business world, small and medium-sized businesses can stand out from the crowd by offering rewards and loyalty programs. Most shoppers (a whopping 82%) say that these programs influence where they buy their back-to-school supplies.
Emerging Advertising Formats
Education is shifting to digital and consumer habits are changing fast. To stay ahead, we need to use new ad formats.
Here's how we can do it:
Social Media Platforms: Platforms like Instagram and TikTok are great ways to reach students and parents.
Over-the-Top (OTT) Advertising: Let's use live video and audio podcasts to capture attention.
Multi-Channel Strategies: Create consistent stories across different channels like native, display, video, connected TV (CTV), audio, in-game, and digital out-of-home (DOOH).
Targeting Strategies
Want to make your back-to-school marketing campaigns more effective? Here are a few targeting strategies to try:
Geotargeting: Show your ads to people in specific locations. This is great for targeting parents and students in your area.
Contextual Advertising: Place your ads on websites and pages that are relevant to parents and students. This way, you'll reach people who are already interested in what you have to offer.
First-Party Data: Use the information you have about your customers to create lookalike audiences and retargeting campaigns. This will help you reach people who are similar to your existing customers, and it will also remind people who have visited your website to come back and buy something.
Dynamic Retargeting: Show personalized ads to people who have browsed specific items on your website. This is a great way to remind them of what they were interested in and encourage them to make a purchase.
Strategic Campaign Planning
Early Planning and Execution
When it comes to back-to-school campaign planning, getting a head start is key for a successful outcome. You gotta set your sights on some goals, figure out a budget, and craft some seriously catchy ads, all before the bell rings. In 2023, a whopping 59% of spending was already done by the end of July, up from 53% the year before, according to Deloitte. So, yeah, don't wait until the last minute to get your campaign rolling!
Utilizing Trends from Previous Years
Looking back at what happened in the past can give us some really cool ideas for our current campaigns. Take, for instance, last year. Parents were all about school supplies instead of tech or clothes. So, retailers, you should take a peek at your old campaigns and see what worked and what flopped. It's like, learn from your mistakes and all that jazz.
Building Customer Profiles
Creating detailed customer profiles helps tailor your marketing strategies to your target audience. Work through these steps to build effective customer profiles include:
Identify Broad Audience: Focus on the problem your product solves and who needs that solution.
Narrow Down Audience: Segment your audience based on specific criteria like age or needs.
Understand Motivations: Consider factors like location and age that influence buying motivations.
Map Customer Journey: Understand the touchpoints from awareness to conversion.
Profile Description: Detail demographics such as age, income, family size, and occupation.
Adopting New Advertising Formats
Adopting new advertising formats can help capture the attention of parents and students. Key trends include:
Social Media Dominance: Instagram and TikTok are leading platforms.
OTT and Live Video: Increasing use of OTT advertising, live video, and audio podcasts.
Multi-Channel Strategy: Create a cohesive story across various channels.
Effective Targeting Methods
Targeting the right audience is essential for maximizing campaign effectiveness. Strategies include:
Geotargeting: Deliver ads based on location.
Contextual Advertising: Place ads on relevant content pages.
First-Party Data: Use CRM data to build lookalike and retargeting campaigns.
Dynamic Retargeting: Serve personalized ads to remind users of specific items.
Conclusion
Before and just after the school bell rings, stores have a golden opportunity to make new besties with customers and take full advantage of this seasonal rush. To cash in on this shopping frenzy, join forces with those popular influencers, shake things up with unique sales strategies, beat the competition with prices that'll make their jaw drop. Oh, and don't forget to start a loyalty program to keep those customers coming back for more. Think outside the box with innovative advertising campaigns, and target the folks who are genuinely stoked about your products. Trust me, by following these tips, you're sure to get an A+
Contact Pink Spot Media to learn how we can help your retail brand maximize these strategies through strategic omnichannel advertising. Together, we can create a seamless, dynamic, and customer-centric shopping experience that drives growth and loyalty.