What can Retail Learn from the Recent Elections?
Retailers and campaign strategists share many similarities. In the end, it all comes down to who has the best strategy and can best execute their marketing campaigns to get the most votes in the polling stations and in stores.
Political campaign and Retail marketing strategy might seem worlds apart, but in reality campaign strategists in both worlds look at similar things: getting people to vote for your candidate or vote by buying from your store with their dollars.
Using the latest in data analytics, political campaigns have ready access to voter data — where they live, their voting history, how to best contact them, and, sometimes, issues that are important to them. Similarly, the marketing teams at Retail and Food service companies have access to data from their customers, specifically the buying patterns of customers who have signed up for loyalty programs.
In both cases, these individuals, are your core “constituents.’ These are the people who you depend on as loyal voters or customers who will always be on your side. Yet, even when they are registered to a party or signed up for your loyalty program, you never really know how where their vote will go.
The other important factor is that the majority of people are neither registered to a political party nor signed up with a loyalty program. These are the independents: people who gather information and become informed before they head out to vote. A large part of any campaign’s spend goes toward raising awareness among these people, because they are the ones who will help a candidate win an election or make your company a great success. And with proper follow through, a candidate or retailer can convert independents into loyal supporters of your brand.
This leads to the fundamental questions that every campaign, whether political or marketing, must ask:
- How do we craft our messaging to keep our base excited?
- How much should we spend trying to convert independents?
- What methods of communication and promotion work best for each group that we are targeting?
In the end, it comes down to how well you execute your campaign and make a meaningful change in the mind of the voter or customer.