As we approach Q4, it’s essential to leverage the lessons learned from last year’s record-breaking season to ensure your programmatic campaigns deliver maximum impact. At Keynes, we’re here to help you capitalize on the trends and insights that can drive success. Here’s how you can set yourself up for a stellar Q4 in 2024.
2023: A Record-Breaking Year
Last year was phenomenal for retail eCommerce, with sales soaring to $324.8 billion in Q4 alone—a 7.2% year-over-year growth. Notably, conversion rates saw an impressive 87% increase from October 2022 to 2023. One of the key takeaways: Shoppers are starting earlier than ever, with “sale season” now stretching well beyond the traditional Black Friday and Cyber Monday events.
The Power of Early Promotions
The shift in consumer behavior last year was clear: Black Friday outpaced Cyber Monday, with a 166% increase in conversion rates for the former and a 93% rise for the latter. Advertisers who jumped on this trend by starting their sales a week early saw a 125% boost in site conversion rates. The message is clear: Starting early pays off.
Maintain Momentum Through the End of the Year
Our data shows that advertisers who sustained strong spending levels after Cyber Week continued to see benefits, with a 17% higher conversion rate in January 2024. The takeaway? Don’t drop the ball after the big sales events—keeping the momentum going through the end of the year can set you up for success in Q1 2025.
Looking Ahead: 2024 Strategies
What does this mean for your 2024 campaigns? Here are our top recommendations:
- Advance Your Promotions: Start your promotions at least a week before Black Friday to capture those eager early shoppers.
- Increase Investment Ahead of Sale: Upweight your CTV advertising spend from mid-November to take advantage of heightened consumer engagement.
- Keep Budgets Dynamic: Flexibility is key. Adjust your promotions and budgets based on early results to drive the highest return.
Navigating the 2024 Election Season
With the 2024 elections on the horizon, it’s crucial to understand their potential impact on your campaigns. The good news? We expect minimal disruptions for Connected TV, as over 70% of political ad dollars are projected to go toward Linear TV. However, there are a few key considerations:
Hispanic Voters in Demand: Expect a 9% increase in Spanish-language broadcasts, making it vital to connect with this demographic effectively.
Monitor CPMs in Swing States: While swing states may see a slight increase in CPMs, the impact is expected to be minimal nationwide.
Best Practices for Election Season
Invest in Connected TV: Ensure your brand remains visible and stands out amidst political ads.
Measure CTV’s Election Impact: Use tools like Overlap and Halo Lift Reporting to gauge CTV’s influence on search and social channels.
The Omni-Channel Advantage
Holiday shoppers are spending time across multiple channels, and Keynes Digital can support 76% of their digital time, covering everything from streaming music to online press. In comparison, social media only captures 24% of their time. By launching an omni-channel strategy, you can optimize frequency management, gain insights into the user journey, and reduce CPA fatigue while increasing ROI.
Ready to Take the Next Step?
Think of November as the turkey dinner and October as the delicious appetizer platter before. To set yourself up for success in the most crucial months of the year:
- Start your sales early: At least a week before Black Friday and Cyber Monday.
- Keep the momentum going: Continue your campaigns through December to build a strong foundation for Q1 2025.
- Activate an Omni-Channel Approach: Optimize frequency, reduce CPA fatigue, and increase ROI.
Let’s chat about how Keynes can help you craft a winning strategy for Q4 2024. The insights from last year are clear—success in Q4 starts with early action, strategic investment, and a comprehensive omni-channel approach. Reach out to us today, and let’s make this your best Q4 yet!
