Work-life balance has been put to an extreme test this past year, with many people working from the same place they spend their free time. And for those with family obligations around schooling — as well as entertaining kids who aren’t doing their usual extracurricular activities — the notion of “free time” may hardly exist. In the sweet moments of respite, self-care is queen.
Over the last few years, self-care has evolved to be more than a fleeting trend in the health and wellness industry — it’s an entire market that spans fitness, nutrition, personal care, and beauty products. From books to vitamin supplements, it encompasses a variety of products, setting up a wide range of brands for entry into the market.
As more options pop up for customers, engaging leads and building brand loyalty may prove to be difficult. Luckily, there are steps marketers can take to capitalize on the growing self-care industry and reap the benefits of its popularity among consumers.
Account for customers’ shifting finances
There’s nothing worse than being targeted by a brand for a product that you can’t afford. Since many consumers’ finances have taken a beating during the pandemic, it’s imperative to recognize that the people you included in target audiences a year ago may not be able to afford your products now.
To mitigate this issue, many self-care brands have begun partnering with fintech lenders to offer post-purchase payment plans. Not only does this make products with a higher price point available to a larger swath of consumers, but it also indicates to your customers that your brand recognizes upfront payments can be a challenge for some individuals. This type of signal can be especially important if your product is considered a luxury or nonessential item.
Another way to mitigate consumers’ change in financial standing is to segment audiences by financial bracket or income, pushing ads and promotions to each segment featuring products that are actually feasible purchases. This could improve your ad campaign performance, increasing conversion rates and repeat purchases.
Get to know new types of customers
As brand loyalty shifts and the online presence of self-care products and services grows, many brands have seen an influx of new customers that don’t necessarily fit the mold of their existing audiences. Engaging these new customers may be different from what you’re used to.
One way to understand shifts in your audiences is to leverage your historical customer data to generate personas. With insight into your various types of customers, old and new, you can craft messaging that takes into account their respective needs and lifestyles. This may manifest as certain product recommendations in email campaigns, or perhaps direct mailers that feature promotions specific to each persona’s interests.
Additionally, several brands are using data science to predict customer lifetime value, which helps them be more strategic about discounting, CAC thresholds, etc. You may be surprised which customers are likely to take their business elsewhere, and which are going to be loyal for the long run. Not only does this analysis help brands predict future revenue more accurately, but it also allows marketers to focus on engaging the customers who will contribute most to that revenue.
Determine which customer engagement strategies work for your brand
This article is by no means an exhaustive list of what marketers advertising self-care products and services can do to improve their customer engagement. And not everything touched on here fits every brand’s marketing strategy. By testing new channels, messaging, and audience segmentation, you can figure out what works best for your brand and your customers.
Whatever you end up doing, be sure to include data in the process; from building audiences to generating personas, data-driven marketing is what will set you apart and grow your self-care brand most efficiently.
If you’re interested in the data-driven marketing solutions Faraday offers, you can check them out here.