Situation
This year has been anything but normal. The television ecosystem was turned upside down in March due to COVID-19 and many industries, including retail, were impacted by stay-at-home orders. Marketers had to quickly pivot and adapt TV advertising strategies, adjusting for the “new normal” of quarantines, store capacity limitations and a consumer shift to ordering online.
it), Q3 2020 and October 2020.
We put together a report examining business outcomes for retailers to help craft TV advertising strategies going forward. It has performance insights and key recommendations to inform your decisions, with a focus on lift measurement* and conversion rates across three time periods: Q4 2019 (the last “normal” quarter before the coronavirus hit), Q3 2020 and October 2020.
Key Takeaways
- In Q4 2019, retail brands had an average lift of 34.50% and an average conversion rate of 0.153%. The top ten networks by lift were all cable, with a couple specifically geared toward women.
- In Q3 2020, retail brands had an average lift of 48.53% and an average conversion rate of 0.235%. Paramount Network, TLC and Discovery Channel were each in the top ten ranking for both lift and conversions.
- In October 2020, retail brands had an average lift of 40.85% and an average conversion rate of 0.172%. Lifetime was in the top ten ranking for both lift and conversion rates, while sports and networks geared toward women delivered top conversion rates.
Why It Matters
Consumers are constantly bombarded by advertising to the point that determining the impact of one ad versus another has become incredibly complex. For most brands, TV is the biggest investment in the media mix, so quantifying the value is critical. But with all the noise, how can you give TV ads the credit they deserve? That’s where lift analysis comes in.
*Lift measurements estimate the causal impact of TV advertising on consumer behavior and help quantify the business value driven by TV advertising. The relative comparison of lift estimates (e.g., across networks), tells us where advertising is more or less effective.
This free report shares insight on which networks performed well for the retail industry last holiday season, as well as which ones are delivering results in recent months.