Dubbed one of the ‘largest’ shopping events worldwide, Black Friday and Cyber Monday (BFCM) catapults the tail-end of November into a sea of discounts, percentages and sales tape – as brands fight dirty to win consumer business and drive sales. However, with 80% of shoppers set to reduce their 2023 holiday spending (due to economic pressures on household budgets) and the proliferation of other promotional events earlier in the year (such as Amazon Prime Day), are we beginning to see the untimely demise of Black Friday?
An open-ended question for sure, but from where we sit the answer is simple, no – BFCM remains an important calendar date, and it’s certainly not a waste of time (if done properly)…
With millions of shoppers actively seeking deals and revving themselves up for the festive rush, BFCM offers retailers the chance to access a considerably ‘purchase-ready’ audience – but there are a number of things to take into consideration.
As the world grapples with rising costs, inflation and restricted budgets, consumers are shopping earlier than ever before – and it’s important to mirror this within your BFCM strategy. Christmas shopping has become more of a marathon than a sprint, with consumers spreading costs throughout the year in an elongated purchase journey. Ensure your approach aligns with what customers need and want in the moment, so you’re present and relatable throughout their extended shopping experience.
Black Friday campaigns should not be taken lightly and it’s crucial to approach price promotions with care. More often than not, buyers who take advantage of Black Friday sales would likely have made their purchases regardless of the discount. In short, offers and/or discounts merely expedite the sale and there is minimal evidence to indicate that slashed prices on Black Friday result in repeat purchases or increased brand loyalty.
A short-term boost in sales often comes at the expense of profit, and the ability to command premium prices outside of the promotional period. When it comes to ‘short’ sales periods such as Black Friday, be sure to strategize your approach with the fundamental principles that underpin your brand in mind. Discounts and price promotions should not be approached impulsively – they should be inherent to your brand strategy.
Leveraging automation is crucial during peak competitive periods as it’ll enable you to increase efficiency and reinvest time in needle-moving operations. Done successfully automation can become a crucial lever in creating competitive advantage. Check out our recent article to learn how to effectively own your automation.
It’s also important to take advantage of AI, where possible – especially when it comes to forecasting and optimization throughout your campaign. AI can help analyze historical data making accurate predictions about the demand needed to satisfy your audience. From here you can use AI and machine learning to continually optimize your campaign; such as broad targeting, account simplification and streamlined media buying. For more AI based tips and tricks take a look at our whitepaper, 30 Ways to Use AI in Digital Marketing.
Creative diversification is a key player in successful holiday campaigns. Different people have different reasons to buy the same product, so delivering multiple creatives for the same product with personalized motivators (price point, product quality, product authenticity, familiarity with the store etc.) will help you appeal to specific audiences – ensuring the right ad reaches the right person.
It’s important to invest the time and effort into identifying and understanding your target audience for BFCM – recognizing the types of customers that your brand is acquiring. If in previous years customers have come via your Q4 promotions and have since turned into repeat customers, it’s important to manage your marketing budgets with that information in mind. If certain business areas drive higher lifetime value (LTV) then your budget should shift there.
Additionally consider using the User Explorer feature in GA4 to understand how individual users are navigating your site during the sale period. Identify common paths to conversion and any bottlenecks in the process. This insight can guide you in optimizing the user experience.
One way to get consumers engaging with your brand is through interactive ‘gamified’ ad campaigns ’ – such as product selection creatives or gift finders. Allowing users to input details within a creative; such as gender, price range, and product type guides them towards a sale while creating a more personalized and positive experience. Additionally, by building in trackable interaction points within these product selections you can then leverage them across all channels to make the most out of your campaigns.
Throughout BFCM, real-time data becomes crucial. Keep an eye on your GA4 reports to monitor real-time traffic spikes, user locations, and top-performing pages. This information can help you make quick adjustments to your marketing strategies.
With mobile commerce accounting for 43.2% of total US ecommerce sales in 2023, there is no such thing as too much effort for mobile this BFCM. Ensure you’re investing in a mobile-first approach that leverages data-driven insights to offer convenient, personalized and streamlined shopping experiences.
While your narrative and UX should remain consistent across every touchpoint, it’s important to remember that content will, and should differ across each channel. For example email marketing campaigns should be personalized and engaging, while your presence on social media needs to be strong and visually captivating. Establish which messaging works best for each channel and consistently review performance – making alterations where appropriate.
Staying flexible and adaptable in the face of changing market dynamics is key to navigating the BFCM period effectively. Don’t be afraid to change your approach if and when demand fluctuates.
—
If you want to take a deeper dive into BFCM, check out our Black Friday Amazon Checklist and start ticking all the boxes for Amazon success. Or for more information, get in touch with our teams today.
Browse: Industry Insight
Read Next
15th May 2024 – 5 Minutes 43 Seconds read.
With CPCs up by 13% YoY and crowded SERPs diminishing organic clicks, search marketers can’t afford to ignore the inherent competition that exists between their paid search and organic search strategies, manifesting itself into keyword cannibalization.
With offices around the world, we can build a team perfect for your needs.
