The festive season brings hype to the eCommerce businesses every year. Festivals like Black Friday and Cyber Monday have their own prominence in their own way. Having the right idea of Black Friday and Cyber Monday marketing strategies will bring you the right amount of sales you want.
Let’s know what is the importance and how to plan the most successful campaigns this BFCM 2019!
Black Friday Vs Cyber Monday in numbers (Statistics on BFCM)
In the US the online sales of Black Friday have some humongous digits over the years. In the last year itself, it reached the total sales for $ 6.2 billion which set up a new record.
While Cyber Monday broke all previous sales records and became the only day to reach $7.9 Billion of sales in a single day.
Talking about the UK, here black Friday is relatively a new phenomenon. It has grown rapidly with sales going from £810 million in 2014 to £1.39 Billion last year.
Let's talk about strategy after those stats.
1) Still Looking To Grow Ecom Sales In December?
- Continue pushing today, this week and next week right through to last delivery date
- Do consider dropping those budgets as you need to. No harm in dropping spend, reworking ads and pushing again.
- Equally keep pushing hard if your numbers are good
- Vary your creatives, this keeps your high spends pushing fresh messages to your audience (more pertinent to $10k+/d spends)
- Consider how you recover from the BFCM slump which usually occurs after the Monday; remember, people will still be wanting to buy, not everyone's motived by price/discount
- Don't forget your product's value, go back to your Avatars, pull some angles in and also try other hooks/offers that resonate - Rapid Grad Testing - high budgets, CBO, multiple ad sets - 3 ads per ad set for fast validation.
- Chances are you've hit your email/bot/SMS list hard. Give them a breather and trickle your way back. Test angles, do small tests with hooks - a Grad Testing of sorts but don't let off on the pressure.
- Do segment your lists; if they've not opened ANY of your messages since last week, split them out re-test, GET THEM INTERESTED AGAIN. Chances are you're missing their inbox or you're just not grabbing their attention. Emojis work ;-)
- Keep remarketing to your WARM/HOT audiences, video viewers etc. They're not just for BFCM but you'll need to keep refreshing ads/angles to cut through
- Don't forget to look at latent sales; Facebook reports sales that happened on the day; but some days your report will show a lower ROAS than reality because sales are attributed to past days. Check out my post on eROAS in my group eCommerce Marketing Hacks
- Yes CPMs are high but it's not too late to try recover them. Work your page AND ads engagement - both go a long way to dropping CPM.
- The last shipping date is crucial. Don't over promise and under deliver. The extra sales are NOT worth it.
- Don't overlook both Xmas Day and the week during (Boxing Day onwards) - for those that buy TV media, you'll find some of the cheapest remnant stock in this period between Xmas and NYE
2) Looking At A Big Jan/Q1?
- What are you waiting for? December is your play pen - work with broader audiences and less competitive optimization events for testing. For example we're finding optimizing for VC right now for a new store (that we're reading for Q1) is giving us the best CPMs and ATCs for testing.
- CBO ready? Facebook are right now looking to roll out CBO in February. The time to panic's gone, you should be up to speed on CBO already.
- CPMs will start to drop next week as bigger players and budgets exit so if testing for Q1 then that's a better time.
- Use the period now and to Xmas to campaign plan Jan and Q1 - we ensure we're looking at merchandising, products, offers, testing, landers, everything in our planning.
- Launching new products or stores or offers? With my own Ecom test stores for example, we set the goal at break-even ROAS initially to test markets and products and funnels. Once you have traction, then you can optimize.
- If for example you decide to drop your profits whatever you're selling, to break-even, you can grab market share (by under pricing your competitors) AND build LTV.
- Q1 is definitely better for the info space so hang in if Q4 was tough. Work hard on your Page / Ad engagement too get your CPMs down.
That was all. If price is the answer - what's the question? VALUE. Value is also the answer to another question: OFFER. If the Offer is good enough, you'll pay whatever is being asked. Whatever you're selling don't lose track of value and impact of your product. An Offer does not mean discount. It's a match between a product and a need or desire. What's the need/desire that drives people crazy on BFCM or any other promo? How does your product/service change someone's state? I could go deep on this but I'll leave you with this - sell OFFERS not products. A true need/desire state change occurs when you've enabled a new reality or solved a problem.
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