7 Data-Driven BFCM Strategies for Unprecedented Brand Growth
Seven ways your store can take advantage of the biggest sale of the year for brand and customer base growth.
Black Friday Cyber Monday (BFCM) is a potential goldmine that is critical for retailers to leverage for brand and customer base growth.
In the highly competitive online market, succeeding during this busy shopping season demands strategic planning, a deep understanding of consumer behavior, and accurate data.
Black Friday Cyber Monday: Fast Facts
Black Friday is a highly promoted sales event dating back to the ‘90s. But it wasn’t until 2005 that Cyber Monday emerged, providing people with an online shopping alternative to the weekend holiday crowds.
Today, Black Friday Cyber Monday (BFCM) holds even greater significance, starting earlier and extending over a longer period of time.
Black Friday 2023 falls on November 24, commencing a major shopping weekend that concludes with Cyber Monday on November 27.
Here are some surprising BFCM facts:
- BFCM 2022 smashed records with $7.5 billion in online spending, a 19% increase in sales over 2021. (Shopify)
- Most BFCM sales happened online, with 73% on mobile devices and 27% on desktop. (Shopify)
- Black Friday sales peaked at over $3.5 million per minute at 12:01 PM EST on November 25. (Shopify)
7 Expert Tips to Make the Most of BFCM
Let’s explore seven data-driven strategies recommended by D2C experts (Elevar partners) to leverage BFCM and achieve amazing brand growth!
1. Making the Most of the Gifting Season
Black Friday Cyber Monday (BFCM) truly revs up the ‘gifting season’ into high gear.
Adam Sharon Zipser, Director of Elephant Room & Giftnote, emphasizes the potential,
“Last year, over 20% of all BFCM orders were marked as gifts, according to our observations across various brands using Elephant Room and Giftnote.”
This presents a significant opportunity for retailers who can promote their gift offerings or showcase products that make great gifts.
It’s an easy win with high intent and an experience most brands can deliver successfully with the right imagery and user experience.
2. Supercharge the End of the Funnel
When a shopper reaches the checkout page, you want to close the sale quickly.
Shopify’s new one-page checkout, known as “checkout extensibility,” makes this super easy. Merchants who upgrade have a significant advantage by minimizing clicks and page loads.
As Adrien Levinger, Fav Solution, puts it, ‘Fewer clicks, fewer page loads, more sales!'”
Editor Note: Elevar server-side tracking works seamlessly with Shopify Checkout Extensibility so that you can keep crucial checkout data!
3. Smart Inventory Planning for a Successful BFCM
Careful inventory planning during the holiday season is critical. John Tucker, Head of Analytics at CQL, points out that unexpected inventory issues can disrupt sales.
He advises, ‘While shoppers may visit and enjoy your website, an out-of-stock product notice will reduce your conversion rates.’
To avoid this, categorize your inventory and have backup plans in case your top-selling product runs out or faces delays in delivery.
Be prepared to switch to alternative products that align with your sales goals.
Tucker suggests tracking out-of-stock occurrences using tools like Elevar’s Out-Of-Stock Pre-Built Tag, which provides actionable data to refine marketing strategies.
4. Minimize High BFCM Advertising Costs
Running advertisements during Black Friday and Cyber Monday (BFCM) is expensive due to fierce competition, leading to inflated ad rates.
To mitigate these costs, try running ads before BFCM weekend – when ad rates are more reasonable.
Pre-BFCM ads can encourage potential customers to sign up for notifications about your upcoming promotions.
This way, you can communicate with an engaged audience about your BFCM deals without overspending on ad costs.
To further economize, Elevar partner RC Williams advises keeping it simple.
Make the math behind your offer easy to understand and leverage evergreen ad creative that’s been working for you all year.
“Your existing ads that are already proven in your account already have all of the purchase data, social proof, and learnings on them to scale and perform most efficiently on the big day(s).” – RC Williams, co-founder, 1-800-D2C
5. Netflix-level Personalization
Like how Netflix suggests shows based on your viewing history, customers now expect tailored recommendations from retailers.
Providing a top-notch post-purchase experience (think one-click post-purchase upsells) gives you a leg up on the competition.
This works because customers who have recently purchased are more likely to buy again. You want to maintain this positive buying momentum!
6. Gather Zero-Party Data for Customer Insights
During the holiday season, eCommerce businesses experience a significant surge in sales, which boosts their overall revenue.
Ben Zettler of Zettler Digital notes that this uptick in sales benefits the current year and sets the stage for growth in the following months.
However, amidst this heightened activity, there’s a crucial challenge: a substantial portion of website visitors won’t make a purchase during this time.
To tackle this challenge, it is important to gather valuable information from these visitors through what’s known as zero-party data – the details willingly shared by (potential) customers.
Ben explains, ‘You want to capture as much information about the visitor as possible to help make a future sale.’
This data includes preferences such as how often visitors want to hear from a brand, product interests, favorite colors, location, and who they’re shopping for.
Strategies like using quizzes for product recommendations based on responses, offering special deals based on questions, or encouraging email sign-ups can help collect this data.
Once collected, brands can use this information in various ways, such as tailoring emails, creating product recommendation quizzes, post-purchase surveys, or in-email questions, enhancing the customer experience.
7. Plan Ahead with 2024 Q1 Segmentation
Remember to plan ahead for the first quarter of 2024. The earlier you begin planning, the more time you have to gather data and insights to form a successful strategy.
John Tucker, Head of Analytics at CQL, emphasizes the significance of tracking customer spending levels for effective planning, “Tracking the level of spend for your customers will give you quite a bit of data for Q1 planning.’
By creating specific audiences based on cart items, total cart value, and coupon usage, you can tailor your marketing strategies for Q1 to boost upsells and re-engage customers.
This segmentation approach ensures that you find the best strategies for success in the upcoming quarter.
Black Friday Cyber Monday (BFCM) is THE golden opportunity for record-breaking sales and expanding your customer base. The historical stats speak volumes!
This article shared seven data-driven strategies, from understanding the gifting season dynamics to optimizing checkout and ensuring precise inventory management.
These expert insights emphasize the importance of accurate data, not just during BFCM, but for long-term brand growth.
Are you eager to learn more strategies to leverage your data?
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