How to Leverage Black Friday & Cyber Monday to Boost Your Sales

Offer bundles. Why let your customers get away with buying one item, when they can purchase all three for a slight discount?  

It’s time to leverage Black Friday and Cyber Monday to generate sales for your product- and even service-driven businesses. So how do you increase traffic and conversions to sales? 

Native Business culled e-commerce training resources to pull a handful of key tips, so you can reap the greatest benefits this holiday shopping season. 

It’s relevant to note that the pressure is cranked up high, as the holiday sales cycle is considerably shortened this year. 

Black Friday falls on November 29th, a week later than typical. Hence Cyber Monday on December 2nd puts us only 3 weeks away from December 23rd, when customers are biting their nails for their last-minute holiday gifts to arrive in the mail. 

So, it’s down to the wire. How do you maximize your Return on Investment (ROI) and Return On Advertising Spend (ROAS)?  

Inventory: Plan Ahead 

Whether you operate an e-commerce site or brick-and-mortar store, having enough inventory on hand is vital. Examining last year’s performance can help inform how much you need to order this year. Avoid turning a sale from an asset to a liability; plan accordingly. 

Staffing: Be Prepared  

Particularly physical storefronts, though also some e-commerce platforms, need to factor the increased cost of staffing during the holiday season into their profit projections. Keep more hands on deck, and cut as necessary, rather than trying to squeak by short-staffed on the highest-traffic shopping days of the year. 

Make Your Data Work For You. 

You’re at a major advantage if your data tracking is already in place. If it is, you likely immediately know the social network that’s driving the most traffic to your website right now. (And if you haven’t invested in tracking data metrics, here’s the sign you may want to do so for the year ahead.) 

When it comes to data, there’s plenty to audit. 

Know the percentage of your traffic generated by Facebook versus your email campaigns — and strategize your marketing accordingly. 

Beyond traffic, can you identify the revenue produced from social versus email versus organic visitors?

Your UTMs can help. UTMs — or Urchin tracking modules — “are bits of text you can add to a link that tell Google Analytics (as well as other analytics tools) a little bit more information about each link.” (Google acquired the Urchin software in 2005, laying the groundwork for Google Analytics.) 

“UTM codes help you track the performance of each of those links so you can see where your traffic is coming from,” explained Buffer

Ideally, all of your marketing efforts utilize UTMs to provide clarity into what marketing initiatives actually convert to results for your business.

Review Your Back Data. 

Don’t underestimate the power of historical data. Consider what was effective in previous seasons. Which emails attained the highest click-through rates? Replicate that.

What social ads lead to the highest cart values / highest revenue purchases? 

Also worth noting — don’t compare the same dates as 2018. November 27, 2018 is not a reflection of November 27, 2019. Look back to the week of Black Friday 2018, and evaluate your moves this year based on that intel. 

If you’re leveraging data as your friend, read on to learn about metrics you can analyze to improve your ROI and ROAS this Black Friday and Cyber Monday. 

Average Order Value (AOV)

Average order value (AOV) tracks the average dollar amount spent each time a customer places an order on a website or mobile app. To calculate your company’s average order value, simply divide total revenue by the number of orders.

Many companies during the holiday rush fall into the trap of only tracking profitability and their discount rates.

That’s great, but you really need to emphasize the upsell. 

Recommend products. (Just like Amazon suggests, “Customers who purchased this also love this!”) 

Offer bundles. Why let your customers get away with buying one item, when they can purchase all three for a slight discount?  

Promo Codes

Loyal customers appreciate unique promo codes. 

If you’ve offered these before, consider what delivered on sales versus what flopped in the past. 

You can also mine these former metrics for gold — i.e. When did customers use these codes including time of day? What was the average purchase amount and discount per code? 

Lifetime Value of Customers (LTV)

If your business has been around a while, take Lifetime Value of Customers (LTV) into consideration.

Some businesses make the mistake of thinking new customers are driving revenue, and thus put their advertising and marketing dollars toward new market penetration. It may be your LTVs supporting the foundation of your business.

And if so, measure what they first purchased, and what and when they typically return to purchase.

As the saying goes, “If you’re willing to understand your customer’s past, you can enroll them in their future.”

Now you can effectively tailor your marketing efforts based on their tendencies. Your LTVs may want to take advantage of a pre-Black Friday Sale with a promo code. Remind them to lock in sales while inventory lasts. 

e.g. Your [Insert Brand Name] Black Friday Access Code Goes Live in 8 Hours

Automation 

Why manually mining your data is an incredible tool to leverage, automation is the ultimate time saver. 

Real-time data reporting allows for immediate adjustments, rather than waiting to receive the results and then re-strategizing. 

Bottom Line

The idea is to reevaluate your budget. Shift funds and priorities from activity that didn’t drive results to the things that do drive results to increase your ROI this holiday shopping cycle and going forward!

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