How to Win this Black Friday and Cyber Monday
Countdown to BFCM 2024 is On!
The countdown starts now for Black Friday Cyber Monday (BFCM) period 2024 - this year starting Friday 29th November.
This shopping extravaganza starts the holiday season with the opportunity to boost sales, attract new customers and build a solid brand loyalty. But as the saying goes, with great sales comes great competition!
A strong game plan to beat your competition this BFCM is to rely on three main tactics: strategic planning, creative marketing and a smooth execution. And while many businesses focus on discounts and promotions, upselling can be a highly effective strategy to curate a positive customer experience and maximize revenue. In this article, we will explore these strategies to make sure every shopper is a customer, and for your BFCM to be a win.
A Quick Recap of 2023
Kicking off on Black Friday and wrapping up on Cyber Monday, BFCM is a whirlwind of deals and discounts. It's the most important quarter for your store to showcase products and retain customers. Reports show in 2023, merchants on Shopify drove over $9.3 billion in revenue for BFCM - a 24% increase from the previous year! So, we’re here to help you prepare for this year’s next record breaking sale.
But enough about the basics... let's dive into the exciting part!
BFCM Upselling Strategies
Upselling is about offering customers a complimentary item or add-on to their initial purchase. It is like a suggestion, not a pushy sales tactic. The key is to capture the traffic and to highlight the additional value to the customers and a reason to shop. We will go into detail how using Upsell by AMP will provide relevant product suggestions that resonate with each shopper, giving you the best BFCM season yet.
Seamless Integration
With BFCM approaching, you need an upselling solution that's both effective and easy to implement. Upsell by AMP seamlessly integrates into your Shopify store, providing a curated upselling experience that boosts customer confidence. No more clunky pop-ups or irrelevant recommendations – Upsell by AMP ensures every suggestion feels natural and personalized, enhancing the shopping journey and driving conversions.
Effortless Management
The Black Friday rush can be overwhelming, but with Upsell by AMP, you can handle the increased traffic with ease. Our platform automates upsell recommendations, freeing up your time to focus on other crucial aspects of your BFCM strategy. Plus, our intuitive interface makes it simple to set up and manage your upsell campaigns, ensuring a smooth experience for both you and your customers.
Leveraging Data
Using data from your loyal customers through Lifetimely by AMP, Upsell by AMP can customize your upsells to highlight ‘frequently bought together’ or ‘customers also bought’ which were actually bought products. Optimizing your users’ repurchase or upsell purchases increases the probabilities of a successful increased basket size.
Offering exclusive discounts to early shoppers can create a sense of urgency and generate buzz for your brand.
Limited-Time Offers on BFCM
Offering limited-time offers exclusively for BFCM creates a sense of urgency for your consumer and encourages quick-acting decisions. Here are a few offers that you can implement in your advertising.
Exclusive Bundles
Create exclusive offers for BFCM by pairing related products at greater discounts to encourage a sale. With a single app, you can showcase Upsells at any page where they convert the most! Track how Upsell by AMP is improving your average order value (AOV) and adding additional revenue to your business from BFCM traffic. Unlike most automated product recommendations, now you can use your actual order analysis over time in Lifetimely by AMP to power data driven upsell and cross sell revenue opportunities in Upsell, to enhance the shopper experience.
Early Discounts and Premiums
Offering exclusive discounts to early shoppers can create a sense of urgency and generate buzz for your brand. By using early discounts and premiums leading up to BFCM, you can increase your reach, customer analysis and maximize potential revenue.
BFCM Email Marketing for Upselling
There are many ways to reach current customers and prepare them for the upcoming BFCM. And shifting your advertising spend to email marketing is a compelling solution to reaching customers before the sale. The following are highly effective ways to use email marketing to upsell:
- Teasers pre-BFCM - build excitement and anticipation for BFCM by sending teaser emails, sneak peeks of deals or products and exclusive offers.
- Segmentation and personalization - section your email list on customer preferences, buying behavior, location and product preferences. Send targeted emails with personalized product recommendations, early discounts, or exclusive member offers for BFCM.
- Abandoned cart emails - send automated emails to customers that have abandoned their carts to remind them of the items they left and offer incentives to BFCM to complete their purchase.
Most online shopping now happens on mobile devices. Make sure your site is mobile ready and don't wait until BFCM weekend to discover technical glitches.
BFCM Countdown Recommendations
We have created a Countdown Recommendation list. To emerge victorious, your business needs to strategize well in advance. You need to prepare, accomplish, and download all the necessary apps, items and marketing needed to achieve a successful BFCM.
12 Weeks Until BFCM
Dive deep into your sales data. Install Lifetimely by AMP to analyze past BFCM performance, overall performance and to identify top-selling products, popular categories, and customer behavior. Leverage this information to tailor your BFCM strategy and make sure you have enough stock in your inventory.
10 Weeks Until BFCM
Speed is critical. Slow-loading pages lead to cart abandonment. A fully optimized website not only improves user experience but also enhances upselling opportunities. Maximize your BFCM this year with Upsell by AMP. It provides a seamless search to payment and post-payment experience for your customer. When customers can quickly browse and add products, they're more likely to consider additional items. With Upsell by AMP, it can optimize your product pages, easily customize Cart, Checkout and Thank You pages and convert customers.
Additionally, optimize your post-purchase pages with one-click upsells to customers once they have paid for their order. This is a great way to add extra value to the order as the customer does not need to re-enter payment details. This order can then be added to the original order. In the same way, you can run upsells on Thank You pages, showcase testimonials and even run surveys to get to know your new customers. All this, with Upsell by AMP.
8 Weeks Until BFCM
A complicated checkout process is the ultimate conversion killer. Simplify your checkout to make it as seamless as possible. As the checkout page is also a popular spot for a last minute addition to cart, use Upsell by AMP to add 1 to 2 upsells! This will help boost your order summary and convert a higher rate of customers.
4 Weeks Until BFCM
Most online shopping now happens on mobile devices. Make sure your site is mobile ready to provide a seamless browsing and buying experience across all devices. Don't wait until BFCM to discover technical glitches. Thoroughly test your website, payment gateways, and inventory management systems to ensure everything runs smoothly under heavy traffic.
2 Weeks Until BFCM
BFCM can be overwhelming for customers. Be prepared to provide exceptional customer service. Have a dedicated team ready to answer questions, resolve issues, and ensure a positive experience for everyone.
During BFCM Weekend
Now is the time to sit back, relax and….NOPE! IT’S GAME TIME! Roll up those sleeves and get on top of your email strategies! Send those reminder emails, EDM flyers, SMS’s and anything else you have lying around to your customers twice, three times a day! Increase your messages to morning, noon and night. Be bold with your discounts, amaze them with your upsell deals and free shipping. Importantly - check your back end. Make sure your site is holding up, the orders are being processed, payments are smooth and the revenue is coming in.
And when the final order comes in for BFCM, appreciate all the time, energy and funds this adventure has been. Check out your Lifetimely by AMP store’s overall performance. By following this checklist and leveraging the power of Upsell and Lifetimely by AMP, your eCommerce business can not only survive BFCM - but thrive. Remember, preparation is key. Start early and leave no stone unturned in your quest for BFCM success.
How to Drive Long-Term Growth After BFCM
The whirlwind of BFCM has passed, leaving you in the afterglow of a successful sales surge and product demand. The challenge ahead now relies on how you can keep your new consumers happy and ready for their next purchase. You need to sustain this momentum. This means shifting gears from short-term gains to a strategy that grows customer relationships and a consistent revenue stream.
Here, we’ll tap into customer Lifetime Value (LTV) data, focusing on the VIP segment, and email marketing strategies that your business can cultivate for continued customer engagement.
It can be up to 25 times more costly to find new customers than to retain existing ones.
Understanding the Importance of Long-Term Growth
While the sales surge during BFCM must have been valuable (especially if you followed our steps to win), true business success rests on long-term growth. If you rely solely on short-term gains, the business would struggle to retain a constant revenue stream. This would make it very difficult to have a strong LTV to build your company. According to studies, it is 5 to 25 times more costly to find new customers than retain them. That is why cultivating lasting relationships with consumers and building loyalty can help you establish a stable and lasting foundation.
Leveraging Lifetime Value Data
LTV data provides valuable insights into the long-term value of each customer, enabling businesses to make informed decisions regarding marketing and customer retention strategies. By understanding the potential revenue each customer can generate over time, businesses can prioritize efforts to nurture high-value relationships and maximize profitability. To find out your store’s LTV, customer behaviors, acquisition costs, and identify revenue opportunities, use Lifetimely by AMP.
Implementing a VIP Segment Strategy
No two customers are completely alike. Some customers make frequent purchases, while others buy occasionally. Some spend lavishly, while others are budget-conscious. By using your store's LTV findings, you can segment your consumers and craft targeted email campaigns that resonate with each cohort.
VIP - Highest LTV
To establish this segment, you need to determine from the LTV data, a group of the highest paying customers - the VIP. For your VIP segment, send them emails rewarding them with exclusive offers, pre-launch access, personalized recommendations, and high-tier loyalty programs. Studies have shown that 60% of consumers would become loyal customers after a personalized shopping experience. These strategies not only reinforces their loyalty, but encourages them to keep spending to keep their special status.
Nurture Mid-Tier Customers
Don’t neglect your mid-tier customers! These consumers have the potential to become your next VIP’s, with the right nurturing. Using email marketing to engage them with relevant content to their previous purchases, provide upsell opportunities, and loyalty programs with purchase incentives. Upsell by AMP seamlessly integrates into your Shopify store, providing a curated upselling experience that boosts customer confidence. Upsell by AMP makes sure all our offers follow your brand guidelines and look & feel like part of your store! No more clunky pop-ups or irrelevant recommendations – Upsell by AMP ensures every suggestion feels natural and personalized, enhancing the shopping journey and driving conversions.
Re-Engage Lapsed Customers
Some loyal customers drift away, but they are not a lost hope. By sending email marketing to entice lapsed consumers and engage through personalized recommendations from their purchase history, and returning discounts, you can encourage a happy return. In addition, the post-holiday season presents a prime opportunity for cross-selling and upselling
Additional Strategies After BFCM
In addition to leveraging LTV data and VIP segmentation, businesses can implement various other strategies to drive sustained growth after BFCM.
Content is King
In the post-holiday season, bombarding customers with endless sales pitches can backfire. Instead, focus on providing value through engaging and informative content. Share helpful tips, product guides, or behind-the-scenes glimpses into your brand. This fosters a deeper connection with customers and positions you as a trusted resource, not just a seller.
Feedback and Surveys
Actively solicit feedback from your customers and encourage them to leave reviews. This helps you understand their needs and preferences, and positive reviews can enhance your brand reputation and attract new customers.
Timing and Testing
Continuously test different subject lines, content, calls to action, and send times to see what resonates best with your audience. Use A/B testing to compare the performance of different email variations and optimize your campaigns based on data-driven insights.
Additionally, pay attention to your customers' purchase patterns and send emails at times when they are most likely to engage. Avoid overwhelming them with too many emails, but ensure you stay top-of-mind with consistent communication.
By harnessing the power of LTV data, specifically the VIP segment, and implementing a strategic email marketing approach, businesses can rise above seasonal spikes like BFCM. This approach allows them to cultivate sustainable, long-term growth through personalized content, exclusive offers, loyalty programs, and ongoing engagement. By prioritizing customer relationships and providing exceptional value, businesses can foster brand loyalty, drive repeat purchases, and achieve lasting success in the ever-evolving marketplace.
How Can I Maximize Return on Advertising Spend (ROAS) this BFCM?
Advertising and media costs are increasing while consumer behavior becomes increasingly complex. This makes optimizing return on advertising spend (ROAS) during the BFCM period critical. Here we will explore effective strategies to maximize ROAS for your BFCM, ensuring your advertising budget translates into strong profits for Q4.
What is ROAS and how can it help this BFCM?
Return on ad spend (ROAS) shows you the amount of money you earn in sales for each dollar you invest in advertising. When closely tracking this metric, it can help you define which advertising campaign is under or over performing and driving sales. Then you can allocate the right campaign for the right product, efficiently setting aside the budget you need. This helps ensure that advertising efforts are generating brand awareness and contributing to revenue growth.
In the competitive BFCM advertising madness, a maximized ROAS can help your business stand out from the crowd, attract customers and achieve significant sales growth. To calculate your ROAS, simply divide the revenue generated by your ad campaign by the total cost of the campaign and multiply it by 100.
Studies have shown that an ideal ROAS is from a 4:1 ratio, or $4 in revenue for every $1 spent on ads. A baseline customer conversion rate of 2.5 to 3% from visitors who purchased items from your store would be a good successful start to an online campaign. To find your revenue generated within a certain time frame, use Lifetimely by AMP to provide real-time, actionable and automated reports.
Strategies to Maximize ROAS
To maximize your ROAS, the following are strategies during different periods of BFCM to help you create the best plan for your store.
Pre-BFCM Planning and Preparation
- Set Clear Objectives: Define your BFCM goals. Are you looking to increase sales? Would you like to acquire new customers, or promote specific products? It’s really important to set clear objectives so you can have a clear guide to your advertising strategies and measure your profit.
- Identify Target Audience: Identify your target audience and segment them based on demographics, age, interests or purchase history. This is to ensure your ads reach the right people.
- Implement Tracking and Analytics: Before taking the next step in advertising your store, set up a robust analytics, data and tracking app to monitor your performance, clicks, conversion and ROAS. Use a high-quality performing app like Lifetimely by AMP to optimize tools, marketing costs and inventory to achieve real-time information.
- Budget and Allocation: Allocate your advertising budget strategically across different channels and campaigns. Consider factors like historical performance, audience size, and campaign objectives. A well-planned budget ensures that you maximize your ROAS without overspending.
- Research the Right Advertising Channels: Choose the platforms that best reach your target audience. Consider a mix of social media, search engine marketing, email marketing, and display advertising. Allocate your budget strategically based on each channel's potential return on investment (ROI).
BFCM Advertising Strategies
- Omnichannel Approach: Utilize a mix of advertising channels to reach your audience where they are. This could include paid search, social media advertising, display ads, email marketing, and influencer partnerships. An omnichannel strategy ensures maximum visibility and engagement.
- Dynamic Remarketing: Target members of your store, customers who have abandoned their cart, or previously interacted with your brand with personalized ads. Remarketing can be highly effective in re-engaging potential customers and driving conversions.
- Time-Sensitive Promotions and Offers: Create a sense of urgency with limited-time offers and discounts. Increase their interest with exclusive BFCM bundles or upsells. This can encourage immediate action and boost sales during the BFCM period.
- Mobile-First Optimization: With a significant portion of online traffic coming from mobile devices, ensure your ads and landing pages are optimized for mobile users. A seamless mobile experience is crucial for maximizing ROAS.
- Social Proof and User-Generated Content: Leverage social proof to build trust and credibility. Showcase customer reviews, testimonials, and user-generated content in your ads to demonstrate the value of your products or services.
Post-BFCM Analysis and Optimization
- Campaign Performance Evaluation: Once the BFCM dust settles, thoroughly analyze the performance of your campaigns. Identify which strategies worked well and which didn't. Use this data to inform future campaigns and optimize your advertising efforts.
- Customer Journey Mapping: Analyze the customer journey from initial ad interaction to conversion. Identify any bottlenecks or drop-off points and address them to improve the user experience.
- Long-Term Customer Retention: Don't just focus on short-term sales. Nurture relationships with new customers acquired during BFCM to foster loyalty and repeat business.
- Feedback Collection and Implementation: Gather feedback from customers and team members to gain insights into what worked and what could be improved. Use this feedback to refine your advertising strategies and enhance your overall ROAS.
By implementing these strategies across the pre-BFCM, BFCM, and post-BFCM phases, you can maximize your ROAS and achieve outstanding results during this crucial shopping period. Remember, meticulous planning, strategic execution, and continuous optimization are key to unlocking the full potential of your advertising campaigns.
How do I Retain New Customers After BFCM?
BFCM attracts an inevitably large number of one-time purchase customers. Some are buying gifts for the holiday season, some are making purchases for themselves. These customers are enticed by the amazing discounts and bundles that an eCommerce site advertises. They shop and usually do not return. However, instead of letting these new customers slip through our fingers, our next challenge is to keep them. Let’s give them a reason to come back, and keep coming back.
The Importance of Post-BFCM Retention
During BFCM, there are often high spikes in customer purchases, but without follow-up, many of these new clients might never return. Building a connection with customers is the key to a long-term successful business. Retaining these customers is vital for several reasons such as;
- A higher customer lifetime value (CLV) - repeat customers tend to spend more over time and increase their overall value to your business.
- Reduced acquisition costs - acquiring new customers is expensive, and retaining customers are seen as more cost-effective.
- Positive word-of-mouth - satisfied customers become brand advocates, attracting new customers through referral and recommendations.
Let’s get into more detail.
Customer Lifetime Value
A CLV can tell you the total potential profit from customers throughout your relationship with them. It takes into account their initial and repeat purchases, depending on how you interact with your customers. The higher the rate of CLV, the higher your businesses revenue will be. Therefore, the more you activate the bond with your customers, the higher your potential CLV could be. To find your CLV rate, use Lifetimely by AMP to check your current status and how it could be improved.
Reduced Acquisition Costs
Furthermore, reduced acquisition costs to retain new customers is important for your continued success. Loyal customers are the heart of any successful business because they spend more, return frequently, and spread the word to their family and friends.
88% of potential customers will put their trust in online reviews written by consumers
Word-of-Mouth Marketing
Finally, satisfied customers can become brand advocates when they have positive product and consumer experiences. These loyal customers can affect new customers by leaving reviews on your website, by word of mouth or by leaving stars relating to their experience. In fact, 88% of people trust online reviews written by consumers, and 74% of consumers identify word of mouth as a key influencer of purchasing decisions.
All of these reasons make retaining customers a solid foundation for your company and further identify where you need to build structure.
Transforming New Customers into Long-term Customers
So, how do you transform these holiday shoppers into loyal, long-term customers? Post-BFCM retention requires a strategic execution. Let’s explore some key strategies to foster lasting customer relationships.
Personalized Follow-Up
Immediately after BFCM, or their purchase, send thank you emails to these new customers. Address them by name, express gratitude for their purchase, and offer a discount or incentive for their next purchase. Using Upsell by AMP, you can automate it and link it to your product upsells, bundles, and discounts for future purchases. Furthermore, segment your email list based on customer behavior and preferences. Send targeted email campaigns with personalized product recommendations, bundles and offers.
Exceptional Customer Service
Provide top-notch customer service during and after BFCM. Consider the post-purchase period as an opportunity to highlight your exceptional customer service. Swift and effective issue resolution leaves a lasting impression. This clear communication is as important as your products. Studies have shown that 83% of consumers consider good customer service their leading motivation for establishing brand loyalty. An exceptional customer service will help show your commitment to quality and connectivity.
Loyalty Programs
Loyalty programs go beyond simple rewards. It’s a powerful tool for customer retention and after the BFCM rush, it can offer exclusive deals and rewards. It incentivizes seasonal shoppers to become loyal customers. Engaging with personalized communication and special offers further strengthens their connection to your brand.
Engaging Content Marketing
Create valuable and informative content that resonates with your target audience. Share blog posts, videos, and social media content that educates, entertains, or inspires.
Exclusive Post-BFCM Offers
Offer special discounts or promotions exclusively for new customers acquired during BFCM. This encourages them to make a second purchase and strengthens their connection with your brand.
Social Media Engagement
Maintain an active presence on social media platforms. Respond to comments, messages, and reviews promptly. Encourage user-generated content and promote a sense of community.
Continuous Improvement
Analyze customer data and feedback to identify trends and patterns. Use these insights to refine your marketing strategies and improve the overall customer experience.
By taking a proactive and customer-centric approach, you can transform the BFCM shopping frenzy into a sustainable source of long-term growth and success for your business.