Welcome to the first part of our four-part series on preparing for the Black Friday Cyber Monday (BFCM) shopping extravaganza. Although still two months away, it is ever more important to prepare early for BFCM. In this comprehensive guide, we will explore four areas that you can focus on now to help your eCommerce business not only survive but thrive during this high-stakes event.
1. Growing Your Audience
As the days count down to BFCM, growing your audience should be a top priority. Building a robust and engaged customer base is crucial for the success of your BFCM campaigns. Here are some strategies to consider:
a) Email Collection
Start by collecting as many relevant customer email addresses as possible from visitors to your website. Consider offering incentives such as early access to BFCM sales, exclusive promotions, or special discounts for subscribers. The more email addresses you gather, the wider your reach during BFCM.
b) SMS Marketing
Don’t overlook the power of SMS marketing. Especially for your VIP customers, collecting SMS numbers can provide a direct and effective channel for communication. Ensure you have their consent and use SMS strategically.
c) Continuous Advertising
While BFCM is still on the horizon, don’t ease up on your advertising efforts. Keep your brand in the spotlight with ongoing advertising campaigns. While the ROI of your autumn advertising may be lower than in other months, it is imperative to maintain your presence to ensure that your brand remains top-of-mind when BFCM arrives.
2. Stock Management: Preparing for the Surge
Stock management is a critical aspect of BFCM preparation. Your goal is to have enough inventory to meet the expected surge in demand while avoiding overstocking. Here’s how to approach it:
a) Analyse Previous Years:
Review data from previous BFCM events to identify your best-performing products and seasonal trends. These insights will help you make informed decisions about which products to focus on during this year’s BFCM.
b) Focus on Key SKUs:
Consider whether you want to focus on specific SKUs with your BFCM promotions. If so, again ensure you have more than enough stock to service these promotions. By concentrating your efforts on specific SKUs, you can maximize the impact of your BFCM campaigns.
c) Financing Options:
Examine different financing options for buying stock. This might include securing a line of credit, exploring supplier financing, or optimizing your cash flow to ensure you have the necessary inventory. Ideally this line of credit could also be dual purpose and also help fund increased marketing spend during the BFCM period.
3. Campaign Planning: Crafting Compelling Offers
Campaign planning is the heart of your BFCM success. While discounts are a common approach, consider a variety of strategies to make your offers stand out:
a) Beyond Discounts:
While discounts are effective, consider alternatives such as offering free products with every purchase, buy-one-get-one-free (BOGOF) deals, product bundles, or providing free gift cards with purchases. These creative approaches can capture the attention of your audience.
b) A/B Testing:
Before launching your BFCM campaigns, A/B test them with a small subset of your audience. This allows you to fine-tune your messaging and promotions for maximum effectiveness.
c) Targeted Campaigns:
Think strategically about who you’re targeting with your campaigns. Tailor your messaging to specific customer segments to ensure relevance.
d) Contingency Plans:
Prepare contingency plans for potential hiccups, such as delayed stock arrivals or selling out of certain SKUs. Having backup strategies in place will help you navigate unexpected challenges smoothly.
4. Audit Your Email Set-Up: Optimizing Communication Channels
Effective communication is paramount during BFCM. Ensure that your email communication is optimized:
a) Check your Flows:
Review and test all your email flows to ensure they are working correctly. Be certain that your automated emails, including order confirmations, shipping notifications, and follow-up messages, are set up and functioning smoothly.
b) SMS Consent:
If possible, collect SMS consent from your existing subscribers. This additional communication channel can expand your reach and engage customers more effectively.
c) Deliverability Health:
Monitor the health of your email deliverability. Regularly check open rates, click-through rates, unsubscribe rates, and bounce rates. Address any issues promptly to maintain a positive sender reputation.
d) Customer Segmentation:
Invest time in building and verifying your customer segments. This will allow you to send tailored messages and promotions that resonate with different segments of your audience.
To conclude, in the world of eCommerce, Black Friday Cyber Monday represents a significant opportunity for brands. By getting ahead of your preparation, you’ll be well-equipped to make the most of this exciting event. Remember, success during BFCM requires a combination of strategic planning, audience engagement, and effective communication.
Stay tuned for the next instalment of our series, where we’ll dive into the final preparations for BFCM. Until then, seize the moment, prepare diligently, and gear up for a successful Q4! If you’re looking for a funding partner ahead of BFCM then consider partnering with Velocity Juice. We offer flexible, scalable credit options tailored to your business’s needs. Don’t let funding be a hurdle in your journey to success in Q4.
