The Black Friday/Cyber Monday (BFCM) weekend of 24-27 November 2023 is just around the corner. One of our partners, R17 Ventures AG – a leader in digital performance marketing (and the only Swiss agency listed on the Clutch 100 list for 2023) – shares insights and strategies to help e-commerce retailers shine during this important selling season.
The agency, which is headquartered in Zurich and has offices in Berlin and Cape Town, recently hosted a webinar to discuss the importance of planning ahead for the season and share five strategies for success.
We’ve summarised all the insights from the webinar for you. If you would rather watch the webinar, you can do so here.
Black Friday / Cyber Monday preparations.
There are three key preparation points to consider: Website, pre-season planning and post-season.
1. Website
- Site speed: If your e-commerce store is not built with a reputable cloud-based solution such as Shopify, you should upgrade your servers to handle the increased traffic.
- Conversion optimisation: Make sure your product pages and collection pages are fully optimised for conversions.
- Customer Journey: Review your customer journey and ensure that payment processes and email flows for recovering abandoned orders as well as your payment portals are working smoothly.
2. pre-season planning
- Set your budgets: Increase your ad spend on BFCM by 200-300% to drive consumer behaviour, but also to meet higher than usual advertising costs (cost-per-1000-impressions / CPM).
- Promotional messages: Target your advertising to your Black Friday offers and promotions.
- Timeframes: Determine all offers, marketing activities and timeframes well in advance… Planning is the key to success.
Testing: Black Friday / Cyber Monday is not the right time to try out new channels, advertising media, messages etc. for the first time. Make sure that all tests are completed by the end of September / beginning of October.
3. post-season
- Email Flows: Maximiere deine Bestrebungen während der Saison, indem du E-Mail-Flows für die Zeit nach den Feiertagen erstellen.
- Upselling: Nutze Upsells, um Kunden zu binden.
You should consider this before planning.
- What is your budget / How can you best use it?
- Keep your key KPIs in the focus of the strategy (e.g. more sales on the website / how can you achieve this)?
- Inventory management: Stock up on your most popular items and make sure your supply chain can handle the increase in orders.
- Less is more – don’t try to do everything at once
Always balance effort and results - Is the campaign a good fit for your customers? If an advertising campaign has never worked, it won’t work for BFCM!
- Don’t cut your profit margins for the sake of BFCM hype, but rather think of other ways to attract customers.
- TEST TEST TEST (during the last two weeks of October)
5 BFCM Strategies
In their discussion on strategies for success for Black Friday / Cyber Monday, Raphael and Kyra revealed five promising digital strategies for e-commerce businesses to achieve the success they crave this year:
1. early access
Concept:
Use your email marketing to give loyal customers or subscribers early access to BFCM offers – this not only rewards loyalty but also helps generate demand. At the same time, it prevents the website from collapsing due to a sudden rush of users.
Implementation:
Segment your customer base, set up the logistics for early access and communicate this exclusivity through targeted emails, notifications or personalised messaging.
Focus on conversion:
Promote early sales and drive conversion by creating a sense of exclusivity and rewarding customer loyalty.
Example of a Black Friday Early Bird Access email in a Klaviyo Flow
1. early access
Concept:
To make the shopping experience more interesting and entertaining through playful elements.
Implementation:
Implement interactive games on the website or app, such as digital discount treasure hunts or an enticing wheel of fortune game. Promote these games through various channels to encourage participation.
You can try these tools on Shopify:
- Scratch & Win: Apps Mav: Scratch and WIN!
- Spin-the-Wheel: Spin Wheel – CrazyRocket
- Treasure Hunt: Discount Hunt
Focus on Conversion:
Increasing dwell time on the website as well as user activity, leading to higher purchase probabilities and improved conversion rates.
Example of gamification: Scratch & Win for Black Friday / Cyber Monday
3. interactive live streams
Concept:
This strategy can include live product demonstrations, question-and-answer sessions, exclusive product reveals or other engaging content. It uses the immediacy and interactivity of live video to create a sense of connection and excitement.
Implementation:
Plan and promote live streams in advance across multiple channels. Ensure a smooth technical process and encourage interaction with viewers through responses to comments, viewer contributions and possible live competitions. Guest speakers or influencers can add value to your stream.
Instagram / Shopify live streams not available in your region? Try a third-party tool like Restream, which connects your social channels and your e-commerce shop’s catalogue for seamless streams.
Focus on conversion:
Live streams can increase brand awareness and product interest, leading to more website traffic and sales. Use a clear call to action and limited time offers to create a sense of urgency and drive conversions during or after the stream.
Example of an interactive live stream for e-commerce for BFCM 2023
4. unlockable engagement discounts
Concept:
This approach rewards your customers’ engagement (likes, shares, ratings, watching your live stream, etc.) with exclusive discounts. The goal is to increase engagement and create a sense of community and participation.
Implementation:
Develop a clear system where certain actions are linked to corresponding discounts. For example, posting on social media could mean a 5% discount, while writing a review could earn a 10% discount. Promote this scheme through your various marketing channels and make sure your customers know how to earn and redeem these discounts.
Focus on conversion:
Increased engagement not only increases your brand’s reach, but can also lead directly to sales when customers earn and use their discounts. The interactive nature of the programme can increase customer loyalty and repeat purchases, leading to a higher overall conversion rate.
Example of unlockable engagement discounts for Black Friday 2023
5. environmentally friendly pricing strategy
Concept:
Offer dynamic pricing that adapts to green choices, offering lower prices or discounts for options such as sustainable packaging or shipping methods.
Implementation:
Define sustainable aspects in your products or services and adjust prices to incentivise such choices. Communicate these options to your customers across all marketing platforms.
Focus on conversions:
With this strategy, you can attract and convince environmentally conscious customers by rewarding sustainable choices. They also improve your brand image and appeal to customers who value environmentally conscious businesses like yours.
Example of a Green Friday teaser
By following these insights and strategies, you can prepare more effectively for BFCM as an e-commerce merchant and make the most of this crucial selling season.
Are you ready to make 2023 the year of your most successful Black Friday / Cyber Monday?
Schedule a no-obligation consultation with the growth specialists at R17 Ventures to discuss your BFCM strategy and how the team can help you improve your performance marketing to ensure you achieve your growth goals.
As an award-winning performance marketing agency, R17 has helped e-commerce businesses across all sectors and industries make the most of this important retail holiday – and can help you do the same. Remuneration here is directly linked to the success of your business.
Click here to arrange a no-obligation consultation, or email sales@r17ventures.com, or call +41 (0) 44 523 62 17.