After the Black Week show, let’s pull back the curtain and dive into what comes next. In this blog post, we’ll explore short-term insights, mid-term manoeuvres, and long-term strategies that’ll keep our brand shining bright well beyond the holiday lights.
Short-Term Insights: Understanding Black Week Results
Now that Black Week is over, let’s uncover the “how” and decipher the “why” behind our performance. Our immediate focus is on gaining insights for a successful Q4 wrap-up.
How Did We Perform Against Our Targets?
Let’s use post-Black Week analysis to check our accuracy. Did we hit the bullseye, or do we need to make adjustments for next time?
2023 Overview: How We’re Doing So Far
To understand Black Week’s performance, let’s look at year-on-year development, drawing parallels with similar periods, like the Summer Sale.
November Overview: Beyond Black Week
Whilst Black Week is significant, a broader look at November unveils interesting patterns, showcasing the varied dynamics of Q4.
Why Did We Excel? Our Strategic Model Unveiled:
- Products & Offers
Let’s explore the impact of product segments. Did specific categories or brands emerge as heroes? How did our offer strategy resonate with distinct user segments?
- Distribution
Exploring beyond marketing channels, we delve into the dynamics between owned and paid channels, both offline and online. Additionally, we consider the impact of resellers and competitors.
- End Consumers & Media
Breaking down the details of end consumers and media buying, we examine the pricing of our inventory in alignment with channel budgets and strategy. From the user’s perspective, we analyse the nuances that defined our performance in this digital landscape.
The Mid-Term Perspective: Navigating the Post-Black Week Dip
As we transition to the mid-term post-Black Week, our focus sharpens on monetising insights and understanding the real business impact of our Black Week endeavours.
Understanding the Landscape: Unveiling the Dip
Entering the post-Black Week dip requires a strategic approach. How do we navigate this inevitable phase and, more importantly, sustain the momentum?
Performance in Perspective: Putting Numbers in Their Place
While Black Week’s numbers may bring temporary euphoria, it’s crucial to ground ourselves in reality. How does our post-Black Week performance compare to the period preceding it? And what about the trends from the previous year? These insights guide our expectations and actions.
Activating Insights: Bringing Previous Findings to Life
To maintain momentum, it’s not just about looking forward; it’s also about revisiting and activating insights from the past. From refining our offer strategy to understanding product splits that resonate as “gift-friendly”, the mid-term is the ideal stage to make use of these valuable insights.
Seizing the New User Goldmine
Black Week and November, in general, shower us with a cascade of new users, often acquired at a notable cost. The key lies in deciphering their immediate behaviour and translating it into activation and immediate monetisation.
Decoding Business Impact: Beyond the Numbers
Looking past numbers, understanding the true business impact is crucial in this midterm exploration. In 2022, returns saw a staggering 63% surge during the peak season compared to 2021. As we delve into this analysis, it’s worth noting that rising inflation rates cast a looming shadow, potentially amplifying the costs associated with handling returns.
Returns Economy: A Peculiar Perspective
To add a touch of humour, let’s consider this perspective: the value of goods returned in 2021 could rival the economy of the world’s 21st largest nation, according to sources like ZigZag Global (2021), IMRG, Rebound, Salesforce (January 2023). This observation sheds light on the peculiar challenges and opportunities concealed within returns.
The Long-Term Perspective: Shaping Success Beyond Black Friday
As the Black Week fervour settles, our journey continues beyond this transient peak. We’re not just looking at the aftermath; we’re shaping strategies that resonate long after Black Friday fades into memory. Let’s dive into the pillars of long-term success!
The Black Week event serves as a launchpad, not the final destination. Our strategies should extend beyond this temporary surge. This long-term perspective involves strategic adjustments, understanding missed opportunities, prioritising impact-driven bidding, delving into comprehensive Customer Lifetime Value (LTV) analysis, leveraging smart remarketing strategies, and conducting clever A/B testing.
Strategic Seasonality Adjustments: Unleashing Tactical Wins
In the chessboard of digital marketing, seasonality adjustments are our tactical moves. This involves a detailed interaction with Google, offsetting potential changes in margin, order value, and conversion rates. It’s not just a task; it’s a vital step for strategies relying on target ROAS or automated solutions.
Strategic Media Investment: Beyond Black Friday
As everything calms, we don’t step back; we optimise our media push strategically. Leveraging Google Trends guides us in the media landscape. Testing strategies before or after Black Friday is not a gamble; it’s a deliberate move to maximise impact in less crowded spaces.
Did We Miss Any Opportunities?
Predicting the future is not an option, but recognising missed opportunities provides insights for 2024. Prioritising bidding towards impact becomes our guide in this exploration. Considering margin, not just revenue, introduces profit-based bidding and optimisation. It’s like applying anaesthesia to the fluctuations that promotions bring.
Customer Lifetime Value Analysis: Decoding the Value Puzzle
Cherry-picking customers abound during Black Friday, but are they the gems we seek? Analysing the Lifetime Value (LTV) and retention of these newcomers against our regular customers unveils the true worth of our Black Friday conquests.
Smart Remarketing: Beyond Traffic, Towards Revenue Streams
Remarketing is not just a traffic channel; it’s a potential revenue stream. By selling cookies to partners rather than directly monetising remarketing traffic, we’re turning insights into action. Activating remarketing operations based on LTV analysis, tailoring strategies to specific customer behaviours, and discerning interested users from the indifferent ones become our secret sauce.
A/B Testing: Evaluating Marketing Levers
In the realm of marketing, A/B testing becomes our evaluation method. Exploring diverse promotions – from free shipping to coupon-based discounts – and understanding consumer responses becomes a strategic process. A/B testing different prices for products unveils insights, plotting prices against quantities sold reveals patterns, and testing how pricing impacts demand and total revenue opens exciting opportunities.
In A Nutshell: Building the Marketing Journey
As we wrap this up, bear in mind that Black Week is just a chapter, not the whole story. From short-term insights to long-term strategies, we’re actively influencing the future of our brand.
So, fellow marketing enthusiasts, let’s dive into the marketing journey, equipped with insights, strategies, and a touch of that magic. Our journey continues, and the stage is set for accomplishments beyond the Black Week event!