25/11/2018
Cyber Monday and Cyber Week can pay off harder than the Black Friday!
Every single retailer, no matter whether it operates online or in brick and mortar stores relies on the Black Friday as the main day of the year. Simply, the people are relying on this day to get the best deals they possibly could, and retailers are responding accordingly. It is the marriage made in heaven and it doesn’t hurt anyone, while bringing tons of great stuff to both sides.
Still, the retailers who operate online have another chance to make a real impact with the Cyber Monday and Cyber Week. These two events come right after the Black Friday, and if the campaign you decide to run has been devised properly, this could prove to be even more fruitful than the best day of the year.
The reasons for this are rather simple – while on Black Friday every single retailer is giving their best to compete, the other two events are “less important” and regarded as the thing only the online retailers pursue hard and on a regular basis.
This opens a huge window of opportunity for all those who are willing to push hard and take their chance. There is not any kind of risk involved as it is quite possible to benefit on a massive scale without investing too much. The only thing that is really required is to devise a proper strategy, and that can be done in a rather simple way.
Prelude
The best starting point for this is to lean on the Black Friday. It is the date that every retailer will be focusing on, and the investment in advertising for this date is there, whether you will be ready to expand it all or not.
Discounts that are applied during the Black Friday will result in huge sales and many items might run out of the stock, but if you devise a unified strategy for further discounts and promotions you can easily carry on despite the fact that some products are not available anymore.
The main thing is to determine the profitability of every case, which is not hard at all. Discounts on Cyber Monday should be smaller than those used for the Black Friday, but not to the huge extent.
Cyber Monday Approach
As soon as the Black Friday frenzy is finished, you will have the entire weekend to sort out the stocks and change the discounts. Most of these things can be done pretty much automatically, and there will be no need to spend too much time on this task. Still, you will have to prepare a clear plan what you wish to do in advance and to change the actual values.
Of course, since this is mainly the event that impacts online retailers, it is required to combine other things such as paid advertising via Google AdWords and Facebook Ads with these discounts.
The bidding strategies should be adjusted in regards to the value of your goods and the average value of the basket across the year. Of course, the type of products you are selling need to be taken into consideration as well.
The rest of the process is also quite straightforward. Same as it is the case with all major shopping days, the newsletter campaigns need to be applied, and these newsletters need to be made in the right way. It is best to leave these things to the professionals.
Cyber Week Approach
As soon as Cyber Monday is over, most of the retailers will simply shut down all operations and simply move on towards the Christmas sales. That is the common approach, but that is also a huge loss of the opportunities that lie ahead.
Namely, extending the campaign until the very end of the week is what can make all the difference! It is easy to simply extend Cyber Monday to a full-scale Cyber Week and the results of such policy could bring some serious success.
The reason behind this is rather simple – if you extend your discounts for the entire week, you will sell more, and all those sales will come with higher profitability than those made on Black Friday. Also, you will get a great bridge towards the Christmas and New Year sales and keep your customers constantly engaged.
The techniques for this approach rely heavily on your resources and the niche you operate in. If you happen to have a huge database of potential customers, it is best to apply newsletters. It is the most effective way of engaging customers during this period, but other techniques can prove to be rather fruitful too. Keep in mind that the best results will come if you use techniques that incorporate visual elements. Simply, the holiday season is all about colours and festive atmosphere, so the graphic approach to the marketing efforts will fit into the spirit of the season perfectly.
Remarketing efforts are also more than welcome during this period. Simply, many potential customers may have simply missed the opportunity, and reengaging them could prove to be more than a good idea. All available techniques are more than welcome in this segment. One thing should remain constant though – the value of the discount. A cyber week should be all about selling with discounts, but still selling with a higher profit than it was the case during the Black Friday.
If you follow this approach and identify your strongest advertising channels, the Cyber Monday and the Cyber Week could easily yield more profit than the Black Friday while keeping the scope of the operations on a lower level. It means that the ROI will be higher and in the end, this will prove to be the best move you’ve made.