As eCommerce unlocks immense opportunities during ‘BFCM,’ the internet becomes a battlefield for winners and losers. Customers sit back and browse the best Black Friday Cyber Monday ‘BFCM’ deals as promotional emails flood their inboxes.
Each year, e-merchants devise means to cut advertisement costs without offering less to their customers. But this time round, there is much to evaluate than just advertising costs.
As the previous guns targeted customer experience, the present ones are aiming at customer outreach. Thanks to the pandemic that has altered customers’ shopping approaches.
Therefore, it all calls for a strategically and articulately planned BFCM Promotion idea to achieve business goals and outweigh the competition.
What You Ought to Know About 2020’s BFCM
- The gearing competition will drown out some businesses.
- More shoppers are in for electrical gadgets and goods.
- Household, gaming, clothing, health and beauty products will be much sought online than in retail shops.
- As per a survey, 17% of shoppers are likely to spend $400 and above, while 27% will spend $300.
- Poorly aligned blanket order discount plans might devastate businesses.
Putting Together a Strategic Black Friday Cyber Monday Promotion Plan
It will certainly be competitive with businesses extending their holiday deals up to Christmas to maximize their profits. Although 71% of shoppers have already expressed their interest in digital shopping this holiday season, what looks to be a pool of opportunities might become a business blow to some.
Only businesses with competent Black Friday Cyber Monday promotion plans will record a super year. Therefore, it calls for a creative approach when aligning your strategy.
     # Blanket Discounts Vs Average Order ValueÂ
In case you’re up for blanket discounts, it might prove challenging to cultivate continued interest after you announce it on the first day. The customers might also begin to anticipate better deals than just 20% off on BFCM weekend. Yet, an increase to maybe 50% or more to compete with others might affect your profit margins.
Opting for ‘Average Order Value’ can diminish your advertising costs and produce a huge profit margin on sales. This makes it more preferable to offering a big sitewide discount.
Therefore, by offering customers a huge discount based on quantity or cart value, you can adequately improve profits per order. This is why many brands are opting for ‘buy more, save more’ strategies.
     # Business Goals and Their Attainment
Realizing business goals, most especially during a competitive season like BFCM, isn’t quite easy. In fact, it’s not just looking at a seasonal deal plan but creating a comprehensive strategy addressing your business concerns. Concerns to clear out include;
Annual, Seasonal or Daily Revenue?Â
Businesses usually set annual, seasonal, or daily goals. Either way, your revenue target must consider the present and past sales data. Setting unrealistic goals might throw you into unnecessary expenditures. Assess your site’s performance and current customer demands/ behaviours to set your revenue goals.
In case you target the BFCM 4-weekend period, try to allocate your revenue goal across all four days. You can plan a deal for your customers during the four days and with luck, you might realize your revenue goals in a single day.
Profit Per OrderÂ
Your target profitability requires an effective plan, and it starts by ‘add a product cost’ to the products to evaluate your profit margins. Besides, it will let you ascertain discounts and offers, bundle products, and even determine advertisement expenses.
Website Traffic & OutreachÂ
If you can reach out to more online shoppers via your site, you are one step ahead. If not, you have to drive the required amount of traffic determined by your revenue goal and website conversion rate. Maintain a user-friendly site, and on the other hand, emails remain the best source of traffic for a site.
Advertisement BudgetÂ
Whether you target new customers or previous site visitors, first evaluate the historical performance such as Return On Ad Spend (ROAS) and Cost Per Thousand Impressions (CPM). With this known, determine your advertising budget accordingly.
5 Effective Black Friday Cyber Monday Promotion Ideas
Consider the following promotion ideas for a grand and super-sales BFCM season
Price ComparisonÂ
Consider making substantial research before creating a wishlist to understand the overall costs of certain items. Understand that it’s not all about impressing customers but creating an alignment with the business. In this way, you will avoid slashing prices, which might put your goals in jeopardy.
GamificationÂ
Laying a platform where your customers are inspired to play and obtain the BFCM offers will increase engagement and optimize your campaign. There are various ways of gamifying your offers, for example, Wheelio for customers to avail of the discounts.
Bundling ProductsÂ
Bundling Products is one of the best ways to increase your store’s average order value while creating value for customers. This approach provides a chance of combining your best products and then offer them at a significant discount, which is ideal for securing big profit margins.
You can choose to create mystery product bundles and then reveal them as the sale progresses to attract more customers.
Donate for SustainabilityÂ
Brands are currently realizing how sustainability is the future of business. Donating a portion of the proceeds is like standing together with the community. Apart from attracting more loyal customers, it builds the brand name in the long run.
Influencers’ PowerÂ
Partnering with influential brands is an effective method of driving seasonal campaigns plus sales. Moreover, it promotes campaign awareness. Considering an exclusive discount code for an influencer’s followers can help personalize the offer.
SummaryÂ
Dedicate time and develop a reliable Black Friday Cyber Monday ‘BFCM’ Promotion plan to help realize your goals. Remember that it can even take you a day to create it as long as you consider the right business aspects. Plan, considering the fact that you are not the only one planning for this big BFCM season.