While Black Friday is a popular sales weekend, it doesn’t always pay. As eCommerce managers, eCommerce store owners, and eCommerce directors and founders, planning for a day like Black Friday can often come with unnecessary stress. At Blend, we know you may wonder whether you’re discounting enough or too much; what do customers expect; do you even need to do sales? As you prepared for the big day, many things likely ran through your mind.
But there’s a larger question you should consider.
Now that the big day is done, what now? Will they come back? Were they happy?
And that’s what this blog is about. Just as you strategised for Black Friday, you should also strategise for after Black Friday, perhaps even more. Because that’s the whole point of Black Friday, right? Gaining new customers and hoping they’ll stick around for the long run.
The Problems Ecommerce Managers Face
When it comes to Black Friday, there are quite a few problems that eCommerce Managers and the like are faced with. The first major one is the cutting of prices to gain new customers. The unfortunate truth is that you’ll gain a lot of bargain hunters that will never come back and, in the end, cost you money. And in today’s economic climate, no business can afford to lose money.
The other problem you may face is the cost of ads. Due to heightened demand during peak season, ads increase rapidly, which means you’re paying even more to acquire those lovely bargain hunters ready to drop and run the second they grab a good deal.
All of this comes down to the fact that you’re paying more to acquire customers of less value.
Want to know what the perfect Black Friday plan would have looked like? Our partners at Omniconvert have you covered for next year:
Putting Value Back into Black Friday Customers — Post-Black Friday
While we won’t mention what you should have done rather than focus on discounts, we will go on about how to utilise the data and customers collected throughout Black Friday to turn them into loyal brand ambassadors.
The key in this calculation is RFM Segmentation. Recency, Frequency, and Monetary Value Segmentation is the key to keeping communication with these customers open. How they interact with your brand and buying habits will allow you to seep into their minds and be efficient and informative in your marketing — giving them what they want.
You’ll be able to perform qualitative research to find customer needs and motivations. You’ll understand who your best and worst customers are. You can prioritise future marketing strategies. You can optimise your acquisition and retention strategies. And lastly, you can apply what you’ve learned to create solid customer loyalty programs.
If you want to know more about the impact of RFM Segmentation and how to use it, you can follow Omniconvert’s RFM Guide.
Utilising RFM Data in Email Campaigns
Using this data, you can create customised flows for overall usage, but that’s not where the buck stops. Post-Black Friday, you can create campaigns targeted at these groups by splitting them based on their most popular products and whether they purchased over Black Friday.
Using the buyer habits data, you can upsell and cross-sell accordingly, ensuring that your language is specific to each group because loyal customers and customers who don’t visit your store won’t respond the same way.
It’s also interesting to note where a large part of your income comes from and which groups you should target. For example, in the image below, while it looks like Lovers don’t spend much, only 1,291 spend more than the Breakups sitting at 13,292 customers. Knowing this, you can focus on referral programs with the Lover group to find similar customers. You would also focus on pushing the About To Dump You group up the rankings and eventually into the Lovers.
Boosting Business with Blend
Want to know the best way to implement RFM Segmentation to make the most of your collected Black Friday data? Our teams at Blend specialise in all of the above and beyond. Chat with us to boost your business to heights you never expected!