Black Friday Cyber Monday (BFCM) is the biggest player in the holiday shopping game. Last year, Shopify reported a global spend of USD 5.1 Billion during the BFCM season.
With over 11 years of experience working with some of the leading brands in ecommerce, Reload Media has produced the ‘2021 BFCM Ecommerce Playbook’. Using these strategies, retailers can directly implement tried and tested tactics for a successful BFCM 2021.
Emily Forrest, Head of Growth at Reload Media, believes that the key to a winning BFCM strategy is planning ahead.
Forrest said: “For retailers to prepare for this sustained sales period, they should be proactively planning the entire Q4 strategy”.
What are the most common ecommerce BFCM objectives?
The ‘2021 BFCM Ecommerce Playbook’ guides retailers through how to tailor their strategy to meet business objectives.
- New customer acquisition: Find out how to best approach the sales period if your business experiences strong customer loyalty and retention rates. Under this category, key tactics involve leveraging first-party and zero-party data.
- Drive revenue growth: For this revenue objective, consider pushing high volume purchases of products with the largest margins. When conducting a paid strategy to boost revenue during the sales period, it should be volume centric.
- Hit a set profit margin: By creating a custom holiday strategy to meet profitability objectives, you can hit your profit margin without slashing prices. This can be achieved by running high-value promotions, leveraging paid advertising and tailoring your media strategy.
- Move dead stock: If your main aim is to move dead stock, BFCM is the time to do so. Go big on paid marketing tactics that target two main groups – loyalists and bargain hunters.
How your BFCM strategy boosts year-round activities
Lindsay Kolinsky, Partner Marketing Manager at Okendo, suggests that proactively creating a sales period strategy can contribute to year-round marketing results.
Kolinsky said: “Offer larger BFCM discounts on your highest-rated products to help acquire more customers. After BFCM, continue to upsell and cross-sell customers who purchased those products after the holiday season”.
Beat profits year-on-year using tested tactics
By using a multitude of different strategies across Paid Social, Google, remarketing, SEO, premium media, email or content, you can exceed profit targets, gather new customers, move old stock and grow your retail business.