Black Friday & Cyber Monday.
IF your business does it right (and it’s a big if for those that don’t already have a proven strategy), it can be a huge opportunity for you to get a flood of customers.
But most brands lose money by making 1 BIG MISTAKE…
Starting too late (you’ll see why this is so crucial, so keep reading).
So, to make it as easy as possible for you not to lose out during this time, and to give your business the best chance at nailing it, check out our 5 Step Black Friday / Cyber Monday (BFCM) Strategy.
We use it for our clients, and it has delivered huge success.
The best part? There’s nothing overly complicated about it. No tricks, just solid best practices!
5 Step Black Friday/ Cyber Monday (BFCM) Strategy
1) Understand how BFCM conversion rates, CPMs and CPCs will be impacted
Everything in e-commerce really comes down to 3 factors.
V x CR x AOV = $$$
Visitors X Conversion Rate X Average Order Value = $$$
Multiply these and you’ve got the formula of how much money you’ll be making. It’s that simple – and for BFCM you need to understand how you can maximize all three of these variables.
To maximize the number of visitors coming to your store, you don’t just want to ramp up your budget during BFCM (of course you want to do that) but the thing is, every brand is trying to get the most out of BFCM, so competition will be crazy on these dates and you will see much higher CPMs i.e. prices to get in front of your audience.
Remember, Facebook is a marketplace/ bidding platform. You will want to reach your audience ahead of BFCM when prices are still lower (covered in Step 2).
The good news is, your conversion rate will automatically be much higher than usual during BFCM. People are literally waiting with their credit card to take advantage of Black Friday deals, so their purchase intent is way higher than usual. But, how can you prepare to maximize this during BFCM?
Here are 3 ways:
1: Test different offers during the year: Be strategic about your offers. Generally speaking, offers are tools that shouldn’t be overused because you can inadvertently condition your audience to only buy your stuff during promos.
However, you want to test different types of offers (normal discount, product bundles, discount ladders, Buy 2 Get 1 offers etc.) throughout the year to understand which type of offer your audience engages best with. Once you understand that, you can just increase the incentive during BFCM (Change Buy 2 Get 1 to Buy 1 Get 1 or add higher discounts to your discount ladder etc) and you won’t leave the results of your offer up to chance, because you strategically used data to make sure it’s the best performing one.
2: Optimize your landing pages ahead of BFCM: During these short days of BFCM, you don’t have the time to effectively optimize your landing page.
However, if you’ve used the year leading up to BFCM properly and tested different offers, you can optimize the landing page, headlines, layouts etc in your “test runs” already to make sure your offer page is converting properly. Schedule specific tests during BFCM, so you have the insights for next year to get even better results.
3: Build a waiting list: When you ramp up your traffic ahead of BFCM, you should build a waiting list to get people excited for the event. People’s Newsfeeds will be flooded with different offers, so make your Black Friday an event your audience is already excited about.
Average Order Value:
There’s no better time to get people to buy more of your products than a holiday. Come up with offers that have a higher than your average AOV. Buy more, save more tiered offers are one of our favorite ways to do so. While we recommend to keep your actual BFCM offer rather simple and straightforward to maximize your customers, you should maximize this variable the week before BFCM (=step 3).
2) Ramp up your traffic 3 weeks ahead of BFCM
The real way to win BFCM is to win in the weeks leading up to BFCM, by buying cheaper traffic ahead of time. Why does this work? Just think about it: You likely have a long list of stuff you want to buy during BFCM.
Everybody knows that brands offer their best deals of the year on Black Friday and wait for these dates with their purchase. In Facebook we can track this through delayed attribution.
For example: A person clicks our ad on August 1st, and comes back 21 days later without clicking another ad, then FB attributes that purchase to my August 1st ad. Usually, there’s not too much of a difference. However, BFCM is not a normal time of the year and if you follow this strategy, you’ll experience a much higher delayed attribution because people who are interested in your product will come back and buy during BFCM.
Bank on it! Buy the underpriced ad space leading up to BFCM. Drive them to a BFCM waitlist (for example you could give them a gift guide that is related to your offer so they know exactly how good of a deal they’re going to get if they wait), keep them engaged via Email and make BFCM an event!
Then, remarket heavily during BFCM.
3) Build a BFCM Bundle Offer to increase AOV
Again, your main BFCM offer (the one you run on the actual BFCM days) should be rather simple. We recommend one of the following:
Sitewide offer (at least 20% off, anything less is not enough and people will buy your competitors product instead). Don’t use coupons codes but just mark your whole site down to make it easier for your customers.
Fixed $$ Off
However, we highly recommend to also create a bundle offer (that gives a slightly better discount than your BFCM sitewide offer) that you run the week before Black Friday.
Consider the following for your Bundle offer:
- Stacking discounts
- Bundle Discounts
4) Advertise your Bundle Offer 1 week ahead of BFCM, and your sitewide offer on BFCM
Most of our clients who followed this strategy saw their biggest ROAS the week before BFCM. But why?
It works because a week ahead is close enough to BFCM that if the offer is really good, people are ready to buy. And because you have a high AOV paired with cheaper CPCs, while still being able to making use of the BFCM conversion rate spike.
The other great part: You not only win the week ahead of BFCM, but also on the BFCM weekend because you are priming your customers to come back a second time of the BFCM weekend itself, so even if your bundles don’t appeal to the customer, the bundle offer is a great reminder to come back during BFCM and you’ll see your delayed attribution go through the roof.
5) Get your BFCM Ad Spend plan right
Here’s how we recommend to use your BFCM budget to execute on this plan:
- BFCM Opt-in Page (2-3 Weeks before BFCM): 15%
- BFCM Bundle Offer (1 Week before BFCM): 55%
- BFCM Sitewide Offer (BFCM Weekend): 30%
If you spend most of your budget on new customer acquisition during the year, then you should spend most of your budget during BFCM on retargeting – that’s where the biggest returns are going to be.
To sum up, do the following to maximize your results from Black Friday:
- Drive traffic for three weeks leading up to BFCM, ideally to an opt-in page that already gives an idea on the great offers you’ll be releasing on BFCM
- Drive as much traffic as possible to your BFCM Bundle Offer landing page to drive up AOV the week before BFCM
- Release your BFCM Sitewide Offer on Black Friday while keeping your BFCM Bundle Offer live