Sales of Black Friday and Cyber Monday are ready. Marketers should review the results for future campaign insights. There are several approaches. In this post, I will review seven ways to analyze the results of Black Friday and Cyber Monday.
Analyze Black Friday, Cyber Monday
Profit. The primary metric is profit. How much did you earn during the campaign period? Measure this year's profit against your goals and the previous year's results. Did a total sales boost translate into more profits? Actionable insights for future campaigns may include focusing on popular products, identifying successful campaigns and preparing goals for next year.
Promotion. Which campaigns performed best? Knowing this helps with future campaigns. For example, was a 10 percent discount more successful than getting a gift with a purchase? Be careful when assessing campaigns such as timing, product type and total traffic often affect performance. Avoid this confusion next year by testing campaigns across multiple times, products and traffic periods.
Timing. Companies run campaigns at different times – before, during or after Black Friday and Cyber Monday. In addition, some offers, like free shipping, run for a week or two, while others are for a single day. The timing of your campaigns can make a big difference in your profits. Therefore, it is a good idea to analyze the sales and profit trends per day, but keep in mind traffic changes.
Channels. Which channels received the most sales and profits? Promotions on Black Friday and Cyber Monday are very competitive. Most all retailers seek the attention of customers. Analyze your usual marketing channels carefully during this period. For example, the cost per click of Google ads may have increased, which depressed the overall profit. Conversely, email marketing may have driven the highest sales and profits. Identify the best mix of channels, campaigns and products.
Customer acquisition. Your campaigns may have generated immediate sales, but what about new customers? The number of new customers acquired during the holiday season may indicate future success. In my experience, waiting a few weeks or months can help determine the value of these customers. For example, a customer may have purchased a single item at a very discounted price through an expensive promotion. Most likely, that customer will not return or have a high life value.
Further purchase. What percentage of sales came from discounted goods? Determining the sale of discounted and non-discounted items can help to match products for future campaigns. For example, if buyers have to spend $ 99 to qualify for free shipping, you may find that 30 percent of free shipping items were not discounted. Customers bought them to qualify. You can also reveal buyers who only buy when an item is for sale. This helps segments customers in the future for targeted campaigns.
Offline vs. online sales. Multichannel retailers will sometimes run separate campaigns online and offline. Did the proportion of online and offline sales change this year? Try to reveal trends in overall shopping behavior, such as the average online shopping amount compared to offline, and compare the profit margin for each.
You can slice and harden data from Black Friday and Cyber Monday in several ways. The weather, for example, can affect sales. Remember to collect enough data for all the detailed analysis. Insights from hundreds or thousands of customers are much more accurate than from 10.