Our clients BFCM Questions, Answered
What trends are you expecting for BFCM 2023?
I’ll answer as it relates to paid media
Strong early bird offering 11/9-11/22. I know this is about BFCM, but the more pressure you can take off of that timeframe the better
Social engagement. Someone needs to be checking ad comments and responding to them
simplifying the promo offer so it’s a no-brainer for customers
What’s your top-level advice for brands going into BFCM?
As we reflect on last year's Black Friday/Cyber Monday, one clear trend emerges: the dominance of online sales. According to Shopify's data, in 2022, a staggering 73% of sales occurred on mobile devices, leaving only 27% on desktop. To seize this opportunity, it's crucial to optimize your mobile experience, offering multiple streamlined checkout options. Additionally, consider activating Meta Shops and TikTok Shops to boost your Ads CVR on these platforms.
Flexibility in your marketing plan is paramount. Economic uncertainties can lead to unexpected trends or shifts during this crucial promotional period. Be prepared for surprises, such as a product not featured in your gift guide gaining sudden popularity. Ensure your team is ready to pivot campaigns to enhance CAC to LTV or MER. During this timeframe, it's wise to prioritize metrics other than ROAS.
Adaptation may also require initiating promotions earlier than planned to capitalize on emerging vertical trends, reminiscent of TikTok phenomena. Lastly, align your campaigns with your inventory strategy and availability. Always have a contingency plan for popular products that might go out of stock. We're also encouraging brands with a substantial retail presence to integrate their DTC and retail experiences more seamlessly. Stay ahead of the curve this holiday season!
How should brands approach discounting for BFCM in this economic climate?
Let's zero in on what matters most: your best offers and your most valuable customer segments. It's vital for brands to have a clear understanding of who their key promotional shoppers are, based on year-round sales data and insights from the previous Black Friday/Cyber Monday. Your marketing communications should be finely tuned to speak directly to these individuals.
To achieve this, consider developing a strategic marketing communications calendar. This calendar should strike a balance between broad promotional messages designed to raise awareness and more tailored, segmented communications that provide deals and offers that truly resonate with the recipient. This thoughtful approach will lead to stronger conversion rates and a more effective BFCM strategy.
In what conditions should we pull back and wait until Q5 to re-engage media?
Our secret weapon is the Ads Performance Cheat Sheet, an indispensable tool in our strategy. Naturally, metrics like CPM, CPC, and CAC tend to climb during the holidays, so we rely on the last trailing 7-day average as our guide. This helps us make informed decisions, whether it's optimizing our creative assets or adjusting our spending.
If your brand caters more to self-gifting than holiday gift-giving, don't worry. You're positioned for success in Q5 (12/26-1/31) rather than Q4, and that's perfectly fine. Embrace this unique advantage and lean into it!