Creating winning targeted marketing strategy with customer insights
Are you ready to transform your marketing strategy? Watch an insightful webinar with Ruohonjuuri, tailored specifically for e-commerce and omnichannel retailers.
Are you ready to transform your marketing strategy? Watch an insightful webinar with Ruohonjuuri, tailored specifically for e-commerce and omnichannel retailers.
Custobar
6. November 2023
Are you an e-commerce manager, CMO, or marketing manager? If so, you're well aware of the impact that Black Friday & Cyber Monday (BFCM) have on sales. These two shopping events generate an unprecedented surge in customer activity, with irresistible discounts driving customers to flock to both online and physical stores. But what if we told you there's an untapped opportunity within this gold rush?
Through extensive research on 2 million consumer transactions, we've discovered a surprising fact: during BFCM, most brands only attract one-time buyers. Despite major campaigns, high-priced ads, and tempting discounts, a staggering 79% of customers make only a single purchase on Black Friday, compared to the usual 55% during an average week. This means customers are 125% more likely to make a second purchase during a regular week than during BFCM. It's a perplexing situation, considering the amount we invest in gaining single-purchase customers.
But here's the good news: there's immense potential to convert these one-time purchasers into loyal customers! The key lies in
While many BFCM customers may be solely seeking the best deals, this trend can be shifted.
Imagine you could motivate just 2.5% of the one-time BFCM buyers to make a second purchase. Your overall revenue would experience a 6% spike compared to the earnings from BFCM alone. Now, envision doubling this figure to a 5% activation rate, resulting in a 10% increase in revenue. And if you reach a 10% activation rate, the revenue boost would be a staggering 20%. By neglecting to follow up with BFCM buyers, you're essentially leaving a fortune on the table.
Therefore, there needs to be a shift of focus from the sales peak to the entire customer journey. Once a customer makes a second purchase, the likelihood of subsequent purchases increases significantly. Retail and e-commerce managers need to uncover the hidden potential within their BFCM buyers. They have the necessary tools – customer data, segmentation, and marketing automation – at their disposal. It's about time to leverage these resources to transform every Black Friday purchase into a stepping stone towards customer loyalty.
To maximise BFCM and convert your one-time buyers into loyal customers, here are some practical steps you can take:
By implementing these steps, you can begin transforming your BFCM buyers into loyal customers, maximising your BFCM earnings, and building a robust customer base for future success.
Looking for more ways to engage your customers beyond Black Friday? Check out the "Beyond Black Friday" white paper we pusblished with Shopware et al.
Your customers are likely sceptical about your Black Friday deals. According to a survey conducted in Finland, over 70% of consumers found the Black Friday deals in 2022 unreliable.
The holiday season is just around the corner. For marketing professionals like you, it's time to gear up for the biggest shopping events of the year: Black Friday and Cyber Monday.
Black Friday is for eCommerce the biggest sales spike of the year in consumer businesses. It’s also the best time to get new customers in retail in general.