So, while most people are heading off on their summer holidays, I wanted to write a post reminding everyone of Black Friday.
Why? Because you can never be too prepared for Black Friday, especially as this year it’s right after payday (with Black Friday being on the 29th of November this year).
Last year, UK consumers spent a reported £7 billion on Black Friday and the days leading up to it – a 133% increase vs. the previous year (at £3 billion).
This year, it’s estimated that consumers will spend a record-breaking £10 billion, making it the biggest UK Black Friday on record.
Black Friday – UK Google search Trends (Last 4 Years)
With many brands making one-third of their yearly revenue during Black Friday week, it’s hugely important that brands pay attention to this retail phenomenon.
How to Win Black Friday
Having worked on dozens of Black Friday campaigns over the years and recently winning an award for one of them, we’ve put together a quick cheat sheet on how to win Black Friday below:
While big discounts are key for Black Friday and the days leading up to it, profit is more important.
Many brands slash prices hoping that the increase in sales volumes will outweigh the decrease in margins, sometimes leading to a negative return if a campaign isn’t planned and executed correctly. It’s important to ensure all discounted items still have a decent amount of margin, even after all costs have been taken into account.
2. Set your KPI’s
What is the overall goal of your Black Friday campaign? Is it to make a short term profit or acquire long term customers which can be nurtured into valuable, repeat buyers? Your strategy and campaign messaging should have these KPI’s in mind and reflect them at all times
3. Measuring Success
Despite Black Friday being predominately retail-focused, which is traditionally measured via ROI/ROAS, have you considered a CPL approach based on a products or campaigns margin to acquire new customers and measure their LTV? (lifetime value).
Have you allocated enough budget to your Black Friday campaign? Black Friday starts earlier and earlier each year, with search trends starting to scale up from the Friday 16th last year (with Black Friday being on the 23rd).
A good way to work out what your daily PPC budget should be is to look at what % of sales took place each day during November last year, then portion any media spend according to last year’s trends (by equivalent %).
Launching your campaigns at the right time is essential to inform customers of when your Black Friday sale will start, what products/discounts they can expect, and how they can make the most of it. Maybe you want users to sign-up to your newsletter early, so they are the first to get access to the best deals, etc.
Last but not least, messaging is hugely important. Ensure you have clear and concise messaging across all ads so that people know what to expect when they visit your website. This message should be echoed across all channels (social, display, paid search, SEO, e-mail & website landing pages).
If you still want more information on Black Friday and how to make the most of it, we created a report to identify Who Won Black Friday 2018, which you can read here.
Feel free to contact us if you need help planning your Black Friday campaigns.