Check out this video that Scott demonstrates how to use our Customer Journey feature to reverse engineer where your best customers came from during last year's Black Friday/Cyber Monday.
Reverse Engineer Black Friday/Cyber Monday
If you had measurement + attribution in place last Q4, ....you can use it to reverse engineer 2023 BFCM Success.
Here's an example game plan for how to do it:
- Spend big NOW for huge BFCM - capture leads even if ecom
- Majority of BFCM sales come from paid traffic PRE-BFCM that close via email/sms ON BFCM
- The red-headed stepchild of paid media (apologies to all redheaded stepchildren on this list…although they will probably unsubscribe now), Microsoft Search, is worth investment
- BFCM closes more repeat customers than new customers - shocked me
- Looking at BFCM by the longer range view of CAC/LTV ratio, instead of CAC/AOV ratio, shows a lot more value.
#1 - 80% of last click sales closed on email / sms / popup notifications - see chart:
#2 Over 50% of SMS BFCM conversions came from TOF paid ads
#3 general trend - paid ad clicks from the past drive Black Friday conversions.
#4 Unpopular take but the data is the data…more likely to get a repeat customer than a new one on BFCM
#5 Top Tip: Don’t pay FB/Meta’s exorbitant prices on Black Friday. The AOV to CAC ratio is no bueno,
#6 However, if you play the longer game of CAC/LTV ratio, paid media does outstanding
#7 adjust your budget pacing and don’t start spending until the customers do
Follow these steps and you will be able to scale what worked and change what didn’t. Otherwise you could be doomed to repeating mistakes from the past.
If you'd like to be shown how to do this, please book a call.
