The plans are set, the budgets planned, and all of us here at MIRA want to wish all retailers the best of luck for this festive season. With Black Friday and Cyber Monday approaching, we’re heading into what is often the make-or-break season for many smaller (and larger) retailers and we wanted to offer a peek behind the MIRA curtain at some of the strategies we are delivering, and our thought processes behind gaining a competitive advantage for our amazing clients.
Previous Campaigns Show The Clues
Leverage all the potential wealth you can gain from the audience data you already possess – after all, nobody understands your audience better than you do. The most interesting insights into current trends among your supporters can be gleaned from the latest campaign performance and therefore used to your advantage in persuading these supporters to buy again and again. Ignore the numbers and hyperfocus on their behaviours to capitalise on these in future campaigns.
But don’t just take it from me, take it from Chris MIRA’s Head of Growth who says…
Revenue Isn’t Profit. Think Logically to Secure Future Sales
Black Friday may look exciting from a revenue point of view, but revenue isn’t profit. Yes, retailers will sell more in this period, but they should be looking at this period as an opportunity to understand the audience and customise journeys for lifetime value.
This is the main point of the year when brands acquire shoppers outside of their target demographic. Although the products bought are likely to be used by their intended target market, the purchaser is more likely to fit outside of this, and more likely to be confused and require hand-holding through the buying process.
To give an example, my lovely Mrs has asked for a Leather beige Tote bag for Christmas. I have never bought one, and have no idea what makes a good or bad tote bag. I am relying on the UX of any brand site to make me feel assured I’m buying a great gift.
If you can help nurture visitors with a simple call to action in exchange for value, you’ll offer a much more valuable experience.
Post-purchase, you can delight your unintended customer with a Boxing Day sale to say “We hope she loved it, we have an extra surprise for her” with an exclusive discount on the Boxing Day sales.
Connect the truth of what your data is telling you to real-life human experiences, and you’ll be ahead of 90% of retailers.
While it’s widely acknowledged among retailers that Black Friday and Cyber Monday play a crucial role in boosting revenue, the true wealth lies in the valuable customer data obtained from these transactions.
Picture this: Beyond the buzz of one time transactions, lies the real goldmine – customer data! Strategically retain and leverage this data to encourage longer lasting relationships. Dive deep to understand their preferences and tempt them back for more spending, learn to mould more strategies around this niche customer base – really get to grips with them to lure them back in.
In essence, the most significant reward you can reap from this Black Friday weekend is not the immediate transactional revenue but the foundation it lays offering for long-term customer engagement and loyalty. So gear up for more than just a sales spree and get ready to create bonds that last!