For marketers, July is the new September.
As Black Friday has become Black October, if it feels like we’re kicking off our Black Friday Cyber Monday (BFCM) planning earlier and earlier each year, it’s because we are.
And staying ahead of the curve and strategizing for Black Friday Cyber Monday based on the latest data and trends is a must.
So sit back, we’ve got you covered — looking at the latest Drip customer stats and trends, here are 4 actionable insights to maximize your BFCM success this year (then you can go right back to planning that impromptu trip to Portugal).
Go All In On Retention and Loyalty Programs
In 2023, repeat purchases accounted for a staggering 56% of all transactions, a 180% increase from the previous year.
First-time purchases represented 44%, down by 45% year-over-year. This shift underscores the importance of investing in retention and loyalty strategies this holiday season.
This year, prioritize loyalty, referral, and winback workflows. Engage existing customers with exclusive offers, early access perks, and personalized recommendations to foster repeat purchases and brand loyalty.
The Spice House makes their winback email personal and seasonal by offering a free jar of their best-selling ground cinnamon when you spend $25. Perfect for that homemade cinnamon apple pie.
Segment Your Audience Effectively
Segmented email campaigns proved highly lucrative in BFCM 2023, driving a 29% increase in revenue compared to the previous year.
This isn’t a surprise.
In our Marketing Automation Report, we found that only 20% of ecommerce merchants segmented their email lists. That same 20% earns nearly 80% of all the revenue generated.
Use a combination of purchase, engagement, and buying behavior data to segment your audience. The number of segments increases as your list grows, but at the very least, you want to talk to non-purchasers and purchasers differently.
Here are a few ways to segment your audience this BFCM:
Save Your Best Offers for Cyber Monday
There’s no doubt that the holiday shopping season starts earlier each year, but Cyber Monday was still the most popular shopping day in 2023, with shoppers splurging a staggering $12.4 billion—a 9.6% increase year-over-year.
Take advantage of the longer holiday shopping season to capture early bird shoppers, but save your most compelling offers and promotions for Cyber Monday.
Beyond Yoga emphasizes the exclusivity of new styles added to drive urgency and maximum conversions in their Cyber Monday email.
Focus on Value Over Discounts
Despite a 52% increase in the number of discounts offered in 2023, gross revenue only rose by 20% compared to the previous year. This discrepancy highlights that consumers are looking for more than just discounts.
With consumers looking to shop with brands they know and love, a 20% discount simply isn’t going to stand out in the sea of other discounts.
Think about the unique value you provide, and create a compelling offer around that. Value goes beyond discounts – it can be free shipping, a free gift at checkout, faster shipping, gift wrapping, etc.
Golde is known for their 100% natural matcha, and they created an offer around gifting their best-seller on orders over $100.
As you gear up for BFCM 2024, use these insights to inform your marketing strategy. Stand out by prioritizing customer retention, segmenting your audience effectively, timing your promotions strategically, and focusing on value-driven offers.
Ready to make this your most successful BFCM yet? Getting started with Drip is a breeze and free for 14 days.
Get Ready for Black Friday Now.
