Don’t just make up pricing. Have a real pricing strategy in place.
We all hope that Black Fiveday sales volume will make up for the lower profit per sale, but that’s not enough. Know your average order value going in, how much you will need to sell to make up for your discounts and what your customer lifetime value looks like to guide you on how low you can go.
And while we scope out our competition as much as we can ahead of time, we try to set things up so we can pivot if need be. We like to make sure our landing pages and/or product purchase pages are easy to update. There may not be enough time to test, but If you can’t adjust as you go, you may suffer.
Lastly, make sure you have a reporting cadence in place, whatever frequency works for you, because the best (and sometimes worst) thing about the online world is it’s so highly measurable.
Ingo Grammel – VP of Marketing
If there’s one thing you should be doing over Black Friday it is retargeting to all your existing audiences as it’s these customers which will bring the highest ROAS as they’re likely waiting for your sale! To prepare, scrape all the data you have from your website pixels, email lists, and social engagement audiences to then build your campaigns around them with different creative tests (product vs. lifestyle) and messaging.
If you maximise the return from your existing audiences, you have more room to prospect new customers whilst keeping overall Black Friday ROAS high.
Scott Wright – Founder
Another Digital Agency
As the influx of holiday research traffic ramps over the coming weeks, prep your audiences for strong remarketing during Black Friday and Cyber Week.
Will your site have holiday gift guides or specials pages? Create audiences for these pages now, starting data collection on observation mode.
Double-check windows on existing audiences to ensure they’re retargeted through the end of your holiday sales cycle. Consider exclusion adjustments for past purchaser lists to avoid over-saturation.
Prep remarketing messages that target the unique needs of each audience, in an extra-crowded marketplace speaking to visitor’s unique needs is critical. Use audience ad customizers in Search to reduce labor. Don’t forget sale pricing updates in your product feed for Shopping ads and dynamic product remarketing!
Rachel King – Digital Marketing Manager
Brian Roizen is the Cofounder and Chief Architect of Feedonomics, a full-service feed optimization platform that optimizes product data for hundreds of channels. He has been featured on numerous podcasts and eCommerce webinars, and regularly contributes to Search Engine Land and other industry-leading blogs. Brian graduated summa cum laude from UCLA with both a Bachelor’s and Master’s degree in Mechanical Engineering.