Are you feeling prepared for the upcoming Black Friday in 2023? While it may still be August, it's never too early to start thinking about and planning for the biggest shopping event of the year. To help you make the most of Black Friday, we have put together six crucial steps to ensure you have all the necessary information and strategies before the big day arrives.
Step 1 - Evaluate Last Year's Black Friday Performance
Analyzing your website's performance before Black Friday will provide insights into the successes and challenges you encountered. Divide the data systematically into sales, marketing, assortment, pricing, profit, logistics, and staffing categories. Doing this comprehensive overview will help identify areas for improvement, such as popular items that quickly can run out of stock, and reevaluate your product performance as well as product pricing.
For you to analyze your historical data, you will need to make sure that you collect and gather such data. This can be a difficult and time-consuming task. PriceShape can help you manage all the relevant data needed to make the right strategies throughout the year. We can provide historical data from the day you start as our customer. You will need to begin collecting relevant historical data now for you to have data that can be usable for Black Friday.
Step 2 - Set Goals for Sales and Earnings
Establish clear goals for your Black Friday sales and earnings. These goals serve as benchmarks to evaluate your performance and ensure you're on track to meet your ambitions. Determine the desired turnover and decide on the earnings you aim to achieve. Setting these clear goals increases your chances of success. Assigning an owner to each goal is an excellent idea to ensure accountability and oversee the progress. Remember, achieving these goals involves multiple steps and collaboration from various team members for you to be ready for a successful Black Friday 2023.
Step 3 - Implement a Sales Execution Strategy
To achieve the goals set in Step 2, you must break them into actionable categories and further into suppliers and marketing. Refer back to the data gathered in Step 1 to base your strategy on collected historical data. Using a tool like PriceShape can help leverage your historical data to provide valuable insights and identify areas for improvement. This data tells you whether certain products are priced incorrectly and how you are priced compared to your competitors. When you use this information, you can refine your pricing strategy and optimize sales execution.
Step 4 - Automate Pricing Processes
Changing prices can be time-consuming, particularly during high-demand periods like Black Friday. Manual updates also increase the risk of errors. A pricing tool like PriceShape can help with automated pricing solutions and helps you to streamline this process. Automating your pricing allows you to allocate time to determine optimal prices based on historical data, where you can create pricing strategies and rules to categorize products and ensure that your products have the right price.
Step 5 - Develop a Strategic Marketing Plan
Effective product marketing is crucial, especially during Black Friday. With significant competition, it's essential to promote your products strategically. For a e-commerce business, does allocating the marketing budget include looking into Google Shopping. Here you'll need to invest time and effort into deciding which products perform best and align your marketing budget accordingly.
PriceShape can assist you in identifying these high-performance products, maximizing the impact of your marketing efforts. We can improve your Google Feed with price data, letting you allocate your budget to the products where your pricing strategy is set to match your competitors instead of being allocated to products where you are not competitive.
Step 6 - Have a plan B while having a party
Black Friday and Cyber Week are critical for e-commerce companies. Consumers expect great deals and a smooth shopping experience. It's vital to have a contingency plan in case of unexpected events. Anticipating potential challenges and creating a plan to address them will help you when the day arrives. It is a good idea for you to delegate the responsibilities within your team to ensure everyone knows how to handle different scenarios. Consider scenarios like system failures, heavy website traffic, payment method issues, employee absences, or the need for additional stock. Doing this prepares you for the worst scenario giving you the best outcome.
By implementing PriceShape now, you'll gain a significant advantage for Black Friday. Collect valuable data to inform your decision-making process and make data-driven strategies and goals. With a solid plan, you can also enjoy the festivities and celebrate Black Friday together as a company.
Remember, preparation is key to winning Black Friday. Start early, analyze past performance, set goals, optimize sales execution, automate pricing, create a marketing plan, and be ready for contingencies. With these steps, you'll be well on your way to a successful Black Friday 2023.
