The 5 most effective ways to measure Black Friday success
Your goal as an eCommerce owner is to get people to buy from your store – to plan your marketing, offer discounts and attract many website visitors. But how can you tell if your Black Friday campaign was a success? How will you measure the outcome of your efforts? Discover the answer in this article!
1. Top landing pages are key
It is possible to determine which products are selling best during these campaigns by evaluating the traffic to the top landing pages of your website.
You should have information about your eCommerce Conversion Rate, shopping behaviour, product performance, and revenue. Analysing this data is imperative to see if a landing page and an email or social marketing campaign are linked and then identify customers who ultimately made a purchase.
Heat maps are equally useful for examining relationships between variables, including website traffic, demographics, prices, and products.
Extra tip: Measuring transactional data and fully grasping how customers’ payment behaviours change over time can be challenging. An out-of-the-box dashboard will help you get a clear overview of multiple key payment indicators to understand the health of your business at-a-glance.
2. Use trackable URLs
Whether you’re promoting a product via email, social media, or a Google Ad, you’ll need to use a trackable URL to monitor sales.
Alternatively, you can set up goals to track specific actions taken by potential customers. As a result, you’ll be able to determine how many people make a purchase and on which channel.
This is particularly useful for measuring the results of your Black Friday campaigns every year since customer actions can tell you a lot about your brand’s performance. As a result, you can compare customer behaviour before, during, and after campaigns to determine their effectiveness.
Extra tip: When users are sent away from your website to enter their card details, your card processor can track their return visits to your checkout success page.
3. Analyse store sales by geography
It is simple yet effective to analyse eCommerce sales by sales region to better understand the markets you are trying to reach.
You can track your success geographically, add filters for specific products, or compare across departments to get a more detailed picture of what’s working and what’s not.
Visualising the data in an easy-to-understand way allows you to quickly identify and target audiences with the highest revenue potential.
Extra tip: To maximise international sales, check with your current payment provider if they offer currency conversion services. You can allow international customers to pay in their own currency this way.
4. Manage increased chances of fraud
Black Friday sales are heavily influenced by email marketing. Combining your email service stats with eCommerce sales data is a very effective way to boost sales.
By identifying the top campaigns, you can see which ones are effective at driving visitors to your site or getting them to complete their purchases. Afterwards, you can figure out what to do about campaigns moving forward and for the next Black Friday preparations.
Extra tip: A campaign’s effectiveness can also be determined by behavioural indicators such as average transaction value and chargeback value.
5. Keep it simple on mobile
Retaining an existing customer costs five times more than attracting a new one. According to recent research, increasing customer retention by 5% increases profits by 25% to 95%.
These stats show it’s smarter to nurture existing customers who buy from you again and again. You shouldn’t stop marketing to new customers but carefully consider budgeting for acquiring new customers versus taking care of your old ones.
Extra tip: When it comes to your existing and new customers, a data insights tool can provide you with visual graphics that indicate anomalies and trends. In addition, it can help you benchmark your business against industry standards.
Partnering with a trusted payment provider
During the Black Friday sale, you collected transactional data that can be used to determine if your sale was a success. For the fastest and most efficient way to gain these insights, partner with a platform that provides them distillable in a way you can use to grow your business.
From Trust Payments, TRU Insight provides businesses with easy access to transactional trends and consumer behaviour data, which can help them better understand their customers. Each month’s report is packaged in a PDF format for quick viewing.
With the help of our eCommerce experts, you’ll be able to prepare your store for the holidays so that you can focus on growing instead. Let’s work together!
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