November is one of the most loved months for business owners and customers.
Why? Because it is the “Black Friday” season – more sales for sellers and cheaper prices for buyers. For some businesses, it is the only time sales are made (and this shouldn’t be), while for others it is a time to make extra profit. It is important that evaluation is done after every big season is over in any business. This is why conducting a product purchase analysis is important; it does not only help in evaluating the success of sales but also informs your marketing or product launch strategy for the future (2021).
Before we go to the lessons accumulated by our PR Team after careful studies with some companies’ strategy for Black Friday, here are reasons why some of the Black Friday campaigns go wrong:
- Starting publicity very late.
- Wrong targeting strategies.
- No post-Black Friday plans.
- Lack of proper communication among team.
Lessons from 2020’s Black Friday Sales
It’s important to note that these are but a few reasons and they are very avoidable when there is proper planning and analysis especially for product launches and sales. In order to carry out this planning, the marketing team must take stock and answer some questions pertaining to the previous sales.
To carry out this analysis, two major questions are to be answered:
What product was bought the most?
Every brand or business has its bestsellers and it is important to analyse why any product sells more than others. This analysis involves customer analysis (the age range, peculiarities and gender of customers buying this product,) and product analysis (what is the type of product, what group of people use it more, are there similar products being sold by the company?) The analysis would create a head-start for the kind of new or complementary product that would be produced in the near future.
Which were more – New or recurrent buyers?
More than discounts, each customer has other factors that facilitate purchase. Knowing the percentage of customers that purchased goods, both new and old, and what percentage of customers did not buy at all helps in strategizing how to cut down the average days between transactions and create great lifecycle marketing. This would cut down the amount of losses or low sales in the near future.
Above all, knowing when to post your campaign is important in order to raise awareness about products, both new and old, and to reach the target audience. Remember, 2021 is around the corner and there is no better way to win big in business than planning through 2020’s lesson.
De Critic is a leading agency of expert copywriters, critics and public relations. Winner of the Mea Africa Excellence Awards 2020 for best copywriting agency in Nigeria, and also awarded as one of the top 10 copywriting agency/PR in Nigeria by Sortlist International. We help businesses and individuals write winning contents for their blogs, websites, emails, SMS, social media handles, publications, etc. Reach us at – firstname.lastname@example.org or +2348119832176 .