Every business owner in the retail industry understands the importance of the Black Friday and Cyber Monday rush. Still, this period can make you feel like you’re trying to conquer the Mount Everest of retail. There’s simply too much you should handle, and the pressure is real.
For beginners, you have to juggle between managing your inventory, running marketing campaigns, and setting the right discounts. All this time, you still have to prepare for the rest of the holiday season. See how easy it is for the BFCM turbulence to throw you off the balance?
Luckily, the following data strategies should make it easier for you.
1. Analyze Your Historical Data
Though not all years are the same, it’s always advisable to begin with an analysis of your sales data from previous BFCM seasons. Try to find out which products had the highest sales and which promotions resonated best with your customers. This is also the time to identify areas that had bottlenecks or challenges.
One of the most common mistakes that ruins your BFCM success is reliance on inaccurate data. That’s why you should leverage solutions for Identity data by Trestle since these can help you rectify and enrich your databases so you’re making decisions based on facts. It may not seem like you’re doing a lot at first, but your data cleansing and analysis efforts will play a major role in helping you fine-tune your inventory and marketing techniques.
2. Use Data to Understand Your Audience
You can’t present the right offers if you don’t understand your customer base adequately. Here’s where you use data to segment your audience based on specific elements such as demographics, past purchasing behaviour, and preferences. After that, study your segments and divide them further to determine who is more likely to respond to certain promotions.
Taking this approach will not only make it easier for you to tailor your offers to increase their uptake, but it will also guide you on where to focus your marketing efforts for maximum effectiveness.
3. Leverage Real-Time and Historical Data for Timely Offers
Timing your offers properly can make all the difference when it comes to making the most of the BFCM hype. That’s why you should make the most of real-time and historical data to inform the timing of your offers. The reason for combining different forms of data is to glean deep insights and use that to craft messages that are not only timely but also relevant to your target audience.
In addition, pairing real-time data with historical data like transactional details, ad preferences, and purchase history will give you additional benefits like consent compliance. That can go a long way toward enhancing the overall experience for your customers.
4. Use Real-Time Data to Help You Pivot
You need maximum flexibility to succeed in the BFCM rush. That’s in consideration that changes happen without warning as a result of influence by factors like consumer trends, supply issues, or even the need to ramp up highly successful promotions. Whatever the case, you will need quick thinking and responsiveness to meet your goals.
Make good use of real-time data to ensure that you detect changes and respond swiftly. Keeping track of your data also supports your audience segmentation efforts continuously, allowing you to respond immediately if you experience a sudden drift.
Enhance Data Accuracy With Trestle
Data should be the main fuel for your BFCM strategies, but you can’t make the right decisions if you’re relying on inaccurate information. That’s why you should consider solutions like data cleansing and enrichment so you know what your customer base looks like.
Trestle makes this possible with data verification, validation, and enrichment APIs. Thanks to their innovative solutions, you can now understand your customers better and make the right choices as far as optimising your BFCM strategy goes.
