In the 5th and final video, Daren and Jameela talk about how you can make this Black Friday Cyber Monday better by working with your data from last year.

Data is key to understanding potential improvements that your business can make for this BFCM. When you implement some of the suggestions in the video, you’ll likely see revenue increase.

In this video, they covered

What data points to look at from last year

We went into detail about the data points you should be using to base this year’s decisions on including

  • Traffic sources by
    • Revenue
    • Conversion Rate
    • ROAS/ROI
  • Inventory
    • What items sold out last year
  • The profitability of your ads

Ad profitability

When you are looking at the best channels for ads, make sure you are looking at each channel and investment as it relates to ROI and ROAS.

Keep in mind that return on investment doesn’t always correlate to most profitability. That is why you have to pay close attention to ROAS.

ecommerce-data-google-analytics-data

Where to find ad profitability information

You can find ad profitability information in your Facebook Dashboard, Klickly dashboard, or any other ad dashboard. However, if for some reason your ad platform doesn’t have this information, you can calculate it on your own.

P.S. Klickly is the only ad platform that allows you to set your ROAS/commission in advance!

Here is how to calculate your ROAS

(Revenue derived from ad source)

/

(Cost of ad source)

 

Always make sure to look at the fluctuations in your ad ROI and ROAS and see where the most profitability comes from to get a good indication of target sets

Pro tip when running ads: Make sure the channels you’re running are synced to avoid running ads to sold-out products.

Other important data points

Shopper & order journeys

Look at your order journey and shopper journeys to determine where people are dropping off on your website, what pages they are looking at. This will help you to deliver the right information to your customers and improve your conversion rate.

For example, Jameela noticed that her shoppers were clicking on the “About Us” page a lot during their visit, so she updated her about us page to give shoppers more background information and build trust.

Read how you can build trust this BFCM here

Heatmaps

Using heatmap tools like HotJar or LuckyOrange will help you determine what people are clicking on, what people are interacting with, and where they are getting stuck.

This is more helpful than something like Google Analytics where you can’t truly visualize what is happening on your eCommerce site.

Examples on how to use this data

managing your ecommerce data

  • With the power of Google Analytics, track any of your store’s online marketing campaigns, and start putting more money into the best campaigns.
    • The Best one depends on a couple of variables:
      • Conversion rate
      • Raw number of sales
      • Average order value
      • ROI
      • ROAS
    • Find this information in GA here: Acquisition > All Traffic > Source/Medium
  • Determining the best products to sell is going to be super important this BFCM too
    • Head into your Google Analytics and determine which products generate the most revenue
    • Use this information to order your inventory or decrease the spending on some ads that are pushing slow-selling products ads and increase spending on others that might be getting good sales
    • Find this information in GA here: Conversions > E-commerce > Product Performance
  • Learn about your shopper’s behavior with Fera’s shopper and order journeys.
    • Discover the type of products they view, click on, and add to cart plus any social proof they interact with.
    • Make changes to your product pages, social proof you are displaying, etc to make checking out easier
    • Compare your customer (people who actually bought) and shopper (browsers) behavior to see the barriers that shoppers face to checkout.
    • To find this report go to app.fera.ai/dashboard

 

IN THE NEXT 24 HOURS YOU CAN…

  1. Start with one thing — Focus on one area, perfect it, and move on
  2. Focus on your best-performing channels — Be sure to focus on your best-performing channels from last year. This is not the time to experiment!
  3. Review your shopper journeys — Update your site and customer journey accordingly for just a few pages (don’t overhaul your site and do A/B testing right now)
  4. Use heatmap data to optimize your pages — Do it this month as there’s no time to be testing BFCM traffic

 

Download your BFCM Making Data-Driven Decisions checklist here

bfcm-checklist-making-data-driven-decisions

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