Black Friday is about to wrap up – almost as quickly as it started – but the race continues after the finish line. Let's get to the post-mortems!
You already knew that BFCM (Black Friday-Cyber Monday) is followed by many shopping holidays this year-end. It is important to do these post-mortems while the experience is still fresh in your mind. Because although your data is still readable two or three months down the line, some impressions are more fleeting and definitely more urgent (the stability and reliability of your e-commerce site).
We're going to have to analyze a lot of data to predict the future – just like Silvr does. We’ll start by looking at the ∆ from the previous year. We'll also look at wins/losses on sales, inventory depletion, remainder to sell, logistics management, early reviews (and the nature of the feedback... that might make you change aspects in quick wins mode).
Black Friday paves the way to the end-of-year celebrations: we analyze and readjust what can be readjusted... And then we go again!
The post-mortem consists of an exhaustive analysis of the performance of a given period or campaign. This allows us to highlight the strong points and areas for improvement. Where did the drop-offs take place? Your landing page? Your checkout page?
Retrieve all data from your billing, logistics, text messages, email (etc.) software.
Let's start with areas for improvement, with the focus on user drop-offs! The visitors you didn’t manage to convert on your e-commerce site are not lost forever. So you should analyze where they dropped out in your conversion funnel.
What were your best sellers this Black Friday? Analyze this data to better forecast inventory in the future: more inventory for a product or product category. You can also develop and improve the supply chain at this level, by relocating, preparing more inventory(and having it financed with Silvr) and capitalizing on it via Pareto's law – which says that 80% of your revenue is made by 20% of your products.
If you were expecting this success, that's fine. But if it's an unexpected success, then:
Review the reviews! Obviously, positive reviews make for the best advertising. As for the reviews dealing with areas for improvement, you should focus on these to adapt to what matters most for a business, the customer feedback.
Are there partners with whom it went better than others? Reevaluate the exchanges with these partners as well. No one is perfect, of course, but during a period as crucial as Black Friday, it's a shame not to take full advantage of it and to see your revenues decrease because of a technical error (see the article on the performance of your site), or a logistical error...
Market research is an excellent way to monitor your direction in relation to the rest of your ecosystem. You did it before Black Friday: you'll do it again once the promotional period is over. Are you the only one who applied certain methods? If so, did it work? If not, what can you amend and readjust for similar periods in the future? Analyze their campaigns, their site, their promotions.
After the preliminary analyses, sort out what would take time to process and will (unfortunately) have to wait, and what can be readjusted before the next promotions.
The Black Friday marathon is coming to an end...but not really. Because after Black Friday, it's Cyber Monday, Cyber Week, and all the other holidays...
So, we do an initial inventory analysis. First off, if time will not always allow you to restock in the coming days, it is important to make this inventory to update your online data and avoid frustration with products still displayed as "In stock" when that is no longer the case. It is also possible to think a bit bigger inventory-wise by getting it financed by Silvr. It’s true: e-tailers can indeed finance their inventory with the Revenue Based Financing leader.
In addition, you should analyze your CAC so you don't encroach on your margin and keep a good ratio to sales.
You’ll notice that some of your conversion levers have not performed as desired, and so here the watchword is readjustment. We readjust what can be readjusted: quality of certain services (after-sales service, chatbots, technical adjustment to the site whenever possible, etc.).
You now have the keys in hand to truly make a success of future Black Fridays, which will be black only in name.