The fourth quarter of the year is typically the most significant for retail businesses, as it coincides with the Black Friday and Cyber Monday period and the Holidays season, which is usually a high-consumption time. In Canada, in 2022, Q4 represented approximately $20 billion in revenue (+20% YoY), and in 2023, it’s expected to increase to around $22.6 billion.
Getting Your Digital Marketing Strategy Ready for Black Friday and Cyber Monday 2023
It’s essential to start thinking about it early; otherwise, you might miss out on opportunities. Even as you read these lines, you’re probably already behind.
Starting Early with Your Strategy
Consumers will start their shopping earlier. Since the pandemic, we all know there are supply and inventory issues, along with potential delivery delays.
Increased Competition in Retail
Businesses are competing to offer attractive deals to boost their sales. It’s estimated that Canadian advertisers will spend an average of $100,000 on advertising for the entire quarter.
High Consumer Demand
Due to inflation, people will be looking for promotional offers. So, having an appropriate offer and sufficient product quantities is crucial. Consumers will be more price-sensitive and plan to spend less this year. (source: Consumer survey report)
E-commerce Tactics to Implement This Fall
This is one of the most impactful incentives. However, you should consider setting a minimum purchase requirement to qualify for it. This could also help increase the average order value.
Buy Now, Pay Later
The Buy Now, Pay Later feature is actually a strong trend in retail. It can increase the order value by up to 21%.
Creating an Adequate Offer to Promote Your Products
Relevant to Your Target Audience
Your offer should address the needs, interests, and concerns of your target audience. The more tailored it is to your audience, the more effective it will be.
Perceived Value of your offer
The offer should provide real value to your potential customers. This can come in the form of a price reduction, a free product or service, exclusive content, or other tangible benefits.
Clear and Explicit offer
Ensure that your offer is clearly stated and easy to understand. Avoid any ambiguity or confusion about the benefits customers will receive.
Compare your offer to those of your competitors. It should be attractive enough to stand out and encourage customers to choose your business.
Limited Time or Quantity
Offers with expiration dates or limited quantities can create a sense of urgency and prompt customers to act quickly.
Easily Accessible offer
Ensure that potential customers can easily access the offer online. Use discount codes, direct links, or effective call-to-action buttons to facilitate the process.
Use the right digital marketing channels to promote your offer. This may include email marketing, social media, online advertising, etc.
Marketing Strategies for Black Friday and Cyber Monday
Optimize Your Website for Search Engines with SEO during Black Friday and the Holidays
While SEO is a long-term effort, some short-term tactics can be applied.
You should consider optimizing product pages with keywords like Black Friday, Cyber Monday, and Christmas. Also, consider creating dedicated website sections for this time of year, showcasing the best gift deals, for example. Write blog articles to provide relevant content in one place, making the user’s shopping journey easier with suggestions.
Google Search Ads Campaigns for Your Promotions
Launching SEM campaigns during Black Friday and Cyber Monday can reach a broad audience looking for deals.
Here are some tips for running SEM campaigns for Black Friday and Cyber Monday:
- Set up your product catalog according to Google’s recommendations: complete descriptions, promotional fields, appropriate images, etc. Select the right SEO keywords relevant to your products and likely to be searched by people.
- Adapt your ad text to the season.
- Include terms like “sales,” “discounts,” “Black Friday,” and “Cyber Monday.”
- Use ad extensions that suit your promotions.
- Avoid bidding on keywords like “Christmas,” “Black Friday,” and “Cyber Monday.” They can be costly without guaranteed results.
Social Media Ads for Your Promotions
You can boost sales and achieve marketing goals by running paid social media ads on the right platforms and targeting the right audience.
Here are some tips for running paid social media ad campaigns for Black Friday and Cyber Monday:
- Choose the right platform. Not all social media platforms are created equal. Make sure they reach your target audience and that you’re already active on them.
- Create engaging content. Content is key to standing out. You could have the best strategy, but if your content isn’t compelling, you won’t get the desired results.
- Offer exclusive deals. One of the best ways to get people to click on your ads is by offering exclusive deals. This could be a discount on a specific product, free shipping, or a gift with purchase.
Complementary Digital Marketing Strategies to Your Efforts
We could have continued for a long time discussing the options available to businesses to promote their products during Q4.
Creating Organic Content and Collaborating with Content Creators
Consider being active on your company’s social networks and consider collaborating with content creators to lend credibility to your product and reach a different community than you’re used to.
Email marketing is undoubtedly one of the least expensive tactics and can be one of the most profitable.
Engage your community early and personalize your emails. People are more likely to open and click on emails that are directly addressed to them. Additionally, consider offering exclusive promotions that can’t be found anywhere else. Look at the actions you’ve taken throughout the year and learn from them to deploy the most appropriate actions.
Prepare for the Fourth Quarter of 2023
In preparation for the fourth quarter of 2023, anticipate the challenges and opportunities associated with this critical period for online retail businesses.
With expected revenue increases, heightened competition, and strong consumer demand, it’s essential to implement a robust digital marketing strategy. Tactics like free shipping and “Buy now, pay later” can boost sales, while relevant offers, proper promotion, and diligent tracking are essential for maximizing success.
By optimizing your website, using Google and social media advertising, and leveraging other complementary digital strategies, businesses can capitalize on the opportunities of the fourth quarter and finish the year strong.