Share on facebook
Share on twitter
Share on linkedin
Share on email

Black Friday Is Coming — Is Your Digital Analytics Team Ready?

Black Friday Analytics

Though summer’s not yet over, major retail organizations around the globe are already developing strategic marketing plans for that oh-so-special day of the fiscal year: Black Friday.

In 2018, Black Friday resulted in $6.2 billion in online sales, a growth of 23.6% year-over-year (per Forbes). Thanksgiving Day saw $3.7 billion in online sales, growing 28% year-over year. These staggering dollar figures magnify what’s become a make-or-break window for many retailers and their marketing departments.

In prepping for Black Friday weekend 2019 (the National Retail Federation considers Black Friday Weekend to include Thanksgiving and the four days following), is your organization ensuring its analytics capabilities are not only prepared to report on marketing activities, but also serve as an unbiased, realtime driver behind strategy shifts and changes during this window?

At InfoTrust, our team has helped major online retail organizations prepare for Black Friday weekend through improved measurement capabilities, revenue forecasting, and predictive analytics. Delving into our knowledge base, here’s what your organization should be doing to prepare for Black Friday 2019.

Ensure Tracking Works Before Your Campaigns Start

You wouldn’t run a marathon before stretching first, right? A majority of athletes undergo proper training and stretching before running 26.2 miles (or in the case of Black Friday, a 100-yard dash). Though the Black Friday window is small time-wise, the months and weeks leading up to it are key for confirming your organization can track campaign performance properly. Here are some best practices to consider:

  • Ensure your analytics, marketing pixels/tags, and tracking are working. Use Tag Inspector to perform an assessment of all current tags and data collection. With this platform, you won’t miss any details on the revenue insights and user behavior during this short, yet important, period. Tag Inspector Realtime Monitoring processes the checkout funnels and conversion thank-you pages so you can have peace of mind that all of your conversion marketing pixels are working before you start the campaigns.
  • Test all your campaigns⁠—offsite with media and onsite with promotional offers⁠—in your analytics tool ahead of time. Enhanced eCommerce for large organizations is a good way to ensure you have the proper measurement architecture in place on-site and off-site.
  • Prepare your reports, dashboards, and team to be ready to analyze! You can have the tracking in place and tags/pixels deployed, but does your team know how to use the reports? Are those reports built for quick analysis? Do you have your cohorts and funnels all built out?

DATA LAYER FOR BLACK FRIDAY

A data layer ensures uniform data collection by putting all of your data points in a single “bucket,” so all of your tracking tags can share the same data and attributes about your page and products.

Build Out Your Funnel

By building out your funnel within your analytics tools, or confirming your funnels are ready for the influx of data, you can pinpoint areas of success or friction during the high-volume period. We recommend using your standard reports to analyze potential changes that may have contributed to an eCommerce conversion rate drop, then focusing on the shopping and checkout funnels to confirm if there were any issues (or how to re-engage customers).

If a specific analysis is around drops in conversion rate, follow these steps to review:

  • Start at the funnel reports to determine if there are key areas in the journey that lead to this friction.
  • From here, isolate if it’s earlier in the site navigation/journey where most users drop (such as at PDP or after Add To Cart) or closer to the end (checkout).
  • Use the main drop-off stage(s) to segment further and investigate commonalities that could have led to this (technology, promotions/deals, or other characteristics).
  • Continue to review all reports with no segment (all users) or segments applied, and list actions that can be completed to test if this is a true issue/improvement or not.

Get Ready to Take Action During and Throughout the Campaign

With all the prep in place, get ready to act on the data to ensure smooth sailing for the campaigns—and gain insights about your customers and products you can use for Black Friday 2020.

  • We recommend adding in the Real-Time Revenue Dashboard for day-by-day actions that can be executed. If you aren’t trending to hit your sales goals, you can consider a new marketing or CRM pushes like email or SMS with a new offer or discount highlight.
  • Utilize Intelligence Alerts for errors and high bounce rates to be proactive about fixing issues in campaign landing pages or product pages. You may have new products or offers for Black Friday–what if they show errors with the increased traffic? Or have unhealthy bounce rates? Create alerts for 404 errors or any redirects that may fail with the newly-launched pages so you can start fixing issues right away. You’re probably planning on putting a significant amount of money in advertising promotions and landing pages, so you want to know as soon as possible if they’re having issues or performing poorly.
  • Run real-time Optimize tests. The accuracy of test results improves with more data, so use the high traffic volume as an opportunity to maximize test data during this season. You may want to test product placements, promotions, CTAs, but make sure you only do that with tests you have great confidence in. (You don’t want to get it wrong and be missing sales during this season.) Partnering with a test expert is a great idea, in this case; our team at InfoTrust can help you strategize your tests while managing the risks to bring you insights that matter.

Bring On Black Friday 2019

Has your eCommerce analytics team started is Black Friday planning? Turn to the analytics experts at InfoTrust for guidance. Our team can begin developing your Black Friday weekend analytics strategy now to give your organization the data confidence it needs.

Preparing for Black Friday?

If your retail organization is planning for Black Friday weekend, lean on our team for the analytics help you need.
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email

Other Articles You Will Enjoy

InfoTrust Analyst Mai AlOwaish Published in Applied Marketing Analytics Journal

InfoTrust Analyst Mai AlOwaish Published in Applied Marketing Analytics Journal

The experienced digital analytics consulting team at InfoTrust is proud to share that Industry Team Lead Mai AlOwaish was recently published in Applied Marketing…

Bayesian vs. Frequentist Methodologies Explained in Five Minutes

Bayesian vs. Frequentist Methodologies Explained in Five Minutes

Every now and then I get a question about which statistical methodology is best for A/B testing, Bayesian or frequentist. And usually, as soon…

Use Data to Drive Smarter Decisions this Holiday Season

Use Data to Drive Smarter Decisions this Holiday Season

We are in the last few days of summer, which for retailers means that the holidays are right around the corner. In this unprecedented…

6 Techniques for Building a Winning Remarketing Audience

6 Techniques for Building a Winning Remarketing Audience

Wouldn’t it be great to target the right person, at exactly the right time? As marketers, we hear how easy this should be—but where…

Reporting Differences and Common Discrepancies Between ‘Revenue’ and ‘Product Revenue’

Reporting Differences and Common Discrepancies Between ‘Revenue’ and ‘Product Revenue’

Have you ever noticed that the Google Analytics data model includes two metrics for reporting on revenue collection: revenue and product revenue? And not…

How to Navigate Through the Holiday Season During a Pandemic

How to Navigate Through the Holiday Season During a Pandemic

This holiday season will be a special one. Some big box stores have already announced they won’t be opening for Black Friday, and consumer…

Intro to Cookieless/Anonymous Tracking in Google Analytics

Intro to Cookieless/Anonymous Tracking in Google Analytics

You’ve heard about cookie restrictions which have spurred regulations like ePrivacy in EUR, and other regulations around customer data usage and consent such as…

Leveraging the Rise of ROPO Shoppers

Leveraging the Rise of ROPO Shoppers

In this age of the hyperconnected customer, information search and convenience are the ultimate currencies. Customers today are actively seeking ways to gain more…

Facebook Pixels: Deploying at Scale for CPG Organizations

Facebook Pixels: Deploying at Scale for CPG Organizations

Multi-brand & consumer packaged goods organizations face a unique challenge in developing a digital analytics strategy – deploying their analytics and marketing technology at…

Talk To Us

Receive Book Updates

Fill out this form to receive email announcements about Crawl, Walk, Run: Advancing Analytics Maturity with Google Marketing Platform. This includes pre-sale dates, official publishing dates, and more.

Our website uses cookies and may collect user information to provide a good experience. Read our Privacy Policy here.

Leave Us A Review

Leave a review and let us know how we’re doing. Only actual clients, please.