Black Friday and Cyber Monday: seven analytics questions

Black Friday - DATA

For the majority of retailers Black Friday is a time to generate an unprecedented influx of purchases – both online and offline.

Consumers are estimated to spend as much as $3billion in a single day, which is equivalent to $125million every hour, $2.1million every minute and about $35,000 every second!

With more sign-ups, customers and transactions happening across all channels and devices it is not only a time for high revenue but also a time for high volume and velocity data collection.

Website visitors will sky rocket, apps will be pushed to the limit, servers will start to creek and many online carts will be full and abandoned. Those that are able to collect, analyze and interpret the high volume, high velocity data in near real-time will be able to maximize their Black Friday revenue potential.

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Here are 7 key questions to ask yourself:

  1. Are you able to use information about past transactions to personalize offers?

  2. Are you able to act on abandoned carts in real-time?

  3. Are you able to use anonymous data to recommend dynamic offers?

  4. Are you able to monitor, and act on, the social impact on campaigns?

  5. Have you put in place Welcome Programs for unprecedented new sign-up volumes?

  6. Are you able to link in-store Black Friday purchases back to digital ‘Cyber Monday’ campaigns?

  7. Will you be able to monitor the optimal point of campaigns to trigger recovery campaigns to abandoned carts and web sessions?

In our experience Marketers often struggle with one or more of these 7 questions whether it’s Black Friday, Cyber Monday or just a regular day of trading. Data collection has expanded faster than our capabilities to harness it and although we all have best intentions to create perfectly targeted marketing programs, the reality is that we’re often left confused as we look for the ideal solution.

"I have spoken with hundreds of CMOs and Marketing Directors over 25 years and the biggest advice I can give is that it's better to take an imperfect solution and execute it aggressively rather than look for a perfect solution and get caught in technology inertia!"
Iain Lovatt, Chairman, BlueVenn

There is a huge choice of analytics technology for marketers to choose from and they all provide similar messages.  Some buzzwords you’re likely to see on any marketing platform include “Real-time”, “omnichannel”, “1-to-1”, “Customer Experience Marketing”...

Of course, the reality is that technology can't give you everything you need to answer "Yes!" to the above questions.

There are five key elements of any successful marketing solution:

  1. The Data

  2. The Technology

  3. The People

  4. The Culture

  5. The Processes

Here are the technology and data elements clearly laid out:

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