Learn how to:
- Use media monitoring to identify Black Friday trends and consumer behaviour.
- Monitor consumer behaviour in real time and adapt your Black Friday sales strategy.
- Assess Black Friday sales success and prepare ahead for next year.
Black Friday is one of the biggest shopping days of the year. It began in the United States, where the first Friday after Thanksgiving was considered the first day of the Christmas shopping season. But it has since spread all over the world, and an optimal Black Friday content strategy is now an essential component of any brand’s pre-Christmas planning.
Results vary by industry and promotions, but most sectors see a sharp rise in sales during Black Friday. Customers shop more and brands are more likely to offer discounts, which typically results in a sales spike.
Maximising Black Friday profits requires an in-depth knowledge of your customers and their needs, as well as their expectations concerning this big shopping day. And that is something that media intelligence can help with.
Media Monitoring for Black Friday
Media intelligence has changed the way that modern companies do business. It is a far-reaching and data-heavy process that entails monitoring the media (blogs, news sites, social media) to see what people are saying about a company, product, service, or promotion.
When used as part of Black Friday marketing strategies, media monitoring can be utilised by all companies and at all strategic stages (before, during, and after the event).
Before: Identify Black Friday Trends and Consumer Behaviour
According to the National Retail Federation, free shipping is the biggest factor influencing a consumer’s purchasing decision on Black Friday. Furthermore, the day is more important to younger generations. In 2019, for instance, Deloitte noted that 58% of Gen Zers eagerly anticipate the day compared to 54% of Millennials, 39% of Gen Xers, and 37% of Baby Boomers.
The things they buy also vary. In years gone by, it was all about the biggest TVs. Then everyone wanted the latest smart home tech. These days, while everything is considered worthy of a Black Friday promotion, some of your items will perform better than others.
By using media intelligence tools, you can learn what those items are and predict the trends that can impact sales. By doing so, your marketing becomes predictive, and not reactive, and that is key because it means that you can plan your pricing strategy accordingly while ensuring you have enough stock.
You are anticipating which products will be popular and then making sure you are well stocked and your promotions are appropriately scheduled. Media intelligence strategies also implement keyword research for Black Friday, as well as competitor analysis, helping you answer key questions such as:
- What do consumers want?
- Where are these consumers based?
- Who, if anyone, is currently meeting their needs?
- What kind of offer will lure them away from competitors?
One of the mistakes that brands make during Black Friday is to assume that anything goes—who needs individual deals and offers when a sweeping 20% discount will suffice? But consumers are often looking for specific products and deals, and by focusing on the broader picture, you may divert resources away from those areas.
It is all about advertising optimisation. Check consumer behaviour trends. Discover the products that everyone wants and create the deals that make everyone buy.
During: Monitor Consumer Behaviour and Adapt Your Black Friday Sales Strategy
Data-driven Black Friday planning does not end when the big day starts. Media intelligence tools can be employed to provide real-time data analysis to see how customers are reacting so you can make changes accordingly.
For instance, if you are selling electronics and running big discounts on TVs, you can use social media monitoring to see what customers are saying about your deals and your company. In doing so, you might discover that fewer people are buying because specific models are not discounted or free shipping is not available. Maybe you will learn that more people are interested in computers or other gadgets.
Feedback forms and surveys can also be used as part of a customer sentiment analysis, whereby the thoughts and feelings of customers are processed using AI to determine what drives their behaviours. Timely social media sentiment analysis can also help you identify growing negativity online. If something goes awry and threatens to ruin your whole Black Friday strategy, these media intelligence tools will keep you in the loop and help you avoid a full blown crisis situation.
After: Assess Black Friday sales success and prepare ahead for next year
The post-Black Friday assessment will help you to understand how effective your campaigns were and whether you can do anything to improve them the next time around. What was your return on investment (ROI)? Did you acquire sufficient information from social media listening and keyword research or can more work be done in these fields?
You should also conduct customer research to make sure they are happy with your product, prices, and marketing strategies. Customers will dictate how successful your Black Friday campaigns are, so take on board everything that they say.
Finally, use media intelligence to analyse your competitors to determine whether or not they were more successful than you. If so, why? If not, what did you do that they didn’t? Benchmark your performance and identify the areas where you can improve. And remember, if you beat them this year, they will be studying your campaigns and preparing to beat you next year, so always look to do more and exceed your own expectations.
If you really want to get ahead, use this post-Black Friday period to lay the foundations for next year. Social media monitoring, for instance, will give you an idea of what customers liked and disliked, allowing you to adjust your approach 12 months down the line.
How can you integrate media intelligence in your Black Friday plans?
The next time you think about Black Friday and start preparing social media ads, search engine ads, and commercials, make room for media intelligence services. By tapping into consumer trends, learning more about competitors, and reacting in real time, these services can greatly improve your efficiency and returns during the biggest shopping event of the year.
To learn more, contact A Data Pro today. We offer a range of media intelligence and PR marketing services, coupling experienced data experts with state-of-the-art AI to deliver exceptional results every time.