Black Friday/Cyber Monday (BFCM) is no longer a simple discount play. This episode challenges ecommerce operators to strategically evaluate if and how they should compete during this peak season. It provides a framework for setting clear objectives (profit, new customers, inventory clear-out) and crafting offers that boost AOV and attract high-LTV customers, rather than just slashing prices.
Key takeaways
Before BFCM, define your primary goal: profit maximization, new customer acquisition, or clearing old inventory. This goal will dictate your strategy and offer structure.
Avoid site-wide discounts. Instead, focus on bundles, BOGO offers, or introducing new products to existing customers to increase Average Order Value (AOV) and maintain margin.
Design BFCM offers to attract customers with high lifetime value. Be cautious of acquiring a high volume of 'deal-seekers' who may not become long-term, profitable customers.
For subscription-based businesses, prioritize longer-duration sign-up offers during BFCM to ensure customers experience the full value of your product and improve retention.
Consider if your product is truly 'giftable' or suited for the Q4 rush. If not, strategize for a strong Q1 launch when ad costs are lower and consumers are open to new brands.
Jim is joined by Jordan Summers during a Linkedin live stream where they discuss tactics and strategies for navigating the holiday season, including the all important Black Friday and Cyber Monday. They get tactical with strategies for companies at different stages of growth and provide a blueprint on how to make it through and meeting your goals.TOPICS DISCUSSED IN TODAY’S EPISODEThe importance of black Friday and cyber mondayShould Your Business Compete?Holiday Season strategiesBalancing discounts and marginsMaximizing customer engagementSetting goalsCrafting Effective OffersUnderstanding Ad Spend and CPMsScaling ad campaigns effectivelyAd creative strategiesLanding pages and websitesUnderstanding Ad Spend and CPMsPost-Holiday Marketing StrategiesResources:Growth Marketing OS (Operating System) GrowthHitJim Huffman websiteJim's LinkedinJim's Twitter Additional episodes you might enjoy:Startup Ideas by Paul Graham (#45)Nathan Barry: How to Bootstrap a Company to $30M in a Crowded Market (#41)How I Met My Biz Partner and Less Learned Hitting $2M
What does this episode say about paid acquisition?
Before BFCM, define your primary goal: profit maximization, new customer acquisition, or clearing old inventory. This goal will dictate your strategy and offer structure.
What does this episode say about conversion & cro?
Avoid site-wide discounts. Instead, focus on bundles, BOGO offers, or introducing new products to existing customers to increase Average Order Value (AOV) and maintain margin.
What does this episode say about customer retention?
Design BFCM offers to attract customers with high lifetime value. Be cautious of acquiring a high volume of 'deal-seekers' who may not become long-term, profitable customers.
What does this episode say about finance & fundraising?
For subscription-based businesses, prioritize longer-duration sign-up offers during BFCM to ensure customers experience the full value of your product and improve retention.
What does this episode say about paid acquisition?
Consider if your product is truly 'giftable' or suited for the Q4 rush. If not, strategize for a strong Q1 launch when ad costs are lower and consumers are open to new brands.
