Think you've finished preparing for Black Friday? Five more things to ensure you get it right
As brand founders, you are well aware of the importance of Black Friday in your annual marketing strategy. You, as the torchbearers of your brands, are already in the thick of prepping for this retail marathon. It's more than just a day; it's a month-long carnival of commerce.
However, the real testament to your leadership is not just in kicking off preparations early. It's in the nitty-gritty of operational excellence.
Now, as Black Friday looms on the horizon, it's time to sharpen your strategies. Let's delve into five things you need to work on in the upcoming week:
- Inventory and Cash Flow Management: A sudden surge in Return on Ad Spend (ROAS) can be exhilarating, but have you planned for inventory replenishment and cash flow management? It's crucial to balance optimism with caution. Keep a close eye on lead times and working capital to avoid overstocking due to a fleeting marketing triumph.
- Data-Driven Decision Making: If this isn't your first rodeo, leverage it. Utilise historical data from Black Friday Cyber Monday (BFCM) to forecast sales. Analyse data from your platforms like Shopify, review past year's uplift percentages in your category, and draw insights from competitor behaviour. Share these insights with your team and partners, including your third-party logistics (3PL), delivery services, suppliers, and freight forwarders, to ensure they are equipped for success.
- Strategic SKU Focus: Communicate with your 3PL regarding key SKUs and bundles featured in your campaigns. Provide them with forecasts to optimise inventory placement, which can significantly speed up order processing. Additionally, consider preparing product sets and custom packaging materials in advance.
- Website Readiness: Your website is your shop window; audit it thoroughly, and more than once if time allows. Ensure product images and descriptions align with customer expectations to minimise returns. Also, review your shipping and returns policies to avoid unnecessary customer queries.
- Customer Service Excellence: Prepare an FAQ section and customer service response templates for common queries. Investing a few hours in this now can save significant time and enhance customer experience post-Black Friday.
Remember, Black Friday is not just a day of sales; it's the crucible where your operational prowess and dedication to customer satisfaction are rigorously tested. Embed these strategies into your Black Friday playbook to gear up for a triumphant sales day and set a gold standard in your brand's narrative, one that resonates with excellence and customer commitment.