3 Ways to Thrive after Cyber Monday
Brands Thriving after Cyber Monday
We've overindulged in turkey and stuffing, weathered Black Friday, and survived Cyber Monday. It's safe to say that the holiday shopping season is upon us. Brands have been looking at data and market trends to win in Q4. Gather data and make it work for your brand to finish Q4 strongly and lead into Q1 with growth for your brand. Cyber Monday is critical to winning for many brands; there are ways to thrive after Cyber Monday, too.
Cyber Monday has increased 19% this year over last year's sales, culminating into $9.4 billion in sales according to Adobe analytics.
3 Ways to Thrive and Finishing Out Q4
As a brand selling in the digital marketplace, you've been planning how to gain your share of the $143.8 billion predicted in holiday sales by Adobe. There's still quite a bit of work to ensure you finish Q4 ahead of your competitors. Here are 3 ways to help brands thrive:
Be ready to respond:
Respond to customer reviews so that product ranking doesn't decrease in search rank. By responding to a review or question within 24 hours, you are providing good customer service and showing you value your customer. Be sure you to have someone on your team dedicated to following up on product reviews in a timely manner.
Be vigilant and understand WHY you may have lost out on sale:
- It can be easy to overlook product hijacking by third party/ 3P sellers or counterfeiters. Dedicate a team member to check on product listings and the buybox ownership.
- Be on the lookout for minimum advertised pricing/ MAP violations. MAP is important for brand integrity and profit margins. The easiest way to track MAP violations is through Pricebox where you receive notifications when a listing is in violation
- Keep pricing competitive
- Stay in stock, don't run out of supply, this is guaranteed lost sales- Pricebox can help your brand manage inventory.
Optimize content and data to drive growth in 2020
Run reports frequently during this season to see if there is a trend you need to get ahead of regarding quality, satisfaction or possible issues. Use the end of year data will help your brand establish a strategy for Q1 in 2020.
- Use Searchbox to determine if you are missing out on organic keywords that could help increase your SEO. Analyze your digital share of shelf across key retail partners and competitors. You may identify a growth opportunity.
- Distribute product reviews from Reviewbox to your development team so they have an understanding of where improvements can be made.
- Lastly, Determine your paid rank through Ad Station to plan Amazon Advertising campaigns for 2019. Focus on creating a success story that you can share for the following years. Make sure your product listings have A+ content on Amazon. Establish a dedicated team member to check on product copy, with Copybox to make sure that it matches brand copy and has accurate information represented.
Brands should stay on top of all product listings through this busy holiday sales season. Prepare your team for postseason selling. Ensure your digital marketplace information is accurate. Savvy shoppers compare information and pricing across marketplaces. Use the valuable data you gather during the holiday frenzy to launch your brand into a solid Q1.