5 Ways to Optimize Cyber Monday Data to Scale
Participating in Cyber Monday deals through Amazon.com or other retailers provide extensive data for eCommerce and digital teams to analyze. In 2018 Cyber Monday made $7.9Billion in sales, Amazon said it it was its biggest sales day of the year and history. To capitalize on the influx of consumers and increase in demand through Cyber Monday, eCommerce brands seek information in one place, regarding consumer habits, consumer sentiment, and performance against the competition. Brands are looking for the best ROI on their advertising dollars and price points.
Once brands have prepared for Cyber Monday and gathered data from sales, they can optimize Cyber Monday data to scale digital and eCommerce strategy in 5 ways.
5 Ways to Optimize Data from Cyber Monday
1. Campaign Building:
- Your brand's value is based on your ability to connect with your target consumer. With an increase in search on Amazon.com and Walmart.com, brands can pull search data to discover how consumers are searching for your products. This intelligence can be used to build future campaigns. Cyber Monday on Amazon or Walmart is a potent channel to learn about customers and learn what piques their interest
- Co-marketing opportunities: Brands may identify an unexpected overlap in search results or products commonly bought together. Marketing teams may see this as an opportunity to reach out to influencers or other brand partners. Brands with a common aim or target consumer may collaborate and enhance brand synergy to increase market penetration and sales
2. Strengthen Customer Relationships: Account managers, digital and eCommerce strategists are concerned with two groups of customers - meeting retailer expectations and satisfying consumers.
- Customer reviews spike in January - after presents have been opened. Brands should watch for a trend in lower star ratings to determine if there is a product issue that needs to be addressed. Addressing product or delivery feedback during this period will be critical to consumer perception.
- The immense increase in traffic across multiple channels during Cyber Monday is a great opportunity for account managers to highlight spending and purchasing trends.
- Brands need to focus on in-stock inventory and be vigilant of any feedback they receive on being out of stock
3. Analyze Review Language:
- Use natural language processing to parse out possible digital marketing terms. By locating common adjectives used by consumers to describe products, marketing teams can be armed with real consumer insights on their products.
- Discover insights in the text of reviews and questions on your site, Amazon, and other retailers. Look for common expressions, product use logic, abbreviations and tone in feedback
- Brands that conducted sentiment analysis through their reviews saw increased revenue of 3o% and provides a better understanding of online consumer sentiment and brand resonance
4. Review Retail Pricing Strategy
- Identify key value items (KVI) by looking at engagement for different items. These items will drive perceived value for brands. Brands can then compare their pricing against competitors. Three questions that will help brands optimize their pricing are to look at the following -
- How many items were sold at a particular price point?
- Which items attracted the most customers and were in high demand?
- Which items have the highest competitive intensity?
- Again, the influx of traffic during this period can identify how many 3p sellers a brand has on Amazon and also may identify if they have hijacked ASINs or counterfeit product being sold without their awareness, Pricebox can provide this data for brands
5. Conduct Competitive Analysis and Performance
- Optimize competitive pricing and search rank data to see how your competitors fared
- Using Searchbox, specifically built to provide insight on Amazon rank, allows brands to measure their brand penetration on Amazon against competitors by looking at search results and page rank
- Compare share of voice and the digital shelf among competitors
Analyzing performance gathered during Cyber Monday can guide strategy for the upcoming year to plan and make up for the deep discounts offered during this all-out shopping day. The most valuable takeaway from gathering data during this period is that it will reveal a strength or weakness in your product, customer service or marketing campaigns. Digital strategies require constant refinement and adjustments to be successful. This influx of intelligence allows brands to make strategic decisions to be more successful in the future.
Reviewbox tools provide a holistic view of the customer experience, not siloed intelligence. This allows brands to guide precise targeting and personalize the customer experience.
To find out more about Reviewbox and how it can help scale your eCommerce business email us at firstname.lastname@example.org