Cyber Monday is a big deal for digital marketers. It’s arguably the most important day of the year!
Our FBPPC experts have arrived to give you some last-minute tips, advice for next year, and some adjustments you should make before the end of the year.
First up is a fantastic regular contributor to the FBPPC blog: Clix Marketing’s Robert Brady. His advice is to plan ahead, and monitor and optimize on the go.
Plan, Plan, Plan – You’ve got to have all your campaigns built and ready to roll out at midnight. Seriously, there will be people who stay up late on Sunday night until the clock strikes midnight so they can get first dibs on those awesome (often limited) Cyber Monday deals. Make sure you’ve planned enough budget, and this leads to #2:
Monitor & Optimize – Watch your metrics like a hawk. What is your average position? How much is the CPC? What is the conversion rate? Even though it’s frantic, look for pockets of traffic with low CPA and high average positions. Bid them up. Find expensive areas and back off. Cyber Monday is basically a month’s worth of activity in one day, so you’ve got to be on your game.
Bonus Tip: Stock up on the caffeine!
Another long-time contributor, Ryan Pitylak of Unique Influence, warns us about the incredibly competitive Cyber Monday landscape.
Cyber Monday means extreme competition for available impressions. While you can’t magically create additional impressions, you can prepare yourself for the Cyber Monday landscape. During last year’s holiday shopping season, Facebook ecommerce companies saw a 28% increase in CPC and 51% increase in purchase rates, according to Nanigans.
Therefore, in order for your ads to be served to your targeted audiences, be prepared to bid 50-100% higher than usual. Keep track of your impressions on an hourly basis, to get a sense for how much you’re getting served. If you’re not where you need to be, you’ll need to further increase bids. The good news is that increasing purchase rate on Cyber Monday should more than make up for the cost of inventory.
Furthermore, given the higher inventory cost, be sure to show your offer to customers who are most likely to convert. One way to achieve this is by using custom (Facebook) and tailored (Twitter) audiences to target CRM segments and recent site visitors.
Finally, Tom Lambert of Single Grain offers 3 great tips to make sure you stay competitive this Cyber Monday.
Tip #1 – Give your customers a real Black Friday experience. You know how people will stand in line all night in the cold to save $100 on a TV on Black Friday? If you want to maximize your sales on Black Friday, you need to make your customers online shopping experience that exciting. Outside of the obvious big-time discounts (that’s a pretty strong motivator for most people), you can do other simple things that will set the “mood” of the day like customizing the design of your website, sending out email promotions with the biggest savings you’re offering, and taking full advantage of the theme that the purpose of Black Friday is to clear out old inventories at a a massive discount. It might seem trivial or even a little silly, but experiential shopping is something that consumers are CRAVING online. Since shoppers are fully expecting to part with their hard-earned money on Black Friday if you set the right “ground work,” it should be one of the most profitable days of the year for your business.
Tip #2 – Price-match your competitors. This is an old retail trick that has been used on Black Friday for years. If you sell products or services online, price-matching on Black Friday is a great way to absorb some of your competitors business, especially if your customers like shopping with you more or you create a better product. To raise awareness, post to your fan page and Twitter profile, and send an email blast letting your customers know that you will price-match any deals they send you.
Tip #3 – Offer premiums to a select few customers. Another way to tap into the Black Friday madness is to offer premiums to a certain number of customers. For example…if you run an eCommerce store that sells TVs, throw in a free universal remote for the first 100 customers. Don’t you think that will create some sense of urgency? ;)
That’s all for now, folks! Have a killer Cyber Monday tip that you’re dying to share? Let us know in the comments. Get those sales!