BFCM Series #1: How to Look at Last Year's Data to Create This Year's Plan

Overview:

This year, Glew is hosting a series of webinars designed to help you get the most out of your BFCM data, and use it to develop successful strategies for this holiday season and beyond.

Over the course of 6 weeks, we’re hosting four sessions that will take you from your initial BFCM strategy to acquiring the right customers and understanding how to retain them, even after the holidays are over.

For our first session, we're covering how to look at last year's BFCM data to formulate this year's plan. We go over:

• Preparing for BFCM 2020
• Why last year’s data is the best place to start
• Evaluating last year’s results to inform this year’s forecast
• What you can learn from last year’s top-selling products
• Finding inspiration from your best holiday channels and campaigns
• How identifying your 2019 holiday customers can help you drive 2020 acquisition and retention

View our slides from the first session here.

Quick hits:

• 2:21: Overview of the topic + what we’re covering
• 4:02: 2020 BFCM stats and predictions to anticipate: more online shopping and spending, new brand discovery, earlier holiday shopping, and emphasis on quality + price
• 5:15: Looking at historical performance: what performed well, and where can you improve? Looking at YoY trends in revenue, conversion rate across devices, cart abandonment, website speed and performance
• 7:59: Understanding the COVID impact on your business and how it applies to your BFCM plans - wholesale to DTC shifts
• 8:40: Historical product performance: product segments to identify your top-selling products, hot products, and op products bundled last holiday season
• 11:22: Filtering your product list: look at revenue, orders, quantity sold, customer lifetime value for each product. Which products have a high quantity sold and high LTV?
• 12:17: Filter by channel: which product sell best in each of your advertising channels?
• 13:05: Inventory velocity - helpful for forecasting and planning. Understand how much you’re selling and at what rate so you can ensure enough on hand.
• 14:22: Using product tags to report on categories - see what price points or collections are top-performing during the holidays
• 16:15: Looking at last year’s channel performance from the holiday season and COVID to prepare for BFCM. Which channels are the best for LTV, acquisition, repeat purchasers?
• 17:35: Finding lifetime value by channel and campaign in Glew, new vs. repeat customers by campaign, lifetime and profitability metrics by channel
• 19:35: Identifying last year’s holiday shoppers - focusing on high lifetime value segments, VIP customers, big ticket spenders.
• 21:18: Driving retention rate - see which customer segments tend to come back and purchase again and what they have in common
• 21:56: Customer segments in Glew and pulling out relevant holiday data - revenue from first purchased customers, high-converting products, syncing segments with Mailchimp and Klaviyo for email marketing
• 22:55: Never purchased and abandoned cart segments and how to capitalize on them for holiday purchases
• 23:23: Creating custom segments on the customer list
• 25:26: Filtering customers by gender, geographic location and age
• 26:09: Segmenting customers by payment type
• 27:00: Syncing segments and product recommendations from Glew to Klaviyo for email campaigns
• 28:34: Demand planning and forecasting in Glew and with custom reports