BFCM Series #2: What You Need to Know to Grow Your Business This Year
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 second session, we're covering how COVID is impacting BFCM and how you can navigate the unique challenges and opportunities of this holiday season. We go over:
- Key indicators for understanding COVID's impact to your business, and what that means for your BFCM
- Aggregating multichannel sales data for a true performance overview
- Accurate inventory reporting to help you navigate potential supply chain and shipping delays
- Optimizing channels and conversion to capitalize on increasing web traffic and brand discovery
- Running profitable promotions that drive acquisition without eating into your margins
View our slides from the second session here.
- 2:30: Topic overview
- 3:56: COVID's impact on BFCM and stats and trends to look ahead to, including increased online shopping and spending, increased brand discovery, an earlier start to the holiday shopping season and prioritization of both "best" and "affordable" products
- 6:00: Many retailers have explored different sales channels this year, from Amazon to Walmart Marketplace to moving from retail/wholesale to DTC. Importance of consolidating data from all your sales channels for performance reporting.
- 7:30: If you're considering launching new channels now, be sure you give yourself plenty of time and that you're appropriately resourced to avoid customer service issues.
- 10:00: The importance of accurate inventory reporting, and how it can help you navigate supply chain and shipping delays. The data you need to know what you need to order, when, to have enough of the right product on hand.
- 13:03: Internal vs. external inventory and warehouse management, and how to find the data you need to communicate inventory requirements to the stakeholders who need it.
- 14:25: Conventional wisdom this year says to order a bulk of inventory early - do that smarter and make sure you're using your resources and cash on hand wisely by using inventory data to ensure you're purchasing the right amount of the right product.
- 15:30: Importance of setting accurate expectations with your customers and communicating inventory and shipping processes to them early.
- 16:00: Capitalizing on consumers' increasing willingness to explore new brands and new methods and channels of brand discovery
- 17:41: Using data in Glew to identify which products are selling best in which channels, and which products help you drive acquisition and repeat purchases by channel
- 19:22: Identifying your highest-performing channels by customer acquisition, lifetime value and return on ad spend so you can maximize marketing efforts for the holiday season
- 2o:27: Custom reporting available for identifying what products customers purchase from you in what order and more complex customer acquisition questions
- 22:16: Customers this year are looking for quality and affordability - how to meet the needs of value shoppers while maintaining profitability and brand value
- 22:58: Assumptions about value shoppers - your customers who tend to use discounts might be just as valuable to your brand as those who never use discounts. Use discounts strategically to drive acquisition and AOV.
- 27:02: Customer segmentation to identify different customer groups for discounts and promotions - value shoppers, lost customers, VIPS and more
- 28:04: Using customer segments to create lookalike audiences in Facebook