Tips & Checklists
Malicious tongues have been giving Black Friday a new name for quite some time already: They call it “Lost Margin Day”. We say: if it is so, then your strategy does not fit to your customers needs. So check them out – our life hacks for successful special sales!
Black Friday? Its working out perfectly! In 2018 it at least six percent of total quarterly sales for mall-based US retailers. And also xalution customers appreciate the bargain day to be a real “sales booster” as well as the official opening of the Christmas shopping season.
Their success strategies may vary depending on the brand and product. Same for the chosen channels to reach their customers. However, they are all relying on the same tools: a solid database and a reliable ERP solution tailored to the needs of the fashion industry.
Although we cannot reveal in detail how successful our contracting retailers and brand manufacturers are actually planning, we may give you some needful tips that you should definitely keep in mind:
- Identify your target group and personalize your output
Specify precisely your target audience and personalize your Black Friday marketing campaign afterwards. Customized offers tailored to the customer may increase your margin – even on Black Friday. The basis is an exact customer knowledge drawn from your ERP solution.
- Push cross selling mechanisms
Focus on your existing customers. All data on their previous purchases, returns and personal data are in your ERP system ready for use – you just have to recall and use them in a clever way. For example as part of a customer loyalty program or for cross-selling purposes. In general the database knows which products individual customers or customer groups are interested in!
- Set the optimal selling price
You may find the best selling price combined with a minimal loss of margin for everyone of your items by automatically analyzing your competitors prices. Your ERP system will support you, retrieving the current sales prices for every webshop stored in the system and from other sources via web crawler technology. You may even activate an alert pointing out sudden massive price changes.
- Use Artificial Intelligence (AI)
It is also your ERP system telling you which products you should push on Black Friday. Use AI of your system to propose customized Black Friday offers to each customer – or even several offers as a bundle. Note: Also cross selling is supported by AI based on the customer information and even across different sales channels.
- Regard omnichannel marketing as a must-do
Despite the proven benefits, the majority of retailers still not implemented an omnichannel marketing and sales strategy. It is a pity as ERP solutions like Microsoft Dynamics 365 for Marketing makes it so easy to run even complex multi-channel campaigns that go beyond traditional email marketing. Possible campaign features include landing pages, webinars, phone calls, websites, events, and LinkedIn Lead Generation.
By the way: These tips work well for the Christmas business, too!
The basis for a successful approach ist the ERP solution Microsoft Dynamics 365 for Marketing. Automating all marketing processes it improves the entire customer journey.
And the Power BI for Dynamics 365 cloud service gives you a complete overview of all campaign-relevant data – and thus a reliable basis for optimal decision taking. Data can be merged from a variety of sources as e.g. local Excel files, databases or software services such as Google Analytics and Salesforce. Get a 360-degree view of your business on the dashboard now!