“Spend some time looking at your sales over last weekend. Pull those days that match up to Black Friday from last year and check out your growth. look at the KPIs that would be most important for this and start to track them because that's where we start to see where the opportunities are in the brand for growth and for performance.” - Kristi Soomer
Welcome to Brave and Boss with Kristi Soomer. In this solo episode, we get the scoop on Black Friday, how come many felt like sales were down while others saw growth? We discuss the possible factors that played a role in sales, or a lack thereof, and what you can do going forward into the holiday season to finish 2022 strong.
[00:01] What The Heck Happened on Black Friday?
- Q4 has been chaotic and all over the place
- Let’s talk stats
- According to Adobe Analytics, Cyber Monday sales have dropped worldwide $100,000,000 compared to last year
- Shopify stores are up 3.7 million from last year’s 1.7 million
- There has been a 10% increase in sales all across Shopify stores compared to last year
- Total Shopify sales could be spread thinner this year due to the increase in stores
- There was a huge uptick in early spending
- 80% of brands were starting their Black Friday sale before Black Friday
- A new trend I saw in our Brave and Boss Facebook group is that 50% of the members I polled said they were “not shopping at all this Black Friday weekend”
[12:31] How Do You Do A Post Mortem?
- Spend some time looking at your sales over the Black Friday weekend
- Look at the KPI’s that would be most important for this and start to track them
- My favorite KPIs that I want you to pull:
- Revenue by day
- Total data
- Conversion rate by day
- Average order value by day
- New customer percentage
- Number of Orders
- Talk to your team and customers in order to get feedback
- Sit down with your team or by yourself and do a content dump
- Ask yourself what is happening from now to January in the world
- Make a strong plan to finish the year
[19:16] Do Not Sit on Your Hands Until 2022
- Spend the time to make a plan
- There are so many options you can do for promotions this holiday shopping season
- Final words: I believe in you!
“That is our brain, we have too many tabs open. So take some tabs, close them, put this stuff on paper somewhere and make notes. Whatever has happened has happened, so let's just analyze what's happened. Let's not feel bad about it or overly congratulate ourselves on it.” - Kristi Soomer
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