In any normal year, aiming to increase revenue in Q4 is a given. In addition to the holiday season, which creates as much as 30% of retail sales for the entire year, it’s also a business’s last opportunity to hit KPIs for the year.
Of course, this is not a normal year.
While staggered re-openings have taken place around the country, the data is clear: more people are shopping online than ever before. Though an average Black Friday would include throngs of shoppers packing brick and mortar stores, it’s likely that many consumers will choose to do more of their shopping online this year.
That’s great news for ecommerce as a whole, but it also means that competition for online dollars will be fiercer than ever before. While the internet is packed with ideas for how to optimize in preparation for the holidays, you probably don’t have time to implement 20 suggestions in a matter of weeks.
For that reason, UpSellit has decided to cut to the chase by focusing on the three most important steps that ecommerce sites can take in the weeks leading up to this unusual holiday season. These simple, easy to implement strategies are backed by years of data and make it easy to increase revenue in Q4. Let’s get started.
Three Ways to Increase Revenue in Q4
1. Pinpoint Where Abandonment is Happening
If you’ve been around ecommerce for a while, I’m sure you’re aware that abandonment is an enormous problem. While literally hundreds of articles talk about cart abandonment, this type of abandonment is only the tip of a very costly iceberg.
In truth, abandonment happens at absolutely every stage of the funnel. What’s more, the only way to effectively understand why shoppers abandon is to know where they abandon. Focusing exclusively on the cart stage is like trying to solve a puzzle without all the pieces.
Let’s quickly review the five stages of the customer journey.
- Product Page
As you might expect, abandonment isn’t caused by just one factor. The on-site location where users abandon can help us understand how to combat it.
While we’ve covered this topic before, let’s take a quick look at strategies that can help you address abandonment at each stage.
Homepage – Engage users early without distracting them. An in-page Lead Capture strategy can be a great way to get users on your list without exacerbating abandonment issues with an intrusive on-entry engagement.
Category – Offer dynamic product recommendations that guide users to best-sellers within each section. If they’ve visited before, leverage data from previous sessions to make these recommendations even more powerful.
Product Page – Leverage scarcity and urgency tactics to encourage users to make a decision sooner rather than later.
Cart- Offer users a unique incentive on abandonment. Alternatively, offer to save the user’s order for later via a Cart Preserver.
Checkout – Reiterate value propositions, with special emphasis on your return policy and any satisfaction guarantees you may offer.
By optimizing the on-site experience at each stage of the customer journey, you can improve your flow, better guide users to conversion, and increase revenue in Q4.
2. Make Emails As Dynamic as Possible
Email remains one of the most consistently profitable optimization methods, with an ROI that puts many other strategies to shame. While I’m sure you already have an email strategy of some kind, many sites limit themselves by sending static, largely generic remarketing emails.
Cookie-cutter messaging isn’t just bad because it’s impersonal – it rarely yields the results that could be achieved with the simple addition of dynamic personalization. Let’s take a look at a couple types of emails that are ripe for a revamp.
Post-Abandonment Remarketing Emails
We’ve all gotten one of those emails that feels like it’s written by a robot. They often have subject lines like “Oops – did you forget something?” – and proceed blandly from there.
Fortunately, all we need to do is add a little spice. First and foremost, you should use the customer’s name wherever possible. If you don’t have their name, it’s okay, just be sure to start the email like a person would, with a “Hello there” or “Hey” – whatever works within your brand’s vernacular.
Next, try incorporating as much dynamic content as possible. If the user created a cart, recreate it visually within the context of the email. Online shoppers create carts all the time, and they may not remember exactly what they were looking at.
There’s no need to fret if the user didn’t create a cart. This is your chance to show your stuff – literally. Send them personalized product recommendations that will reignite their interest. Try including several sets of recommendations – incorporate varying price points and categories. The key here is to cast a wide net while still making the recommendations as personal as possible.
If a user has previously purchased from you, you’ve already got a leg up. Converting a returning shopper is easier and significantly cheaper than converting a new one.
Sometimes, you can even sell them something they need as a result of past purchase. A classic example of this is selling a new water filter to someone who previously bought a filtration system. However, the usefulness of Lifecycle Emails extends far beyond refill reminders.
If a user bought something from you in the past, send them information about the newest model. In the case of apparel, send them recommendations from your new collection. Maybe they need a new charger for the phone they bought, a new case for their tablet, or an updated version of a certain software. Whatever you sell, leverage that information to show them something they’ll take an interest in.
3. Say “Yes” to SMS
SMS marketing has come a long way. This medium has gone from an occasional means of communication to an omnipresent force. SMS is an ideal complement to a fully-fleshed out email marketing strategy because both offer distinct advantages.
Where email offers space and regularity, SMS offers speed and truly incredible open rates. In a season where spur of the moment purchases and limited time offers are par for the course, a method of contact that ensures high open rates and fast response times becomes indispensable.
While Q4 is already here, getting an SMS strategy live is fast and simple with UpSellit’s advanced SMS Marketing Platform. Contact us at Hello@UpSellit.com for more details.
Now that we’ve discussed how SMS can help you increase Revenue in Q4, let’s take a look at an example Black Friday/Cyber Week SMS plan.
3 Days Before
Ready for the biggest deals of the year? Our Black Friday event starts in just 3 days. Look at what’s going on sale now! (Link to your ad)
Day Of The Sale
It’s here. And you won’t believe what we’ve got in store. Our most epic deals of the season are live now. (Link to site)
Hi (name), still interested in (Insert product)? This deal ends in less than 24 hours, so get back to (site) before it’s gone! (Insert link)
12 Hours Before End of Sale
Just hours left in our huge Black Friday event. Get back to (site) now to score an incredible deal.
You’ll notice that this plan only includes 4 text messages for the week. That’s because SMS opt-outs are exponentially higher than email – which makes sense since users will receive an alert each time you text.
While you want to keep them engaged, keeping your list strong necessitates finding a balance between over and under-texting. By sending short, vibrant messages at key points in the event, you can keep your list strong and engagement high.
Creating a Plan to Increase Revenue in Q4
By filling in gaps on-site and supplementing your strategies with high quality remarketing, you can ensure that your business thrives during Q4 and beyond.
To discover gaps in your funnel, request a free Shopper Behavioral Analysis and quickly find areas where your shoppers are slipping away. UpSellit’s in-house team will then craft a strategy that prioritizes your sites individual needs to increase revenue in Q4.