VP of Growth
So the Q4 rush has ended and you are ready to relax – not so fast.
Although Q4 does bring great sales, it’s important to also understand
the insight that can be gained during this time. With each new customer
comes valuable information crucial to take your business to the next step.
First, take a look at your top-performing products and brands in Q4.
Why did those products perform well?
How did those change from last year?
Does it line up with consumer behavior shifts or is this performance due to new product features?
On the flip side,
Why did some products not perform as well?
Why did the conversion rate take a dip?
Are we priced competitively?
There are millions of questions to dissect and brands have more data available than ever to unpack these answers. By diving into performance, brands can determine successful product strategies and budgeting for 2024.
Next, unpack your new customer shopping journey.
What products are consumers viewing but not buying?
What products are these customers adding to their carts but not clicking purchase on?
Assuming you have obtained many new-to-brand customers, now is the time to convert them to brand-loyal consumers. When customers ask questions, leave reviews, or reach out to a seller directly, it is crucial to be timely, professional, and kind. Going above and beyond can move the needle when considering long-term customer loyalty.
Based on these insights, test new strategies that align with these unique shopping behaviors, such as offering Subscribe & Save or utilizing Brand Tailored Promotions to reach specific customers. Sellers can now offer promotions to specific customers, like Brand Followers, Repeat customers, High-Spend Customers, or Cart Abandoners.
To fully take advantage of a successful Q4, make sure that you are utilizing the new remarketing pool that you accumulated. Most sellers peak in both sales and traffic in Q4 and can retarget people who have interacted with their brand through Sponsored Display or DSP campaigns.