The holiday season has officially arrived! The temperatures have dropped and the Black Friday discounts are heating up. Every company seems to be 100% committed to outdoing their competitors with wild and crazy special offers. However, it’s not all fun and games. Black Friday can be a time of serious stress for the retail sector, especially because they have to keep one eye on the competition so they can stay relevant during the holiday season’s springboard event.
In the hyper-competitive market of holiday sales, it’s critical to know exactly when a competitor launches a promotion and how that special offer may affect your offering. Your revenues can be severely impacted if you mistime your own promotion or respond with a less attractive offer. You can see why Black Friday raises that risk as retailers tend to get swept away in the annual madness.
However, this year can be different. This year, companies can automate the process of tracking their competitors’ Black Friday deals and act with confidence. Here’s how to use Kompyte to track your competitors’ Black Friday sales and respond effectively:
1. Know your enemy
No one knows the competition better than you. You’ve been living and breathing your retail domain for years and you’re finely attune to the market’s ebbs and flows, especially when new competitors enter your turf. Take this moment to enter the competitors you want to track and your most commonly-used keywords so Kompyte can alert you to any newcomers.
2. Set the URLs that need to be tracked
The web is an enormous ocean of content that is growing exponentially. You can’t track it all, but you can know where to look. Make sure the URLs of your competitors’ most critical pages – like their home page, landing pages, blog and social media profiles – are all present and accounted for in Kompyte. These are the locations where new sales, promotions and special offers are most likely to pop up so it’s critical that they’re all being tracked.
3. Stop, Look and Listen
While Kompyte’s automated detection system sends you alerts in real-time anytime changes are detected, our dashboard will show you the more detailed reports of what campaign strategies are having the most impact and engagement with your audience.
You’ll need to adjust your daily routine during the most wonderful time of the year. This is anything but “business as usual” so you’ll need to prepare accordingly. First, get in the habit of checking your Kompyte dashboard every morning to see what changed from the night before. Is there a new banner ad on the home page? What about a change to the pricing on a product page? Are they writing about they’re secret “Black Friday Sale Items” on their blog or newsletter? Use the highlight, share and archive features to get the information to the right person on your team.
4. Adjust your course
The headwinds of holiday sales are fierce and you’ll have to be flexible to maximize your revenue as the season progresses. Supply and demand for your products will shift unexpectedly and you’ll need to make adjustments to your special offers. With Kompyte’s automated tracking solution, you’ll have all the necessary competitor information at your fingertips and be fully prepared to adjust your offers.
Furthermore, by analyzing your competitors’ website updates, AdWords campaigns, blogs and social media channels, you have direct access to which sales strategies and promotional tactics are performing best. Not only will you not miss anything, but you’ll have firsthand data showing you which Black Friday offers are outperforming the rest, giving you the necessary means to shift your strategy and earn more money. For a deeper dive into how you can use your competitors’ data to improve your landing pages click here.
In the end, successful Black Friday sales and holiday shopping promotions all come down to execution. The retailers that are closest to the market and pay most attention to what the consumers are reacting to will prevail as the winners.