The holiday shopping season, especially Black Friday and Cyber Monday (BFCM), offers eCommerce brands a prime chance to boost sales and attract new customers. To maximize your BFCM performance in the future, it's essential to thoroughly analyze your performance after the event.
This guide from Full Funnel Growth will help you evaluate your BFCM results and gain valuable insights to improve your strategies for future campaigns.
Data Collection
Before diving into the analysis, gather all relevant data from your BFCM campaigns. The following data points will provide a comprehensive overview of your performance:
Sales Data
Total Sales: Total revenue generated during the BFCM period.
Average Order Value (AOV): Calculate AOV by dividing total sales by the number of orders.
Units Sold: Track the number of products sold to identify bestsellers.
Traffic Metrics
Website Traffic Sources: Analyze where visitors came from (organic search, paid ads, social media, etc.).
Visitor Demographics: Gather data on visitor age, gender, location, and interests.
Behavior Patterns: Monitor pages visited, time spent on site, and bounce rates.
Campaign Performance
Ad Performance: Track impressions, clicks, conversion rates, and overall ROI for each advertising channel.
Email Performance: Analyze open rates, click-through rates (CTR), and conversion rates for email campaigns.
Key Performance Indicators (KPIs)
We recommend focusing on the following KPIs when assessing the success of your BFCM campaigns.
Sales Growth
Year-over-Year (YoY) Comparison: Compare total sales during BFCM to previous years to gauge growth.
Customer Acquisition Cost (CPA)
Calculate CPA by dividing total marketing expenses by the number of customers acquired during BFCM.
Focus on NCPA → New Customer Cost of Acquisition, as this will frame how many New Customers you acquired during this period & at what cost.
Return on Advertising Spend (ROAS)
ROAS measures revenue generated for every dollar spent on advertising. Use this formula: ROAS = Total Revenue / Total Ad Spend
Customer Lifetime Value (CLV)
Estimate CLV by analyzing average customer spend and retention rates. This helps you understand the long-term value of customers acquired during BFCM.
Performance Analysis
Then, analyze performance across various aspects of your campaign:
Sales Performance
Identify which products or categories performed best. Assess pricing strategies, discounts offered, and inventory management.
Channel Performance
Evaluate the effectiveness of different marketing channels. Which channels drove the most traffic and sales? Adjust future investments based on this data.
Customer Insights
Examine customer demographics and behaviors. What trends can you identify? Use these insights to refine targeting strategies.
Competitor Analysis
Review competitors’ performance during BFCM. What strategies did they implement? Identify gaps in your approach and areas for improvement.
Lessons Learned
Reflect on the outcomes of your BFCM campaign. Document key takeaways, including:
Successes: What strategies or campaigns delivered strong results?
Challenges: Identify any unexpected challenges faced during BFCM. How were they addressed?
Opportunities for Improvement: What can be improved for future campaigns?
Recommendations for Future BFCM
Based on your analysis, consider the following:
Adjust Marketing Strategies: Refine your marketing approach based on what resonated with customers during BFCM.
Refine Targeting: Use customer insights to create more tailored ad campaigns that reach your ideal audience.
Optimize Customer Service: Enhance customer service protocols to manage increased traffic and inquiries during peak periods.
Website Performance: Ensure your website can handle high traffic volumes. Optimize the user experience to minimize cart abandonment.
Need Help with Your BFCM Campaigns or Performance Reporting?
If you need assistance with your BFCM campaigns or performance reporting, don't be shy! Contact us at