The final three months of the year are often referred to as the "Golden Quarter" in the world of retail. This period, spanning from October to December, represents a treasure trove of opportunities for businesses and consumers alike.
In this article, we'll delve into what makes the Golden Quarter so significant, the key dates you should mark on your calendar, and how to leverage data and insights to make the most of this festive season.
Traditionally, the holiday season was synonymous with Christmas, but in recent years, it has evolved to encompass a broader timeframe thanks to the growing awareness of events like Black Friday and Cyber Monday.
The Golden Quarter now includes the months of October, November, and December, during which businesses experience a substantial uptick in sales.
Consumers are not only shopping for holiday gifts but also capitalizing on the enticing deals offered during this time. An influx in sales also leads to an opportunity for an increase in reviews that are collected.
To make the most of the Golden Quarter, it's essential to be aware of the key dates during this period:
Attracting fresh customers during this BFCM (Black Friday and Cyber Monday) period through discounts, sign-up bonuses, and special offers is essential. However, if you don't have a strategy in place to transition these initial, one-time purchasers into loyal customers, your efforts to acquire these customers will ultimately be for nothing. Learn more about how our loyalty program, Influence.io, outlines the benefits of building long-lasting customer loyalty during BFCM and beyond.
While Black Friday and Cyber Monday (BFCM) may be short-lived campaigns, it's essential to strategize for the sustained engagement of these fresh customers over the long haul.
Integrating a loyalty program into your marketing approach enables you to foster a feeling of community, cultivate brand loyalty, and embrace new clients, all while providing exclusive incentives to your dedicated existing customer base.
Instead of engaging in a price war, focus on enhancing the perception of the value of your products and services. Highlight your brand's unique selling propositions (USPs), such as product knowledge, customer service, sustainability, or expert craftsmanship.
Retailers have the opportunity to showcase these unique selling points (USPs) in their review content. With REVIEWS.io's extensive selection of widgets, this content can be featured at various stages throughout the customer's experience.
Our customers can harness our platform for purposes beyond simply collecting reviews, and in turn, maximizing the benefits of customer feedback.
With each occasion: pre-, during, and post-BFCM, there’s an opportunity to use our AI insights tool to adapt and refine your strategy.
For example, any issues from the Halloween sales period can be adjusted just before your BFCM campaigns are running, which enables you to learn, adapt, and improve throughout the Golden Quarter. And, for BFCM, merchants might focus on delivery times and monitor them through attributes. You can adjust these to reflect key areas in your business that you need to learn more about.
Looking back at your previous years’ campaigns around the holiday period, you can analyze what went wrong and how to mitigate this for this year's golden quarter. Or even just to take the learning from past events/campaigns for sales for the remainder of the year for periods like Blue Monday, Valentine's, etc.
To maximize sales, it's crucial to scale up your checkout capacity. This includes utilizing real-time analytics to monitor customer interactions within your website, increase conversions, and optimize your CX, like at the point of converting from a browser to a buyer at checkout.
For example, our Session Replays & Analytics tool allows you to collect first-party data from your customers. See real-time their pain points, interactions with review content, and crucially when they choose to abandon their cart.
Learn from these key events and see the benefit of adding review content to converting stages of the customer journey, like at checkout or at the stage where a potential purchase transitions into a sale, such as on product description pages.
Review content comes in many shapes and sizes, including the type of reviews that have supporting images or videos (UGC) that you see displayed on the product page, at the point of sale.
Another checkout cheat code to increase conversions is by adding Review Nuggets beside the buy button. Add in the best element of the review beside the converting element.
With the ongoing shift toward online shopping, ensure your eCommerce store is ready to handle the surge in web traffic. Website speed is a huge one to tackle. You don’t want potential customers to be abandoning their journey as a result of slow loading times.
Make sure your site is optimized for the influx in site traffic. With REVIEWS.io, we provide dynamic review widgets, that are versatile, fast, and optimized for usability.
As well as site speed, we recommend that you pre-load promotions, set timed discounts, and implement teaser promotions to build anticipation among your audience. These promotions have a dual benefit, keeping your customers happy and fulfilled with discounted items and keeping your store active and relevant to turn first-time buyers into loyal customers this BFCM.
The influx of orders during this period can be used as an opportunity to negotiate better deals with your delivery partners.
Furthermore, given the prevalence of delivery issues and delays during the Black Friday/Cyber Monday (BFCM) period, it's advisable to proactively inform your customers about the increased order volume and the possibility of delivery delays.
This proactive approach can help mitigate the risk of receiving negative reviews related to delivery problems, especially if you rely on third-party delivery services where you have limited control over the delays. In such cases, negative reviews can unfairly reflect on your company rather than the circumstances beyond your control.
To achieve this, implementing effective tracking systems, providing regular email confirmations and advance notifications to customers regarding expected delivery times, and offering frequent updates can significantly enhance the overall customer experience. These measures cover everything from initial preemptive communication to the final review reminder notification.
Use surveys to gather first-party data and personalize your marketing campaigns to establish a deeper connection with shoppers.
By engaging customers with surveys, you gain insights into their preferences and expectations, which can be used to customize product recommendations, refine user interfaces, and personalize marketing efforts.
Employing surveys through REVIEWS.io can be a powerful means of gathering first-party data. This data, directly sourced from your customers, holds the potential to shape personalized shopping experiences.
Simultaneously, seeking customer feedback through surveys demonstrates your commitment to their satisfaction, fostering stronger relationships and trust. In essence, surveys in REVIEWS.io not only enable tailored shopping experiences but also enhance customer engagement and loyalty.
A heavy sales period is a huge opportunity for your brand to harvest your hard-earned review content. To put it simply, a high volume of transactions equals a high volume of review requests.
You can customize the attributes you collect to gain insights for specific occasions. For example, around Halloween, you may want to focus on product quality. So you could tweak your attribute questions to gather feedback on relevant topics like costume material or candy freshness.
Similarly, for Black Friday and Cyber Monday, you might prioritize understanding delivery times. By honing in on what matters most during peak seasons, you can collect tons of useful data at the right moments.
To succeed during the Golden Quarter, consider implementing the opportunities and strategies and using our products:
The Golden Quarter is a remarkable time for both consumers and businesses. By capitalizing on the opportunities it offers, you can not only boost your sales and profits but also build lasting relationships with customers.
Using data and insights to refine your strategies will not only make the most of the holiday season but also benefit your business throughout the year.
Platforms like REVIEWS.io provide valuable features that help you gather first-party data and fine-tune your approaches, ensuring personalized shopping experiences for your customers. This is the season where the spirit of giving can result in the gift of growth and success for your business.