At Keynes Digital, the holiday shopping period is both a busy and exciting time for our team as we drive sales for our clients across an array of consumer brands. The recent Black Friday and Cyber Monday weekend threw up some interesting insights driven by a significant surge in conversion rates for Connected TV (CTV) advertisers compared to last year:
- Black Friday: 166% increase in conversion rates
- Cyber Monday: 93% increase in conversion rates
In a reversal of 2022’s findings, Black Friday outperformed Cyber Monday as bargain hunters bought as soon as sales dropped.
The exceptional success of Black Friday led marketers to up their investments across Premium Connected TV channels on Cyber Monday, resulting in a 22% increase in revenue beyond initial expectations.
As demonstrated in our 2022 findings, the peak shopping season is extending each year. This year we recommended that partners bring forward their sales promotions for the entire week leading up to Black Friday, resulting in a 125% increase in early sales conversion rates, up from 46% last year. This underscores the ongoing significance of early engagement, affirming the advantages for advertisers who begin their promotions well ahead of the shopping frenzy.
So what can we learn for 2024? Consider these 3 key strategies:
- Advance Promotions: Start promotions at least a week before Black Friday to capture eager shoppers seeking early deals.
- Increased Early Investment: Upweight CTV advertising spend from mid-November to take advantage of heightened consumer engagement.
- Dynamic Budgets: Be flexible with promotions and budgets to capitalize on early results to drive the highest return.
