Black Friday 2025: The Exact Strategy Behind £45M in Revenue

0:00Olly:We spent about£11.5 million on Meta over the last Black Friday, generated nearly£45 million in revenue for the brands that we work with over the period.

0:15Loukas:How is it August? And we are doing our Black Friday Cyber Monday episode. Can you believe it? Welcome back to another episode of D2C Diaries. Probably one of our biggest episodes of the year, just in terms of the impact that Black Friday can have on a brand throughout the year. Some brands see up to 90 % of their revenue come during that period. Not all, but today will be a big one. What are you thinking? Yeah.

0:44Olly:It's crunch time, right? At the end of the year. Some brands are super reliant. I think, yeah, roughly from the point of this podcast going out, we'll have around about 90 days till Black Friday. as you say it's kind of terrified i feel like the years evaporated in front of us it's always the trigger isn't it of like summer's almost over when you start planning for black friday gonna shrink back into our little cave and click buttons on a computer screen until christmas yeah um but yeah 90 days scary when you put it in days i think more so than the months it'll come around very quick and yeah we're here back with the episode where we're hoping to provide you with the tools the strategy and the resources more on that later to guide through the period like in this episode going to cover um a lot of different areas um we spent about 11 and a half million pounds on meta over the last black friday generated nearly 45 million in revenue for the brands that we work with over the period and i think we've refined our strategy year on year for since the inception of the group and we've iterated again this year and we're bringing a ton of value through the pod and through the lead magnets that we're going to be releasing over the next five weeks that cover a lot of areas, all of which are super important.

2:02Olly:I'm going to dive in on this episode into some of the fundamentals. So like setting goals and objectives, offer strategy where brands go right and wrong, and a bit about lead generation in the build-up. Lucas is...

2:16Loukas:Yeah, I'm going to go through top mistakes, like things to avoid just over the years of doing Black Friday, creative. I'm going to go into a little bit on research and also strategy, like what we would expect in terms of funnel splits, strategies around how to maximize your creative output during the period. I'm also going to go into like quick wins. I think Black Friday, when it comes to creative, is a period of working smarter, not harder. So going to talk through some of the strategies that we use to be able to maximize on the period without having to reinvent the wheel. Some concepts that have worked for us over the years we're going to be giving away a lot a lot of this as well as part of um you know the the episode um and also going into some hooks but there's going to be loads of little giveaways throughout this episode so make sure you watch till the end subscribe if you haven't um and yeah let's get into it love it yeah i want to start with with top line strategy

3:17Olly:goals and objectives um and as as with any episode comment what what word we're going to go with today i think peak let's go peak comment peak to get the first of our um black friday cheat sheets um and and one of the main starting points in in that in that resource is is our black friday master sheet and what that does for brands watching is helps you get clear on goals for the period And I think as with creative, as we've touched on, like a lot of the time brands can get caught up in execution and stop to really take a step back and reflect on data, reflect on what they want to achieve over Black Friday and set super clear, but goals based on that.

4:01Olly:and that can really anchor getting really clear on those goals can really anchor firstly your targets and secondly the execution and the way you set up your strategy for the period in fundamentally different ways based on what you're trying to achieve so examples that we see across brands is like yeah we see some that just want to take chase pure top-line revenue top-line profit or bottom-line profit and I think the landscape there has shifted a bit over the last few years obviously profit becoming a bigger goal um other brands that are super focused on a subset of those brands super focused on the new customer portion like can we generate as many profitable new customers because we know that they repeat a really healthy cohort value over the next 12 months others are more focused on maybe shifting stock liquidating stock that they've accumulated over over the last few months or last 12 months that they haven't been able to sell through others may want to focus more on on stronger repeat customers think subscription brands were going too hard on that front end offer could actually have a negative impact on on current cohort value we've seen that happen haven't we time and time again 100 % um and i think it's really important to analyze like your historical data looking at your repeat cohorts from november how they compare to to other periods and the historical data from previous Black Fridays to really get clear on like what are you trying to achieve over that period um we've we've built this sheet um Sam our killer CMO has built the BFCM uh offer sheet which is kind of a bit of a plug and play guide to taking historical data your unit economics and the goals that you want to achieve and sort of building that down to clear CPA and ROAS targets obviously through this period we're going to find it much easier to drive volume but that may come at an efficiency loss and it's like how can we use these different variables on a unitary level to achieve the right outcome across Black Friday as a period so I'd recommend everybody commenting peak and getting that resource so you can work through that that exercise and getting super clear on what what that like top line goal is and how we translate that down to targets at a blended ROAS level and MER level and then a new customer repeat customer level beyond that

6:26Loukas:nice yeah I think it's it's some of the questions that people don't really consider as much as they probably need to like it's I think a lot of brands will chad the period um and I think it's yeah it's so important to reverse engineer that because otherwise as you say there's just could be a massive impact on efficiency um on you know customer cohorts and and you know retention as

6:51Olly:well so yeah completely agree yeah i think laying it layering it layering from that strategic objective to that unit economics view and then to those those targets at a new customer level give you that ability to then build out again this is within the sheet a view of what does our like pacing expectation look like on a daily basis for the whole of november and december i think we've got cyber monday falling into december this year um i even think that that debt where in the month that period falls um when looking at comparisons to last year and strategy for this year is important but being really clear on those objectives those metrics that anchor the execution allows you to be to pull the right levers through the period because i think through through that two week period more so than any point in the year you're able to drive pretty significant interday changes in performance through the tactics that you deploy and making sure that you're laddering and that all up to the right targets is super important.

7:58Olly:I think yeah getting into that sheet and really working that problem for the brand and sense checking it like there's no point in setting a crazy revenue and efficiency target if you've never been able to get close to that sort of mer or roas target in historical data it's got it you've got to pair it with a sense of realism around what's achievable for a brand yeah definitely and then it's like that's

8:19Loukas:how then you feed into like reverse engineering your funnel splits your creative volume um because i think from when it gets to that point where you are then reverse engineering to a creative level i feel like one of the biggest mistakes i see is that brands just switch off or completely under index on bau which is still an important thing to to maintain during that period and how we then layer in offers as part of that 100 i think even whenever we're doing our like retroactive of

8:51Olly:meta or at most channels really it's like you're looking at your bau campaigns and i think a large part of this is delayed attribution but they are they often are the the core drivers of performance because they've got that optimization in place they're they're constantly driving like net new reach over time and those BA there's more BFCM specific those offer led assets that you're layering close to the period they drive a lot of conversion and revenue but they often don't don't carry as much spend or efficiency as as the other campaigns I think the key once you've got clear on that like objective the key thing that really can inform beyond what we've just discussed is like offer and i think this is the area where i just think brands get stuck up on on this and really just over complicate things or try to just reinvent the wheel and do something wildly complex and i think when you're close to e-commerce it's easy to think that like all consumers are very savvy and i think that the general consumer online is getting more intelligent but i couldn't i can can give you so many examples of where we've seen brands just doing needlessly complex front-end offers just wanted to touch on that i did it what have you seen previously with with brands

10:14Loukas:from an offer perspective say last year that you thought really worked so again like you said you shouldn't be reinventing the wheel when it comes to to offers i think again what we're seeing just working is more simple stuff you know like obviously Bogoff is is something that you see a lot but I think people probably over index into Bogoff because of it doesn't necessarily drive the impact or the intention that you want from new customer cohorts and I think one thing I've seen with Bogoff you might disagree you've actually definitely have more experience when it comes to offers than I do but actually you then those customers come for a short period and then drop off pretty instantly yeah i think it's it's relating that offer to the the the objective that

11:07Olly:you set and i think for key for for what makes a great black friday front end offer is high perceived value and savings clear and easy to understand and built with like margins and ltv in mind so like something that you you have confidence over on a front end that's going to be efficient you're confident that it's going to drive the right unit outcome on a first purchase level but you've also got some conviction in the fact that that cohort or that those individuals then repeat at a reasonable level and you're not just acquiring a really poor cohort of customers and paying a lot like a high volume of low value customers so I think like thinking through how you build that profitable offer it's like knowing your margins using that unit economics calculator setting a target for profit margin so like through that period are we accepting a lower profit outcome per unit but we're exchanging that for much higher volume of new customer acquisition are we segmenting products so we're looking at like higher margin items and bundling with complementary products to drive firstly AOV but also perceived value and therefore driving conversion rate up are we looking at any like smarter offers around that that are maybe tertiary pushing in crm or or there to really attract like traffic awareness uh tiered discounts to boost aov beyond that hero offer um but yeah i think that sort of that front-end offer needs to be that main front-end site offer needs to be simple it needs to be compelling and it needs to be commercially viable.

12:50Olly:Those are the three things. Examples would be bog off, fixed percentage off, free shipping, but I don't think that really moves the needle that much anymore. I think we've seen the rise and rise and rise of GWP. If we've purchased, I think we're seeing that on TikTok shop right now. That's crushing in comparison to discounts and it could often be more favorable if you've got the right product economics. Bundles, gift wrapping, and then like variable pounds and dollars off depending on volume purchased.

13:22Loukas:I think as well, think about the way that you want to position the messaging of that offer because, you know, 50 % off or, sorry, 20 % off or 20 pounds off both have different, you know, people are going to view those in slightly different ways. So think about like the way that, you know, although you can say your offer in multiple different ways, which way is the consumer, which way is it going to make it most enticing?

13:50Olly:Yeah and I think that comes back to testing right like we're in this period now where you've got you've got September and October to test and learn and I think offer spoke about this on the last podcast with Dylan it's arguably the highest impact test you can do across a store it can transform the business overnight and I think getting offer right across Black Friday can completely transform that period and there's no harm in in doing some aggressive offer offer testing throughout the next 30 to 60 days just on cold traffic validating what works and you're not going to be able to validate like ltb off that and then taking that learning forward into into into peak and i think that's what that's those are the brands that that crush through the brands that crush in q4 are the ones that are doing the right things have the right processes ingrained in the in the business throughout the rest of the year but yeah if you're not got 100 % conviction on how you how you're going to approach that offer piece now I would apply what we've just covered apply what's in the lead magnet and do some testing across the next few weeks in order to get some data that you can take forward um yeah just make sure it's not confusing like I've seen brands doing like just just crazy like complex bundle quantity discounts that's just like so hard to even

15:10Loukas:even understand yeah it's that rule isn't it like needs to be so simple a five-year-old can understand it yeah 100 perfect well i think again within our black friday sheet i think the next

15:27Olly:the once you've got that down i think the forecasting and budgeting the daily pacing that i've mentioned is is crucial um we've got the framework in there for you to utilize to put that in place um i think forecasting through the periods um is is crucial to understand like to to ensure that you're tracking on a daily basis those key kpis that ladder up to the objective you try to achieve but also allows you to prevent under and overspending based on stock levels um it allows you to kind of really keep a close eye on on revenue profit and cash flow and like set those expectations for q1 and um and that layers up that's from a stock perspective it's from a spend perspective but it also provides like the team and everybody else in in the business when looking at it on a daily daily basis the ability to like react in real time to data quickly which i think again through that period you can you can really you can be really reactive you can pull levers like extra crm sends you can you can you want to be try to turn around add creative as quick as possible if needed and i even saw a couple of brand cases last year where they pivoted off a halfway through the period because it just wasn't hitting so i think it's like getting granular on your pacing and tracking is is really important for all of those reasons so i'd encourage you to just work through that sheet comment peak um and it'll set you up for success i think in terms of like looking at the next few months um obviously we're 90 days out now I want to get on to creative but I wanted to take some time to talk about like lead generation yeah people don't talk about or think about this enough do they no and I feel like it's interesting to think about the backdrop of the environment that many brands have found themselves in this year in terms of struggling with incremental reach on Facebook and struggling with getting in front of new eyeballs and i think like the brands that are operating in that landscape and that and are struggling with that issue the execution in the next couple of months is crucial to your success around black friday because i think if you've been struggling to fill the funnel with net new eyeballs through the rest of the year i think that will compound into BFCM where attention is even more expensive um consumers are even more overwhelmed so I think how brands approach that awareness generation is is going to be crucial um for for for September October to set themselves up for for that kind of November funnel clean activity with with with the offers um yeah what what are your thoughts on lead generation how Have you seen this done from a creative perspective, perhaps to start with?

18:21Loukas:Yeah, I think it's so underutilised really and so valuable. I think we saw players like Ridge and Hexclad just destroy this strategy last year in a good way. That is, you know, I think Hexclad did. It was more an incentive around prizes. That's one way to approach it. So I think it was like spend a day with Gordon Ramsay. Ridge were giving away a gold Tesla. again it's like if we're going to be following a strategy of like incentivizing leads it's it's that whole thing of like show me the reward and i'll show you the incentive um if that's the right phrasing of it so i think it's you know firstly before we even get on to creative that we need to be heavily incentivizing through that sign up and that has to be something that other people aren't necessarily getting that could be early access it could be further exclusives it could be some form of giveaway as we just went through a few examples then but the key is like keeping it as frictionless as possible so making those signups um just simple fast and seamless i think is is is something that is just really important like how many times are they having to click to get through to that sign up page and how obvious is it for them to be able to do so so I think that's a really important thing to be thinking about as part of that process I think again it's like when I see this work well it's it's how can we inject creative in a way that feels quite guerrilla and saw some good examples from like Ridge Hexclad and a few others last year where you know they they almost created a whole campaign just purely focusing on on this lead gen process and they were doing some crazy stuff like ridge obviously had the gold tesla they were doing stuff you know out with the tesla they were really kind of incentivizing through through that um so i think you know if if you're going to apply lead gen to this we need to treat it as if we would another creative campaign what what are we actually doing through the creative to be able to incentivize that.

20:30Loukas:And I think the key there is like, we want to go pretty top of funnel, right? Like I think again, what is going to drive the most people through that pipeline as possible? So going very top of funnel through creative, but not neglecting, you know, your email list, not neglecting your organic socials, because I think there's a good opportunity there as well through organic and how you can drive that through and make this more multi-layered strategy for driving those signups?

21:02Olly:Yeah, I think where brands get that lead generation activity wrong, and I've seen this play out multiple times, it's an afterthought. It's like we're just going to slap up a few lead ads for a few weeks in October and we're just going to run some paid spend to a signup form. But I think what you mentioned there is the activation, the strategy, and the campaign that runs around that um that continuity uh that creative strategy that customer journey and then even the the follow-up post customer journey that really keeps people engaged keeps people warm to the to the idea i think like the reasons why it's really important is is because cheaper cpms like that ability to build awareness whether that's lead generation activity or if it's just awareness top of funnel campaigns it's cheaper to do that in october and late september than it is when we're getting into the depths of november and cpm just start to skyrocket i think ultimately like across that that period of sale activity retention is going to make up a much larger or crm is going to make up a much larger portion of revenue than usual like you you're seeing repeat rate um increase you're seeing your frequency of send increase um and I think it's a really good opportunity to build lists going into that period so yeah I think like you mentioned early offers early access discounts exclusives giveaways all of those things I just think it's it's finding what fits your brand in the right way like Gordon's golden ticket was the perfect example of that for the Xclad not just being like early not just an early access sign up two weeks out because I think that's like three years ago that would work but I think that's that the customers expecting more i liked what gymshark did last year where they hit a load of golden tickets across the website where you could redeem it for like 500 to a thousand pounds i think and it was like a bit of a treasure hunt really creative quite a bit of tech setup i imagine but but smart and then i think that follow-up like how do you keep them engaged like how do we stay top of mind um throughout that period but yeah huge opportunity um needs to be thought of like probably if you've not if you've not got that in place that's probably like something to start thinking about how do you activate that right now um but can really support with building awareness demand and momentum into into that period i think like urgency and

23:32Loukas:exclusivity is is a big part of it as well that you know if people think that this is just something that is open to everyone and isn't closing then they're less likely to be incentivized to go and do that thing so i think the more that you can and this this is a is a golden rule for black friday period period but um but especially when we're doing this these build-up lead campaigns like it's it's so important that we either are setting a deadline of when this is ending or the one that i prefer is not actually highlighting how many people we're capping it at but there is a cap and it's approaching so then you know is another driver of incentivizing people that they need to get in or they're gonna the door's gonna close because then it kind of you know it taps into the psyche doesn't it like i want to be one of the x amount of people that that are going to be

24:24Olly:able to to be offered this thing exactly i think that again pays into like the bigger the offer the the the the greater the success so that exclusivity is another layer on top of that the i've seen brands like last year doing a lot more like exclusive black friday collections exclusive black friday flavors i think we'll see i predict that we'll see product play a greater part again in this black this this period because i think gone are the days where you can just be like maybe lazy is the wrong word but like where you could just put up an offer and just crush i think it's too competitive now it's like how do we how do we be innovative in our approach to to the period as a whole but still achieve our objectives commercially yeah exactly i think

25:08Loukas:there's also a big play in like how can you make it how can you increase the shareability because what you don't want to do you want to you want it to spread like wildfire and the way to do that is through word of mouth so it's like how can you not only and this is what i think you know ridge and Hexclad do really well. It's like with Hexclad before their Super Bowl commercial where they had that series running organically with that guy who was able to locate exactly where Gordon Ramsay was in the private jet just through the window. And you then have people that are, it's creating this almost wave of debate around that topic.

25:48Loukas:So how can you almost incentivize for shareability alongside that? Now, an example of this that we're doing with club neuro is we we do we're doing a big giveaway based on lead gen um and it's a tiered ranking so if you're within the first 100 you get this 500 this thousand five thousand etc so you get different things based on when you get in which increases that urgency but then you get extra entries and again this wouldn't work for every brand but essentially we have and this worked really well for motion who is where we actually got the idea from when you get through to the landing page to get additional entries you can create it's it's like an image um it's text to video text to image sorry of creating your own trading card your neurodivergent trading card um so obviously everyone that will be going through the club neuro funnel will be adhd or autistic so just by inputting a few things into a form like you know um how how just easily distracted are you and other things and then uploading an image of yourself it creates your trait your neurodivergent trading card that you then share to your story so it's like creating this almost shareable piece where it's it's incentivizing people to want to share to their stories because it is quite shareable and interesting but then also they're being rewarded

27:15Olly:by doing so yeah and i think i think you mentioned the two examples previously the other brands that have done that well i think two other examples i've seen over the last six months that could be maybe spun into a black friday period i know which one you're gonna say one is monzo monzo did a launch i can't remember what product it was but it was like leaderboard based and then based on referrals and how many other people you got onto the waitlist and then pure sport did it for reproduce the activation for their or did a very similar take on that activation for their launch of their melon electrolytes watermelon electrolytes where they kind of the the the rewarded there was a there was basically rewards based on how many people you could get onto the sign-up list and it was i can't remember what the giveaway was and it's again it's like that affiliate marketing system that people gamification yeah gamification similar to what brands are applying on tiktok shop can you apply that maybe to your lead gen strategy for black friday yeah

28:17Loukas:david's another good one to look out for that just because of their pre-launch strategy for yeah when they launched the brand they they did some really cool stuff like that yeah 100 i want

28:28Olly:to switch gears a little bit into creative and and some of the more executional bits from a paid perspective um i just want to make one final comment on strategy and like setting yourself up for success and we're probably going to speak about this a little bit but i really think it's important for every brand to and i think a lot of the more mature brands do this but i don't think everyone everyone kind of approaches it from this way i think it's it's important to rerun a lot of your analysis on november and december in isolation and i think that from things from obviously from ad account data to cohort data but i even think that from a creative perspective which i'm sure we're going to come on to but i just don't think brands do that like i think the a lot of them just apply the same theory the same learnings the same expectations to a period where it is just so fundamentally different.

29:25Olly:I completely agree.

29:26Loukas:Yeah, that's exactly what I was going to say on the creative research piece. You know, you don't need to overcomplicate it. Like we look at two key things really, like top spenders from the last 30 to 90 days and then top spenders during the last Black Friday period. I think the key things that I'm looking out for as part of that is obviously click-through rate and conversion rate and also TSR. So the best performing hooks over the last 90 days and in that previous Black Friday period because the biggest strategy that we deployed last year is actually just recycling what's working but with new Black Friday focused hooks or re-skinning them with Black Friday stickers or headlines because really the biggest mistake I see is like we people go into that period and all that they're creating net new offer focus creatives like most aware or product aware creatives but they've never tested them before so they don't know that they actually work so really there needs to be like a deep analysis of what has worked over the last 30 90 days and then um you know the the previous black friday period and over christmas because you know go deep into like okay this achieved a ctr of this why is that like what was it within this creative that was the reason that we were able to do this again with hooks like what are some of the insights that we can apply to this but then build a bank from those creators because every single one of those creatives you want to be essentially just recycling them as they are but even if it's a top of funnel creative problem aware unaware you just want to be branding that with black friday in a way that's going to better incentivize people to to click through um so i think as part of that that process that is a really important thing to be thinking about similarly same goes when we're then building out our performance funnel splits like when we when we're looking at the period obviously you're going to be looking at funnel splits persona splits content splits and then obviously based on offers how that then feeds into that and view that almost as a venn diagram and the way that you're going to get to that point is by reviewing researching and looking back at what worked in the previous period and and also over the last 30 to 30 60 90 days um and i think that this kind of brings me on to the strategy around performance funnel splits i think people think that you go really you know you essentially just remove all problem unaware creatives during this period and you go very most you just go most aware product away and that's probably one of the biggest mistakes you can make i think actually the splits remain fairly similar but what we are doing on top of that is layering in you know more incentive through those higher funnel creatives because that is what we know has worked that's what we know has driven reach lower cpms um and we don't need to reinvent the wheel and just go very very lower funnel in in those creatives yeah and i think the it's quite a long period

32:46Olly:like brands are activating for two plus weeks at times right right and i think if you're not successfully creating a high volume of assets that continue to drive net new impressions net new reach new bring new people through that funnel through that period especially this year with how the landscape and how how meta has changed over the last 12 months i think you're going to find it really hard to retain efficiency and spend levels um because you're just going to be hammering this shrinking sponge of of of awareness um so i completely agree i think you've got to keep those assets and double down on those assets but layer in those those unique levers that you have over the period to drive better conversion rate better broas better cpa while still getting

33:33Loukas:in front of new people consistently exactly i think you've got your bau creative that you're going to be producing anyway as part of that bau we would also do different variations that are very offer focused so if you've got a creative that is problem aware or you know that we are producing anyway as part of bau we will do bau hooks and then we will also do black friday hooks as part of that because i think again the biggest mistake people make is like you you you over index on offer focus lower funnel creative you get to christmas and january and you've got a drought of net new creative coming through because none of it is relevant anymore so that again is something that is just is really important as as part of the process and i think the you've got your net new as i just said and you are covering yourself through hook variations that are also offer focused and you will include and layer in banners and things like that and we've got a resource that we will drop down below um are we giving this one away as part of it the creative examples one i

34:38Olly:I think that might be week two. Okay.

34:40Loukas:Okay. Well, it's coming. But the other side that I think, again, is more important than ever now, especially with Meta Andromeda and because we want to lean into what we know is going to give us the best chance of success is iterating. So this is where we want to be building our database of our best performers from the year and layering in the correct things as part of that. So for statics, we want to be changing. if we've got best performing statics, let's change the headlines to offer focused headlines or stick adding the offer sticker on the screen or a banner at the top of the screen where previously maybe you'd have like Trustpilot ratings.

35:19Loukas:You want to do the same for video. And I would say our best performers last year came from videos we already knew had worked within the ad account and we just re-skinned them with banners on screen that said what the offer was um so again that's something that that works incredibly well that we again we don't need to be reinventing the will let's lean into what we already know work but then drive the incentive through the layering in those offers on top of that

35:50Olly:yeah i think iterations and it's like it's like high impact low effort right a lot of and i think that's how i would approach um quite a lot of black friday volume it's like how do we how do we increase volume but do it in a way that's strategic based on what we already have available to us resource wise and i think a lot of what you've mentioned in terms of iteration of of statics statics is an easy one just to go like ham on in terms of volume and we still statics

36:20Loukas:still outperform video don't they during the period like yeah last year heavily so definitely go heavier on statics.

36:28Olly:100%. But yeah, I think it's doing that across all formats, bringing back historical top performers even, even retesting things that you ran last year. A lot of the times that's just a quick easy win just recycle the videos. If your offer's the same reskin them, put them in for this year as well and see how they run.

36:47Loukas:Exactly. We do a lot of that where we will again, this is why that research process is important going back to the previous period we'll we'll look at the best performing assets from that period and if they've got a high TSR we'll take that hook and apply that to one of our new top spenders that has been you know that has cropped up over the last 30 60 90 days so you're taking something that has worked previously and you're applying it to what's working now um and that works incredibly well i think another thing that we just do as part of those you know once you've got that database obviously we're re-skinning which is iterating on but also we want to be creating other variations of those concepts where we are just going deeper into obscure hooks i think during this period you know it's so hard to cut through the noise so when we are doing just hook variations that are more offer focused of already top spenders we want to go even more obscure within those hooks i remember one last year that I did for Space Goods as a test, which is one of their top spenders during the period.