Are you ready for Black Friday?
‘Black Friday’, the last Friday in November, has become a well-known retail event in the UK over the last few years, with more and more traders jumping on board to entice customers into both their online and physical stores.
If done well, this promotion can boost your business in a variety of ways…
Advertising your ‘Black Friday’ deals in advance can build anticipation and allow time to generate valuable word of mouth momentum. Also, strategically discounting choice products can increase footfall and online presence tremendously and boost the prospect of secondary sales by raising awareness of other ranges that are stocked. Longer term, you can gain a reputation for your ‘Black Friday’ deals by demonstrating that smaller, independent businesses can compete with larger chains – you’d be surprised at how people remember a great deal!
- Be realistic about price, if it is ageing stock that will carry on sitting there taking up space, this might be the right time to drop the price and clear the products.
- Reward your loyal customers. Black Friday deals are for all customers, but is there a way you can look back and see if a customer shopped with you in the last year and give them a little something special?
- Plan your offers in advance, but be prepared to make a change if something else looks a more popular deal.
- Give plenty of notice and market your deals through all channels: online, e-bulletin, in-store
- Train your staff to talk about the deals and build awareness well in advance.
- Drip feed details of the offers to encourage your customers to keep checking in
- Use a range of offers: ‘Get 40% off’, ‘Buy-1-get-1-free’ & ‘Free product with every purchase’
- Position offers in proximity to ranges that you’d like to push (both online & in-store)
- Offer flexible returns
- Extend your deals until the following Monday
Finally Black Friday and the frenzy around it is not for everyone, and understanding the long-lasting impact of Black Friday is important to make a decision on if it is for you and your business. By participating in Black Friday your customers might hold off buying from your business as they wait for your substantial discounts which could harm cash flow, you could even stand out by refusing to get involved in Black Friday.
Remember, you don’t need to offer a flat discount on all your stock, a few key products can make a huge difference to your sales. If you feel uncomfortable about the mass consumerism linked to Black Friday, you could consider associating your brand with a good cause and give a portion of the discount to charity.
If you would like further advice on how best to promote your Black Friday discounted products ready for 29th November ’19, please contact Sarah Revell, Proposition Development & Communication Planning Manager on 01392 576423 or email firstname.lastname@example.org
Posted in Corporate news