Black Friday is a highly anticipated retail event for both buyers and business owners. The worldwide promotion with the lowest discounts is beneficial for both parties. For entrepreneurs to get the most out of their business, Black Friday needs to be well-prepared.
The benefits of Black Friday for business
There is a real boom in sales on Black Friday. Total discounts and lucrative offers contribute to massive sales, bringing profit in 2-3 days in the same volume as in a month. Such a high demand for goods and services will be only if you make significant discounts on goods, on average 40-80%. With the usual 10% discounts, you will not surprise your customers and increase the demand for your products.
Holding promotions on Black Friday will allow your business to:
- increase brand awareness;
- nudge people to make purchases that they previously postponed;
- increase the demand for products;
- increase customer loyalty;
- update and replenish the client base;
- sell goods that are on the shelves for a long time;
- attract new buyers;
- increase sales;
- increase profits.
After large-scale promotions, the number of your buyers will definitely increase. Some new customers will make a purchase only once, while others will constantly buy goods from you. Attracting new customers is a long-term benefit. In order for stocks to produce the desired results for Black Friday, it is necessary to apply the right strategy.
Black Friday preparation strategy
If you still do not know how to prepare for sales, what discounts to make, how to carry out promotions, then you can use this strategy:
- Prepare a list of products for which you plan to make discounts. Think about what sales technique you will use, how much you will reduce the cost, what triggers you will use, how you can generate interest. You can use both individual products and entire categories for the promotion. Often, discounts are made for unpopular goods and goods that have been in stock for a long time. In the maintenance software Gincore, you can create a separate list with items for Black Friday.
- Use advertisements, posters, banners, posts in social networks, email newsletters, landing pages to inform the target audience about the approaching promotion. Specify what products will be on sale and with what discounts; on what days and under what conditions the sale will be held. For advertising, choose those sites that are most visited by your potential customers. All messages about Black Friday must be written in advance so that people have time to familiarize themselves with promotional items and plan purchases. Since not all people view your company news every day, post sales information periodically. This way you can reach as many people as possible. Experts recommend starting to warm up the audience 2-3 weeks before the start of the promotion, and a week before - inform about the dates and conditions.
- Distribute the work correctly. Talk to the team about working conditions during Black Friday. For example, you can extend your opening hours and customer service times during a promotion. Try to involve as many employees as possible. The flow of customers will definitely be several times larger than usual, so you must provide fast and high-quality service for all orders. Draw up a work schedule for the duration of the promotion, think over how to simplify the process of purchasing goods and ordering services, and how to deliver products promptly. If you have online services, make sure your site is able to withstand the increasing traffic flow. Test in advance how the web resource works, the form of purchase, payment, discounts, different buttons, navigation and other site options, both desktop and mobile.
- Make recommendations for clients on how to choose promotional products, for what reasons, for a gift, how to save money. This can be a series of posts on social networks, articles on the site, letters sent by mail. Your tips will help customers decide what items they will buy on Black Friday.
- Monitor your competitors. To determine the size of discounts and new prices, study the offers and promotional assortment of products of your competitors. Borrow good ideas and develop a unique proposal that would interest your target audience.
- Prepare some scripts. The flow of customers during sales will be very high. This can cause various problems: the products in demand will run out, managers will not have time to serve all customers, the site will fail or another force majeure will happen. For each emergency, prepare a clear action plan and distribute it to all employees.
- Create a positive mood. Black Friday is best spent as a holiday: brightly decorate the shop window, make joyful posts on social networks, communicate with customers politely, and cheer up your subordinates. Yes, there is a lot of work to be done during sales, but it's best to get everyone in a good mood, which will allow you to attract people and increase sales.
- Work with the database of new buyers. Save their details, ask for an opinion on purchases, offer additional discounts and services, subscribe them to the newsletter, request feedback. To work with new people, you can create new customer cards in Gincore.
- Check the results. When Black Friday is over, be sure to analyze the results. See which products were most in demand, which discounts brought more profit, which channels were more effective. Since you will be running new sales in the future, you will be able to use the most successful scenarios.
What are the risks during Black Friday
The benefits of sales are difficult to overestimate, but emergencies can occur at any time. The following risks are possible during Black Friday:
- in some areas, sales do not fit into the overall strategy;
- profit is not always high;
- customers may receive insufficient service;
- low discounts will not cause a hype.
A strategy for preparing and running Black Friday will help you increase the efficiency of your business. This will reduce risks and prevent force majeure. Of course, this plan needs to be adjusted: you may have to remove some points, and add new ones depending on the needs of your area. In addition, use the browser software Gincore to optimize the work during sales and later.