Thousands of companies out there celebrate Black Friday annually. It is a great opportunity for the customers to find the deals they were looking for.
But is it equally good for the companies? We have some serious points that will explain the importance of this event.
Let’s jump into it.
There is a rumor going around that in 2019 Black Friday is no longer an effective way to increase sales and is rather a casual and expected event.
It is both right and not so much. Let’s go through these ideas separately.
Black Friday is one of the most known shopping events in the world, gathering many people around different brands and resellers. Even this year, offering discounts and various packages and bundles is still a viable way for companies to show products and express gratitude to their clients.
Now, you may ask: “What is the point for the company then?”
Yes, the company is sacrificing some of its income to get purchases. However, it does not mean it will decrease the overall revenue and profits. If conducted correctly, it will increase not only the financial numbers but also loyalty and brand awareness of the consumers.
Black Friday presents a great opportunity for brands to connect with their clients. The whole research process is important, as you find out what your clients tend to buy, what they are searching for when coming into your store or visiting your website. Those custom insights are always important.
What concerns it being a casual and expected event – that’s partially true. People know when it takes place, so it is not a top-secret. However, they do not neglect the occurrence – some prepare for the day from January.
Maybe the event is expected, but it does not diminish its importance. Some people save money to buy in bulk or fill their collections with new exemplars. Black Friday gives you a chance to “catch” those people in your net with sales and offers, while otherwise you most probably would have missed that segment entirely.
Black Friday is a great way to communicate with the clients and get feedback about the brand. The offers and sales also allow people who could not purchase your products during the year to do so due.
The most important factor here is how you conduct the research and what you have prepared for your visitors.
Honestly, there are so many ways to set up your business for Black Friday, one can simply get lost and overwhelmed.
We have pulled out some great options and ideas you can use in your business strategy. We will divide them into different business categories, to make it easier for you to find what works in your sphere. Although, we would suggest going through all of them, as some ideas from other categories might still fit your case perfectly.
If your company sells only a few products, be it for businesses or individuals, you are in the right place.
People love attention, especially during Black Friday. Many companies have discounts, but not many of them pay enough attention to their customers.
Be that white crow by offering great customer service and making the buying process easier. Remember – service is more memorable than the products they buy.
It will be hard to manage everything and chat with clients that need help, but if you “survive” your efforts will definitely pay off.
Another great option is to have thematic bundles and offers. For example, you sell two products but do not want to discount both. Then you can create a “2 in 1 Bundle” with a smaller discount. Customers will still be interested as it is cheaper than two products separately, but it will be more profitable for you, as the separate products will still have their old prices.
For service providers, Black Friday is tricky. You see, having discounts on services may be difficult, as, depending on the order, the prices might differ. It is still possible to do so, but it may be a drag for you.
That’s where customer service comes to help. Again, we cannot stress how important it is. Check-in with your customers and make sure they are getting what they have been expecting from you. They will think of you as friendly and ensure great post-purchase experience.
Another great trick is to accompany your services with a small present. It may be anything: from a small figurine with your logo to plant seeds.
Just be mindful of your choice. Not everything will compliment your brand. Try to find something that is more or less connected to you.
Ooh, eCommerce websites. There are so many options here. But, here is the one that we think is best.
If your discounts are staying for several days, try to switch products and categories. That way you will keep your website active while having a sale up only for a day.
Plus, categorize. Don’t let your visitors just wander around not knowing what to do. Giving them a themed offer or putting your discounts on certain category products will make it easier for them to make a choice.
Letting customers think and choose for a long time decreases the chances of their purchase, meaning all the effort you put into converting them will be in vain.
Now, no one canceled Black Friday for retails! It is true that a lot of the purchases happen online, but you just cannot disregard your brick-and-mortar shop.
Moreover, think about it for a moment. It may actually be easier for your visitors to be engaged with the discounts, as they will be coming in and out constantly.
One of the tips to conquer the attention of your potential clients is to announce the big discounts beforehand. You may have been doing it last year or even the year before that, but you may have missed the crucial part – make sure they know this is the BIGGEST discounts of the year. It will draw even more attention.
Another great option would be creating bundles and giving discounts on bulk purchases. Firstly, it will help you get many things sold at once.
Secondly, it will ensure people purchasing products from your store only. Yeah, it will be cheaper, but you won’t lose a purchase to your competitors.
Sometimes, competing is not the smartest thing to do. Many companies cooperate during the Black Friday season to bring an exceptional experience to their customers.
However, it’s important to remember that collaboration with another company will only bring value if what you offer can be combined in an interesting bundle.
For example, an earphone producing company may cooperate with a musical platform to provide free 2-month usage of the abovementioned platform to those who purchase their earphones. It may seem quite simple, but there is a lot of preparation for this to happen.
Cooperation is one of the hardest options out all mentioned above, but when they work they are also the best ones. People love getting extra stuff, be it for a discount or for free. You can use this to your and your partner’s benefit.
All these being said, we strongly believe that Black Friday is a great event to contact your customers and bring exceptional experience to them. We have got all these tips here, but it’s just the tip of an iceberg. Look through the data you have and make decisions that fit your brand.
Maryam Israelyan
Maryam Israelyan
Haik Petrosyan