Both companies and customers are undertaking substantial preparations to make the most of Black Friday. Some consumers consider which things not to buy on Black Friday and which they need and will purchase on this occasion. Marketers and sales specialists are racking their brains to establish what sort of approach will bring their companies closest to meeting their business goals. Others have already started thinking that Black Friday is not worth the effort. Is this true? Here are 5 things you need to know before Black Friday fever.
In this article you will learn:
- Why should you prepare for Black Friday with caution?
- What are other sales opportunities in November?
- What should the Black Friday offer be like?
- Should you leverage special Black Friday marketing campaigns and how to approach this task?
- Which group of customers you shouldn’t miss out on during Black Friday?
Table of Contents:
- Why is it so important to get ready for Black Friday?
- More than one sale tradition in November
- Black Friday itself is not enough to sell a lot — prepare an interesting special offer
- Be visible on the Internet to attract customers before this special day
- Think of the right budget for your marketing campaigns
- Appreciate your loyal customers
Why is it so important to get ready for Black Friday?
Those who run their own companies are surely wondering: is Black Friday a good opportunity to achieve some significant business goals? The Black Friday sales tradition has become extremely popular all over the world over the last two decades. Now you can leverage Black Friday to boost your business, but you should plan it carefully. So, what do you need to think of when preparing your company for Black Friday?
People who have some significant experience surely understand that Black Friday produces strong emotional reactions among your customers. Your Black Friday offer can cause negative or positive feelings and change the way consumers see your brand. This can affect your company in the long run – this is why you should think about business goals that you wish to achieve in November and define how to reach them.
Although the matter may seem rather simple — one day, some discounts and a small marketing campaign to promote your offer — there are some less obvious, but important things that a business leader should know. Gain information crucial for managing your Black Friday sales and learn more about promotion solutions that you can still leverage to increase your sales on this special occasion.
More than one sale tradition in November
There is usually a lot of hype around Black Friday every year. It became so popular that in November, both customers and brands seem to be focused only on this specific occasion. There is more going on in November than just Black Friday, though. If you fear that your customers might consider Black Friday deals not to be that worthwhile, you can leverage some other opportunities to launch valuable special offers and discounts.
Some other dates to consider for November promotions are for example Thanksgiving (which will be surely very popular among customers from the US) which this year falls on November 25 and Cyber Monday on November 29. Next year, you could also consider creating special promotions for celebrations that take place on the first days of November. For example, the Mexican El Día De Los Muertos (on November 1 and 2) is a happy event. Later we have Diwali (November 4) – a celebration important especially in the Hindu, Buddhist, and Sikh culture. Thinking that this has no potential in your country? Another traditional celebration from this part of the world — Holi — is celebrated even in countries where these religions are not so popular.
Plan your marketing and sales strategies well and leverage the potential of as many November days as you can. Don’t forget that Black Friday is not the only day of the month.
Black Friday itself is not enough to sell a lot — make an interesting offer
Some customers get so excited with the vision of buying many things at a low price that they get sucked into Black Friday fever and go on emotional spending binges. They don’t compare prices and offers and sometimes even buy products that are in fact marked up for the occasion. Quite often, during special promotion periods (for example, right before Black Friday or Christmas) the sales volume gets higher than on “normal” days. Still, trusting that consumers will simply “go with the flow” is not much of a plan for an experienced business leader. You should certainly make the most of this kind of opportunity, but how?
Nowadays, people expect fair deals and discounts. You can simply “go with the flow” and offer small discounts on Black Friday, but you can do so much more! Make a special offer to your potential customers. Surprise your customers with great discounts, free shipping, or small, fun gifts. Remember, Black Friday is not only an opportunity to increase sales but also to improve your users’ satisfaction and gain their loyalty.
Be visible on the Internet to attract customers before this special day
Advertising gets more and more complex, especially after the world switched to e-commerce. Sending the right message to properly targeted groups and getting your potential customers’ attention is quite a challenge, especially when all the companies are trying to do the same thing. Additionally, even if users see your ad, they are not likely to convert right away. You need to give them time to go through your offer, consider the pros and cons of shopping in your store, etc.
Plan your Black Friday advertising campaign and remember that it would be wise to start promoting your special offer well in advance. You should also think about leveraging multiple communication channels. You can run a campaign via email, social media, or even opt for video advertising. Slowly, day after day, minute after minute, you can convince consumers that your Black Friday offer suits their personal needs.
Think of the right budget for your marketing campaigns
Think about increasing your budget. Last year showed important marketing trends for November. Data gathered by RTB House in 2020 on the US retail market sends a clear message — the average CPM in the last 4 days of November can be expected to grow (the previous year it was up at this time by 66% compared to the first week of the month). We realized that the average CPC can also grow in the last days of the month (this was up by 61% compared to the first week).
CPM growth at the end of November means that inventory prices are increasing not only on special promo days but also earlier. Increasing inventory prices, on the other hand, directly affects the CPC levels on the market. The best solution is to increase your budget and keep a competitive stake to become visible to your customers.
The average conversion rate also goes up in the last 4 days of November (at the end of November 2020 it was up by 56% when compared with the first week of this month). You have to be aware that while inventory prices are changing in this way, customers are already in the mood for shopping, converting at a much higher rate.
Keep these statistics in mind and don’t miss out on your opportunity to make the most of Black Friday.
Appreciate your loyal customers
To make most of your Black Friday campaigns, you should remember to focus on both loyal and new customers. Companies sometimes forget that loyalty once gained can also be lost after some time. Days such as Black Friday allow you not only to sell more products than usual but also allow you to improve your customers’ experience and strengthen your relations with loyal customers. With Black Friday special offers you can show your loyal customers that you haven’t forgotten about them and that you are happy to have them. You can use personalized codes with discounts, gifts, as well as engaging marketing campaigns to make sure that your customers stay with your brand for many years to come.
Smart business leaders always plan their moves carefully, but it is never too late to modify your strategy. Some interesting deals can be prepared and promoted shortly before Black Friday. Prepare yourself for this day and surprise your customers. Not sure how to enhance your Black Friday sales strategy? Contact us to learn more.