Black Friday is more popular than annual holidays at this point. Its praise does not require any introduction or definition. That is to say, from urban to rural areas, even where technology has not advanced yet, everyone knows exactly what Black Friday is.
This particular sales frenzy day always piques the interest of all sellers. Hence, the question is, how can companies take advantage of Black Friday? The insane discounts make everything look appealing to the consumers.
The simplest way to define Black Friday would be to call it an annual shopping frenzy. Statistics show that this particular day has the highest sales for businesses in comparison to the rest of the year.
Therefore, it is a great day to boost the company’s profits, get new customers, and get your name out in the crowd.
What is The Black Friday Frenzy?
Black Friday translates to unbelievable discounts, endless queues of shoppers outside stores, and a topping of incredible deals.
Simply put, it's a day when businesses online and offline offer an incredible discount on a wide range of products that customers can normally never get throughout the year.
Black Friday was merely an in-store event that later evolved into a global online phenomenon and a shopping spree running e-commerce platforms out of stock in mere minutes.
That is to say, there's a sudden surge in both traffic and transactions.
The First Rule of Black Friday: Strategic Planning
The importance of strategic planning correlates with two core aspects, and these are consumer behavior analysis and setting up clear objectives.
The first rule of Black Friday is to do your homework and carefully assess consumer behavior and purchase patterns. In addition, learn the preferences and ensure you have a complete understanding of how the user will perceive your products.
After your homework is done, you should now have enough data to determine which products will be in high demand on Black Friday.
Apart from this, a crucial step for the success of any business is to collect data from the Black Friday campaigns. This enables you to understand what will work and what won’t. Hence, you can set realistic, easily achievable goals.
Regardless of whether it is a targeted sales increase or gaining new customers, this rule applies to all. Yes, even for websites that seek high traffic volumes.
Early Preparation is Your Key to Success
You might be familiar with the phrase; early bird gets the worm. That's exactly how it works for Black Friday.
In the modern-day, there is an abundance of businesses selling similar products. It’s almost impossible to bring in something new and get consumers on board to try yours out. People like and dislike change at the same time.
In other words, before you want people to adapt to something new, you’ll need to give them a better alternative to what they are already using and trust your products. Start by identifying popular products in stock and make sure you have enough available to meet the Black Friday demand.
The only key factor to generating profits here is to anticipate the needs of your target audience and plan your inventory. You do not want too little or too much in stock.
Harness the True Power of Digital Platforms
The digital era has completely changed the marketing industry by introducing new methods and approaches to get things done.
In modern-day society, everyone you see owns a phone and has access to the internet. At least the potential consumers.
Given this shift, you must fully optimize your online presence to attract customers, as fewer people are going to stores compared to a website. Ensure your site is SEO optimized and can also handle high traffic without compromising on the user experience.
Moreover, Email marketing is a powerful tool that can help you engage your customers as well as attract new consumers and convert them. You will need to plan your entire campaign and then act accordingly by announcing promotions, offers, and even Pre-Black Friday offers that would gather you more attention.
Finally, social media is the most powerful medium. Whether you want to spark anticipation or get quick sales, this is the way to go. In terms of Black Friday, playfully tease your audience and show them glimpses of what you're about to put up for sale and get them subscribing to your announcements to be the first ones to get their hands on it before it's out of stock.
Enhancing the In-Store Experience
For online businesses and stores alike, enhancing the in-store experience makes a world of difference.
The important bit about Black Friday is that it comes every year. Therefore, you don't want to give customers an experience that will make them not want to buy from you next year.
There are two important things you need to consider. For physical stores, create a welcoming and captivating atmosphere that would please the customers.
The layout, decorations, and every single thing about your shop should positively contribute toward customer experience and encourage them to buy your products.
Black Friday is not a one-man show. You will need well-trained staff that can handle the surges and be able to quickly respond to customer queries and help them.
Exceptional service will impress your customers and make them want to come back to a business or brand where they feel like all their concerns can be addressed.
Conclusion: Maximizing the Black Friday Advantage
Black Friday is that one day out of 365 that can boost your profits and get you immediate exposure. Hence, positively impacts the success of your company.
However, the competition is even thicker as startups and big companies alike all have a plan of their own. Therefore, ensure that you spend a good amount of time understanding the behavior of consumers/customers and then plan accordingly.
Leveraging digital platforms and engaging your audience are the modern-day approaches to ensure growth and reach more people than a regular physical store would.
Nevertheless, keep analyzing your results and closely monitor trends and data to improve by the day. That is to say, aim for absolute success and not only for Black Friday.
