Black Friday is amongst the busiest shopping days of the year, with Cyber Monday following close by, marking the start of the Christmas shopping period; a time when roughly 30% of all annual retail sales are made. With this in mind, Marca MEDIA have put together all the information you will need to make sure your company is prepared for Black Friday and will stand out from all of the others.
Why should you care about Black Friday?
Black Friday had long been a US phenomenon, however recent years have seen it become normal in the UK as well. On this day, companies generally give their largest discounts of the year (averaging 32%), and this has attracted huge amounts of customers, with forecasts suggesting Brit’s plan to spend around £4.8 billion between Black Friday and Cyber Monday. Most of these sales are likely to be concentrated online, with online shopping having grown massively during the pandemic. Another factor to consider is that millennials are the largest spenders during this period, who tend to buy online. That millennials are amongst the largest spender also suggests social media advertising could be the most effective way to advertise this Black Friday.
How to prepare for Black Friday:
- It’s important to define your targets on Black Friday, with a large increase in sales perhaps not the only thing to target. Black Friday can be a good time to attract new customers, with good deals incentivising people to try new things. Ensuring these customers have a good experience could see many of them remain as customers long after Black Friday.
- When dropping prices on Black Friday you must be careful to not get carried away and drop your prices too much. In economics there is a term “the marginal cost” which explains that at a certain level the cost of producing one more unit becomes more increasingly expensive. If we apply this to our discounts, it’s important to weigh whether your discount is too large, when a smaller discount would bring most of the new customers and larger ones are serving to bring only a few additional customers.
- It’s important to plan much of your marketing and social campaigns ahead of Black Friday. It’s important to schedule any roll out, whilst also marking the beginning of any Christmas campaigns. This is due to Black Friday marking the start of the Christmas buying season. A good Black Friday campaign, rolling into a strong Christmas campaign could help to expand your customer base and more firmly establish your business.
- The influx of new customers could see an influx of calls and emails from new customers trying to make purchases. It is important to be prepared for this; limiting wait times for customers trying to call and promptly responding to emails.
- Optimising for conversion is probably the most important thing you can do. This means making sure that the customer journey is clear, with informative product pages and a clear progression from entering the site to sale, as well as having pages with short loading times. Having all the information a customer would need is also important e.g., delivery and returns information as it helps them to make an informed decision. Returns information is arguably even more important, as ensuring a clear returns policy reduces your chances of losing out.
- Maximise your use of data and analytics. Just because someone doesn’t buy from you that day, it is important to make use of tracking pixels for social media and cookies for websites. This will give you a better idea of the success of your Black Friday deals and allow you to retarget these customers. It could also give you information about how to adapt your websites journey, should you see areas that large amounts of customers get held up on.
- Following Black Friday, it is important to engage with these new customers, with newsletters and emails, as well as incentive-driven marketing to encourage them to follow your social channels.
- It could be worth considering widening your net and listing products on sites such as Amazon, eBay or Etsy, with Amazon alone accounting for over 50% of Black Friday sales some years.
- Reflecting on the success of your marketing campaigns; understanding what did and didn’t work; what targets were and were not met is of crucial importance. This will help you to be better prepared for next year, as well as giving you critical information about how to adapt your marketing campaigns year-round.
How to stand out on Black Friday:
Many of the necessities for your business to stand-out have been discussed above. However, here we seek to reiterate how important some of these are.
First and foremost is optimising your website for conversion, with customers becoming accustomed to short loading times and simply instructions directing them from product to sale. Any website not optimised for conversion will struggle to stand out on Black Friday.
Secondly, discounts should be clearly advertised with specific mention of exactly how much the customer is saving. Offering sales that are unique to Black Friday (and perhaps with a timer on the website) hopefully will generate the illusion of scarcity and promote sales. As part of this, it is important to try to upsell, with better offers for combination sales than simply one product.
Thirdly, it is worth considering what benefits could be had from partnering with other companies. These should be companies with similar customer bases, but perhaps not the exact same company. Always consider whether the partnership makes sense and whether your potential partner’s branding conveys a similar message as your own.
Considering that millennials are amongst the largest spenders on Black Friday, considering social media as your point of advertisement may prove beneficial. This is because millennials are the largest users of these social media platforms, not to mention that driving sales through social media makes encouraging social engagement somewhat easier which can help to drive sales in the future.
Does this all seem a little overwhelming?
This may sound like a lot of work and some of you may feel out of your depths. Fortunately, here at MARCA, we specialise in web development and digital marketing, helping companies to drive growth using web and social platforms. We can help with planning and running your marketing and social campaigns, using data to optimise your website for sales conversions and aiding you with bespoke business solutions.
To discuss what we could do for you please email us at email@example.com to arrange a free consultation.