Black Friday comes along with myriad opportunities for retailers as the buyers are on a shopping spree, constantly looking for stores that offer value-for-money products. The shopping frenzy goes on till Christmas and happens to be an awesome chance for online stores to boost their sales.
In such a competitive market, not even a single opportunity should be missed to get ahead in the game. Online retailers see Black Friday as a great opportunity as it can help level up their game.
Increased revenues with Black Friday
It goes without saying how much you can amplify your revenues with just some simple tricks. Attractive deals, great products and the right advertising would do the work for you. With an enormous number of shoppers jumping from store to store, their stop is where they find the best deals.
Of course, you’ll make more money selling more products but if your products are worthy, these shoppers will definitely return. So, you need to plan the pricing in a way that doesn’t harm your business on normal days.
An opportunity to launch new products
The festive season certainly becomes a shopping frenzy with people trying different products. It is the best time to put forth your new products and give buyers a chance to get their hands on fresh arrivals. Attractive and useful products don’t really require discounts to be sold. In fact, people look forward to new trends for festivities.
Analyse carefully if your newly launched products are unique and can rock the market without any discounts. Not all customers are looking to buy at discounted prices. Some prefer quality and exclusivity.
A chance to clear stocks
Trends keep on changing perpetually. There are times when a lot of old stock gets piled up. It becomes a liability for retailers as customers are averted to buy something that has gone out of trend. Discounts and offers help clear stocks fast and help save from total loss.
So, take Black Friday as an opportunity if you got old stocks piled up!
Acquire new customers
Black Friday bestows new opportunities for retailers to gain new customers. Numerous discounts and offers attract customers to try out new brands or products where they can find value for money. If your product is great, these new customers will give you repeat business.
So, make sure to provide them with lucrative offers and keep your campaigns super appealing. Carefully plan your promotions with attractive pictures or videos and do not forget to calculate Customer acquisition costs later. It will give you an idea about the budget to spend next time.
What to do for Black Friday?
You know now how Black Friday can benefit you in different ways. There can be more than what you just read! But how to go about it?
Here are some tips which you can put to use:
- Build hype before the event even starts. Run ads, post on social media, maybe try out a few blogs and send personalised emails. Also, make use of trending keywords and work on SEO.
- Check if your online store is mobile-friendly and if your website is loading fast. If not, you must work on it.
- You can also create a countdown to grab the attention of people for something exciting is on its way.
- It is a good chance to create loyalty. Launch a loyalty program and build good relationships with your customers.
- Offer deals exclusively for different channels.
- Create your own hashtags and use them till the festive lasts. It would help create a brand identity for you.
- Festivals are all about gifts. Create gift guides or suggest to shoppers the top trending gifts.
- Social media plays a vital role. Create engaging posts and communicate to customers at every step.
Though a concise one, this blog holds a lot of value if you follow these simple tips and tricks and understand how even the smallest opportunity ends up benefitting you in the long run!
Happy Black Friday!