It’s not so black and white: New insights about Black Friday
Years ago, Black Friday marked the day when stores would stop operating at a loss for the year, and would enter “the black” in terms of the year’s sales. Merchants and their employees would leak deals to consumers to lure them into stores with special offers. This was all done in an effort to clear inventory in preparation for holiday sales, where the companies made a high percentage of their sales for the year while people spent money in anticipation of the holidays.
But Black Friday doesn’t operate like that anymore. These days, Black Friday is more of a kickoff signal for shoppers to begin a month-long holiday spending spree. Deals that used to only last during the 10 a.m. to 7 p.m. regular brick-and-mortar store hours have moved online, and may last through the weekend and into the following week, with an event called Cyber Monday. (The original theory there is that while people had off on Black Friday after Thanksgiving and could visit the stores in person, Cyber Monday served to capitalize on peoples’ Monday morning shopping habits when they returned to work and were sitting in front of their computers).
Today, Black Friday is more of a ritual to get people into a spending mindset. And spend, they do… Black Friday weekend in 2012 racked up $52.4 billion for merchants across the country.
If your company is planning to take part in Black Friday, then our Florida Advertising Agency has some ideas to help you make the most of it.
First, all businesses should know that it is typically cheaper and more cost-effective to run an online campaign than a print one. Companies must plan print campaigns months in advance, and must pay for advertising space in their local publications. On the other hand, these companies can build online campaigns in mere hours with no printing fees, and such campaigns have the capacity to reach far more people.
If you do opt to run an online campaign over Black Friday weekend, it’s also important to know what you’re up against. You are in competition against a large number of massive Internet retailers (think Amazon, for starters), many of whom attract buyers through free shipping. But as we all know, the Internet is a big place, and is big enough for all types of commerce. Address this by developing a creative and attention-getting marketing strategy. If you need some ideas, don’t hesitate to contact our Florida marketing agency so that we can help you get your gears turning.
Finally, if you want to make the most of Black Friday, you don’t need to put all your eggs in one basket. Continuing to run sales through the holiday season will help you clear your inventory and drive sales throughout the New Year. A mix of online and in-person discounts will help drive a diverse group of people to your store both online and in-person.
Black Friday can be a big moneymaker for your business. It provides a platform for innovative marketing opportunities at both your retail location and at your store. As the BIGEYE team gears up for another Black Friday to help drive commerce throughout the United States, we wish you the best of luck with sales. And of course, happy shopping!
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