Black Friday is the biggest sales day of the year with a record $59 billion spent in 2012. Retail stores are seeing more and more people, lined up earlier and shopping later than ever. There’s just something about a nice Thanksgiving dinner that makes people comfortable spending cash on their loved ones (and themselves!) the day after.
Marketers who work for retail companies can expect sales upticks on Black Friday, but what can they do to make the most of it? Here, the marketers (and shopaholics) at our Orlando marketing agency share the 7 best Black Friday marketing tips for your company:
1. Start Early, End Late: Years ago, Black Friday was limited to just that. However, a Black Friday summary from CNN Money showed that 10% of Black Friday shoppers were at stores by 8 p.m. on Thanksgiving night, while 28% were there by midnight, showing that businesses can make even more profit with longer Black Friday hours.[quote]In the digital space, ecommerce companies also focus on Cyber Monday, which encourages deals for people who shop from their computers, tablets and mobile devices.[/quote]
2. Look at Trends: What sold well last year? What types of discounts helped the most? Looking at data form past promotions can help marketers tailor their sale strategies to consumer activities. Evaluating these trends also helps with the next item on our list…
3. Set Goals: For most companies, the Black Friday goal will always be to increase revenue. But perhaps the company also harbors secondary goals of increasing social media engagement or pushing products that haven’t been selling as well. Looking at previous trends can help marketers set attainable goals, and can also help them tailor their strategies to insights regarding consumer behavior.
4. Promote Where Your Potential Customers Are: When determining where to place your ad dollars, try to assess your customers’ personas to figure out where you can most likely reach them. Internet savvy businesses may get more out of investing in social media campaigns, while department stores with older clientele may have more success with advertising in print publications.
5. Seek Publicity: Each year, hundreds of media outlets report on Black Friday – not just the people lining up to be the first to snag a deal, but also months after the event to recap sales and trends. Businesses can seek to be part of this publicity storm by offering unusual deals, selling packages designed just for Black Friday and advertising unique offerings.
6. Encourage Return Visits: If one of your company’s goals is to increase sales between Black Friday and Christmas, it may be wise to offer coupons redeemable only after Black Friday. This can help incentivize people to return to the store and spend more money throughout the holiday season.
7. Reward Employees: Though more of a management tip, it is highly applicable to all business owners and CEOs who are running Black Friday campaigns. This time of year can be extraordinarily stressful, so incentivizing and rewarding hard work is one of the ways to help ease this stress for everyone.
Marketers who follow these tips can look forward to seeing success with their Black Friday campaigns. In the retail industry, it can sometimes be difficult to differentiate oneself, but with targeted marketing and advertising, the team at our Florida advertising agency believes good marketing can turn Black Friday into lots and lots of green. Contact us today for more retail strategies to ensure you’re prepared for a bevy of new customers!