As a small retailer, you may feel that the American shopping spree Black Monday and the accompanying Cyber Monday is a phenomenon for large corporations only. Well, think again, and join the madness.
Black Friday is an American tradition that occurs the day after Thanksgiving, which in 2017 means that the discount day is November 24th. Coupled with Cyber Monday on November 27th, it’s not unusual to make a whole week out of it.
In the US, Black Friday has been the cause of numerous deaths and assaults over the years, and is today actually more dangerous than shark attacks.
But as an SME in the UK you should have nothing to worry about. Here are some business hacks to get involved – or steer away.
1. Crunch numbers, set goals
Before you throw yourself head first into promotions and discounts, there is reason to pause and analyse what return on investment (ROI) you are aiming for. If you need to pump up stock, staff and advertising for one single day of increased sales, then maybe the costs will surpass the potential revenue. Spend wisely.
Set goals before running any promotions and discounts. What do you want to get out of Black Friday?
2. Build brand, collect leads
But maybe you don’t care that much about the sales? Then focus instead on creating a fun Black Friday VIP event in order to build brand loyalty while collecting some additional email addresses for later promotions. iZettle users can easily use the Customers feature in the iZettle app!
3. Don’t discount everything
Remember that you would like people to come back for their Christmas gifts, not buy everything now at a huge discount. Focus instead on one or two items that you can buy in bulk (or that have been in your stock forever) and basically give them away ultra-cheap (if customers sign up for your newsletter, that is!).
4. Follow up the week after
It’s close to Christmas already, so make sure to follow up the week after Black Friday, when customers may actually have time to pay more attention to your store, without the pushing and shoving.
5. Go digital
Maybe you don’t even want your store to be crowded in the first place? Take the opportunity to grow your digital brand and create a great web deal that doesn’t inflict on the Christmas shopping too much. Think of all the Facebook and Google advertising you could get for the cost of one ad in a magazine.
Why not call it “Pink Friday” and donate a sum to The Pink Ribbon Foundation for every new customer? You dictate how Black Friday looks in your shop!
6. Stand out
Who dictates what Black Friday will look like in your store? You do, silly! Create a “Rainbow Friday” and involve the LGBTQ community, or dress entirely in pink, call it “Pink Friday” and donate a sum to The Pink Ribbon Foundation for every new customer.
7. And don’t forget Small Business Saturday
As a way of promoting small and medium-sized companies, Small Business Saturday came to the UK from the US five years ago. Get involved in the growing SME movement, and why not use Black Friday as a friendly reminder of what’s to come? The 2nd of December it’s indie time!
How do you prepare for Black Friday this year? Let us know, get featured and receive a ton of attention on our blog and through our social channels. Drop us an email at email@example.com!