WHAT IS FAST BECOMING ONE OF SOUTH AFRICA’S BIGGEST DAYS IN RETAIL IS FAST UPON US – BLACK FRIDAY IS JUST AROUND THE CORNER. HERE ARE OUR TOP TIPS ON HOW TO MAKE BLACK FRIDAY WORK FOR YOU TO BOOST SALES AND STAND OUT FROM THE MASSIVE RETAIL GIANTS.
1. KEEP YOUR RETAIL STORE LOOKING EXTRAORDINARY
Even if you’re not actively running Black Friday deals, it’s important to keep your shop in top shape. This is particularly true if you have a physical store in a mall or shopping centre near big chain stores. These venues will see an uptick in foot traffic during Black Friday and some of those shoppers are likely to end up in your store.
2. DON’T COMPETE WITH THE RETAIL GIANTS
Trying to compete with the steep discounts of retail giants will just eat up your margins. So, instead of attempting to match the prices and deals of retail giants, level the playing field by focusing on things that you’re good at. Identify your assets and use them to attract and delight shoppers. For instance, if you have a neighbourhood shop and strong relationships with customers, why not host a special event in your store? Invite your best customers, roll out some exclusive deals, and shower them lots of attention. Give shoppers a refreshing break from those busy and crowded large stores.
Convenience is another potential strength that you can emphasise on Black Friday. Major retailers may offer big deals, but shoppers often have to endure long lines and wait times to get them. If you can provide a fast and easy shopping experience on Black Friday, you’ll be sure to stand out.
3. BE STRATEGIC WITH YOUR SALES
Many people feel that Black Friday would be incomplete without deals, so if you do decide to run sales on these days, be strategic with how they’re carried out. The key is to use Black Friday as your angle for publicity and promotions while making sure you don’t take a hit on profits. One way to do this is to offer promotions that add value. For example, you could throw in a gift when people purchase above a certain threshold. And you could set conditions with your discounts. For instance, offering free shipping with a minimum purchase amount.
4. BUILD HYPE BEFOREHAND
Generate buzz and excitement beforehand by posting Black Friday teasers. Using social media is a great way to accomplish this, so get on the networks that your customers are using, and post sneak-peaks of your offers.
5. ENGAGE WITH PEOPLE AFTER BLACK FRIDAY
Capture sales after these key dates by running post-Black Friday promotions. This is a good way to market any leftover stock and reach shoppers who missed your initial offers.
6. TEAM UP WITH OTHER BUSINESSES
Connect with other businesses to provide Black Friday initiatives and see if you can help each other out. You might consider doing cross-promotions or sharing the costs to market your offerings. These types of team-ups can be very effective.
7. STAND OUT BY FINDING A UNIQUE ANGLE
Come up with a unique angle with whatever initiatives you decide to run on these days. Remember, plenty of other stores will be running major sales so a generic discount or promotion won’t grab shopper attention. So, this coming Black Friday ask yourself: what can you do to spice up your initiatives? What “hook” can you use to stand out? The best way to figure it out is to understand your shoppers. Put yourself in their shoes, or better yet, ask them about their Black Friday plans. Where will they shop? What will compel them to participate? What do they love and hate most about these shopping events? The responses you get will give you the insights you need to craft your initiatives.
8. PROMOTE EXCLUSIVITY
If you’re not keen on blanket promotions but still want to do something around Black Friday then why not be more exclusive with your initiatives? Reach out to your top customers and organise a private sale or event for them.