Black Friday: Business opportunity or business fail?

While previously only a well-known US occasion, Black Friday has grown in popularity, both globally and locally, enticing consumers to splurge on otherwise more unattainable items. Growing from a formerly brick-and-mortar sales extravaganza, retailers across the globe have capitalised on the power of digital to drive even greater sales volumes.

In an article from PwC (2019) South African retailers Takealot, and Checkers, both claim to have debuted the concept of Black Friday in South Africa in 2012 and 2014, respectively. Fast forward to 2020: South Africa finds itself in the middle of a global pandemic and both consumers and businesses have suffered financially due to the strict lockdown regulations. With consumers more conscious than ever of their household budgets, the upcoming festive season and the now standard social distancing regulations, Black Friday provides businesses with the prime opportunity to drive in-the-moment, value-offer sales, to help bolster revenue shortfall via their digital platforms.

Why should your business jump on this bandwagon?

Money talks, and Black Friday can help your business to double your revenue. Irrespective of where and how Black Friday started, BankservAfrica (the continent’s largest automated payments clearing house) recorded R2.5 billion worth of transactions on Black Friday in 2017. The 4.7 million card transactions, that were cleared on the Friday were, double the daily average.

Black Friday can benefit both the consumers and retailers during these critical and uncertain economic times.

But how should you market your Black Friday specials during this roller-coaster year and ensure you stand head and shoulders above the rest.

1. The early bird catches the ideal buyer persona

Start marketing your product or service TODAY. It’s important for consumers to be aware of the deals and specials that will be available for the limited time. Keep our critical economic state in mind and encourage your customers to set aside some money for the 27th of November. This will also ensure that your potential customers are aware of your product or service. A discount code or promotion can also be a good way to convert a hot lead into a sale. It’s that last bit of motivation that convinces them to commit to the purchase.

2. Make the discount desirable

Because many companies take part in Black Friday, you need to make sure that your company offers consumers a deal too good to resist. Your marketing needs to be to the point, although out of the box. If you’re a small business and can’t commit to extreme reduced prices, be open about it with your customers and encourage them to support local and small. You’ll be surprised by how much respect and trust you gain when you are transparent and honest.

3. Remarketing is the Queen Bee of marketing solutions

You probably already know how powerful remarketing can be, but just think how powerful it could be when you offer someone a discount on a product that they want to purchase. Make use of in-depth tracking tools to personalise your messaging to the people who already showed an interest in your product or service by taking certain actions on your site. If you haven’t tapped into the possibilities of remarketing, you should get in touch with us immediately.

4. Always give back to your loyal customers

We all love to feel special! So, why don’t you make good use of your database and offer a discount code to all your existing customers, or open pre-orders for existing customers only. Email marketing is a very effective way to communicate to your existing customers, and it can be even more effective if you personalise the subject line with their first name… 😉

If Black Friday marketing is making you feel overwhelmed, click here.

5. Create an additional landing page for Black Friday

If you’re not sure if your current website can handle all the Black Friday traffic, we encourage you to build a landing page. A user won’t spend long periods of time waiting for your Black Friday Specials to load. A landing page is a page that is intended to ensure that your web audience ends their browsing session with a conversion. So, the faster your content loads, the better.

The right digital marketing platforms will ensure you meet your ideal customer at the right time (and place) for them to make use of your Black Friday specials. This big retail sales day can give your cash flow the boost it needs, and these marketing tips will help you to surpass your competition.

Black Friday can be a hurdle or an opportunity. How will you use this important shopping day to drive your sales?

Resources

https://www.thebalance.com/why-is-it-called-black-friday-3305712

https://www.autogrow.co/practical-tips-to-design-a-black-friday-landing-page-that-converts/

https://www.pwc.co.za/en/publications/black-friday-cyber-monday-2019.html