Christmas is getting closer by the minute, and with it a consumer-targeted retail spectacle many have been waiting for all year. As the busiest shopping day of the season, your Black Friday marketing strategy needs to be spot on. It’s not the time for experiments - which is why we’ve taken the time to sum up the Black Friday marketing do’s and don’ts for you!The Black Friday weekend is for many reasons a great time for Australian businesses. Unheard of discounts and the promise of a bargain-filled day have steadily increased customer awareness of the extraordinary shopping event over the past years. As the last major holiday before Christmas, the international shopping event has long been stealing the shopping limelight from Boxing Day sales.
Australians seem indeed excited to spend hefty sums of money and kick off the holiday bonanza - which is good news for both local retailers and e-commerce stores. It should not be surprising that some businesses spend a whole year planning their next Black Friday campaigns. For some, it’s a chance to attract new customers or to get rid of overstock inventory by attracting hordes of bargain-hungry shoppers. For others, a significant spike in sales can make all the difference in breaking even at the end of the year. But when the stakes are high, a lot can go wrong! To help you make the most of this Black Friday, we’ll sum up our lessons-learned from a marketing perspective. Here is everything you need to know about successfully marketing Black Friday and its little cousin, Cyber Monday.
What is Black Friday?
Black Friday is THE shopping sales event held on the Friday after Thanksgiving. There are different theories for why the event is called Black Friday. Our favourite explanation: It marks the moment a business’s revenue moves out of red numbers and into the black. Black Friday is followed by Cyber Monday, a day that was created by marketers to encourage people to shop online and quickly became the online equivalent of Black Friday. As a savvy business owner or marketer, you will include both in this year’s marketing strategy!
Marketing Lessons-Learned From Previous Years’ Mistakes
Sending promotional or notifications too late
A mistake we commonly see businesses make is starting to advertise sales and special deals a day before, or even worse, on the day of Black Friday. Perfectly timing the release of promotional content is vital. Social media marketing and email campaigns offer a high level of control and are a valuable part of communicating your Black Friday offers to your customers. Especially, when you have an existing and interested customer base that has previously purchased from you or has subscribed to your newsletters to receive special offers. Newsletter subscribers will most likely generate higher conversions and sale rates compared to a cold audience. Emails notifying customers of the upcoming sales should be distributed at least a week prior to the event. And don’t be afraid to send a second reminder the day before.
Only offering discounts
Large discounts of 50 to 70 per cent get people through your doors, but to encourage a high UPT (units per transaction) you should consider other sales techniques, such as BOGO (buy one get one). Another alternative is “Spend and Save”, where customers receive a free gift with every purchase over a certain amount or free shipping.Continue reading to learn more about ways to nurture long-term customer loyalty!
Not collecting customer data
It would be a true shame and a wasted opportunity to not use the influx of new customers to increase your customer database. Make sure to collect as much data as possible from your Black Friday shoppers. That includes purchasing data and contact information, preferably their email address, as well as customer reviews and suggestions. Later on, you can use this information to retarget them with carefully designed advertising campaigns or to send them reminders of your next sales event.
Offering only one product or service at a discounted rate
A tactic often used by small businesses to get people in the door, it is the definition of putting all your eggs in one basket. When a customer enters your store, be it online or in-person, they will expect more than one discounted product or service - it’s Black Friday after all! Whilst one major item is a great way to get people hooked, it might not be enough for them to choose you over a competitor.Note: 37 per cent is the average saving per transaction on Black Friday - Something to aim for when deciding on what discount you will offer!
Only marketing the week of Black Friday
We also recommend you to build up to the big date. Some marketers say the earlier to advertise and promote your special deals, the better. Marketing in the lead up to a big sale can make the difference between selling out and not selling much at all. Marketing, the week of, is not early enough anymore. The days prior to Black Friday are a great opportunity to get everyone excited about the upcoming shopping frenzy. Why not throw in a few sweet deals to get shoppers excited for more? Start targeting your audience, keeping it fairly broad, at the beginning of November.
This will increase brand awareness and put you and your products on top of consumers’ minds. Big sale times can be extremely overwhelming for everyone involved. Making your brand name familiar with your target audience will give you a competitive edge when consumers are scrambling to decide what to buy - and from whom.
Stopping your efforts after the Black Friday weekend
Don’t stop here! Black Friday essentially kicks off the festive season. Consumers will still be consumers up to Christmas and beyond. Use the sale weekend to establish your brand-consumer relationship. Promote your products and offers to your new customer base and get them excited for Christmas. Launch retargeting campaigns at a large volume to reach people that have previously purchased from you.
Conclusion
Black Friday and Cyber Monday are quickly approaching. That means it’s your time to shine. Don’t waste it and start strategising today! Identify the right target audience, start marketing early and be creative with what you have to offer. Make sure to collect new customer data and continue to advertise to your customer base throughout the year. Implement these tactics and you’ve got Black Friday in your pocket! Best of luck! Do you have any questions or concerns? A marketing campaign you need help with? Don’t hesitate to get in touch with the Anchor Digital team - your partners in climb. We’re looking forward to meeting you.
