Black Friday does not last long enough. So, if you opt to take advantage of Black Friday, know that your business needs to rake in cash within a short time. If you need more revenue, this is a gold mine.
It turns out that an increasing number of consumers are beginning to ignore Black Friday. First, because deals are not limited to this period. Currently, businesses are setting their own days for big sales. For instance, Steam has two big sales annually, and they don’t feature on Black Friday. Other companies are using this strategy too. Besides, apps like Honey and sites like Slickdeals offer great deals throughout the year.
Secondly, no one like waiting in the line. Most retailers offer perfect deals online. So, why would a consumer wait outside for many hours when they can shop online at the comfort of their homes for the same deals?
A recent Black Friday case study indicates that it’s time for business owners and marketers to shift their mindsets on Black Fridays. What matters isn’t what you can do to rake in more revenue during this period. After all, you can discount your product and make more sales. Instead, focus on what you can do during Black Friday to set your business up for better sales throughout the year. Here are a few ideas.
1. Create your own Black Fridays
When it comes e-retail, you may end up doing worse than copying the tactics used by Amazon. A recent report shows that Amazon is one of the top e-commerce platforms and has made over $66 billion in revenue. Prime Day is one of the effective strategies Amazon has been using. It is when thousands of their products are highly discounted and are accessible to customers who joined Amazon’s paid membership program.
Perhaps you think Prime Day is Amazon’s Black Friday disguise.
You are wrong. The magic sales come from exclusivity.
Amazon targets a specific group (the prime members) and uses a unique strategy. You can create the same exclusivity too.
2. Know what your customers need
First, put your customers in broad categories. Depending on the complexity of your website, you can have categories like ‘books,’ ‘shoes,’ and more. Next, design an excellent offer for each of these categories. For instance, you offer 10% off the product price, free shipping if a customer purchases products worth a certain amount or even do content upgrade for these categories.
3. Promise what you can deliver
Well, Black Friday is full of great discounts already, and every customer expects. That means no one will bat an eye on your products if you decide to offer a 50 percent discount. Promise a great offer monthly, and you will be able to attract and retain customers.
Lastly, say thank you
Most marketers and business owners underestimate the power of a ‘than you.’ Appreciating your customers makes them feel important, creates engagements, and could result in higher Black Friday sales.