Thanksgiving is in just two days, meaning that Black Friday is right around the corner with Cyber Monday following. Black Friday sales hit 7.4 billion in 2021, which is an all time high. This is quite surprising, considering the Covid pandemic. However, people still need their gifts for the holidays and want them at a great price. This can be an intense and competitive day for consumers, but businesses typically prepare for insane moments and busy nights. Brands utilize this day as a reason to clear inventory, make sales, and promote specific products. Customers are there to seek the best deals of the year, resulting in discovering new brands or becoming more interested in old ones. Businesses need to utilize this day as a way to create repeat customers, as this will expand future revenue.
Store managers and brand owners should have an effective strategy in place in order to capture the attention of the target market. Incredible deals are the entire point of Black Friday, but this will not necessarily get people in the door. Remember, all companies are offering steep discounts on this day (and weekend). Therefore, opt to find a happy medium for your discounts and keep in mind which items need to sell and which products will get people in the door. Businesses are trying to not alter their profit margins dramatically during this time, meaning that many stores will often showcase new and improved products as well.
That being said, ask yourself what the consumer will need and want to purchase. For some, a discount may be the only option during the holidays, considering the amount of gifts and items they may be purchasing that day. Offer fair discounts, and then remember the target market that may be willing to pay a higher price when viewing new products. Depending on the market of the brand, managers and product developers may need to offer more or less discounts, or improved products.
It is also important to mention that Black Friday is no longer a one day sale like it was in the past. Stores will offer discounts throughout the week, including on Cyber Monday. Some brands will even offer discounts for the entirety of the week. Covid-19 may have an impact on these sales, considering lockdown rates and capacity levels in stores. Businesses may cut hours, reduce crowds, and only allow a certain amount of people in the store at a time. For consumers, this means less crowds and people to navigate through. But for businesses, this can decrease potential revenue.
As previously mentioned, brands should already have a marketing and sales strategy for the upcoming weekend. Decide on the best discounts, create a captivating store front, and consider the target market. Brands, especially small businesses, may forget to optimize their SEO during the holiday chaos. The bestsellers should be front and center on the website, and be marketable from the Google page. This initial communication with consumers has the ability to bring them into the store, and even visit the site on Cyber Monday. Remembering that digital communication as a part of the Black Friday Strategy is essential to develop a seamless holiday experience.
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