People everywhere are gearing up to save big on Black Friday and Cyber Monday this month.
The question is can small and medium businesses reap the rewards (and profits) from these shopping events? The short answer is yes. If you play your cards right, you too can use Black Friday and Cyber Monday to your advantage.
Retail POS Vend shares Black Friday and Cyber Monday ideas you could try to boost sales and stand out.
1.Keep your 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 big-box stores. Trying to compete with the steep discounts of big box stores 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?
3.Be strategic with your sales. Many people feel that Black Friday and Cyber Monday 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 and Cyber Monday as your angle for publicity and promotions while making sure you don’t take a hit on profits.
4.Beef-up your online efforts. Cyber Monday – which takes place online – will obviously be a huge deal for e-commerce. But did you know that Black Friday gets a significant amount of online traffic as well? This is true now more than ever. One way to make it clear to retailers that your Black Friday deals are also available online, is to include a banner or hero image on your website’s homepage, that highlights your promotions.
5.Get people excited beforehand. Generate buzz and excitement beforehand by posting Black Friday and Cyber Monday teasers online. Using social media is a great way to accomplish this, so get on the networks that your customers are using, and post sneak-peeks of your offers.
6.Engage with people after Black Friday or Cyber Monday. Capture sales after these key dates by running post-Black Friday or Cyber Monday promotions. This is a good way to market any leftover stock and reach shoppers who missed your initial offers.
7.Team up with other businesses. Connect with other businesses to provide Black Friday or Cyber Monday 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.
8.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.
9.Promote exclusivity. If you’re not keen on blanket promotions but still want to do something around Black Friday or Cyber Monday, then why not be more exclusive with your initiatives? Reach out to your top customers and organise a private sale or event for them.