Nine Ways Your Website Can Benefit from Black Friday
With Black Friday approaching, you have less than a month to develop an advertising plan that will excite your target audience.
The Black Friday–Cyber Monday (BFCM) weekend is expected to break past sales records in 2024, continuing the notable expansion seen in the preceding years. For example, sales during this shopping season in 2021 reached about $20 billion, a significant rise from $14 billion the previous year. According to industry analysts, this trend of record-breaking sales numbers will continue in 2024.
In a sea of large box stores, how can your small business capitalize on the rush and differentiate itself? This is what you should know.
Provide calculated discounts.
Black Friday is primarily about deals like furniture black friday deals for a lot of business owners. They increase sales, spread the word about new items, and persuade prospective clients to invest in your small business.
You must have a sound BFCM discounting approach before you begin noting down everything you see. How much income is required to reach your financial objective? For each order, how much profit do you anticipate making? Has the expense of advertising been factored into your estimates? To reduce the likelihood of losing money on the sale, whatever discount you apply should ideally be evaluated against your budget.
The following discount techniques are intended to satisfy your clients without going over budget:
1. Buy more, save more: Setting a threshold for purchases might help you stay profitable, as opposed to offering a site-wide discount. Consider using Black Friday promotions such as “Get 20% off when you spend $75 or more.”
2. Add some mystery: Try giving a variety of discounts if you want to make a huge statement without negatively impacting your bottom line. When clients press “buy,” ask them to “roll the dice” on their purchase by offering varying discounts of 5%, 10%, or 50%.
3. Reward your VIPs: Giving bigger discounts to clients who have bought your items more than once will guarantee that your brand is at the forefront of the minds of the people who are most inclined to support your small business throughout the year.
However, seller beware. Discounts might be a useful tool in your Black Friday arsenal, but trying to stay ahead of your rivals is sure to lead to a losing race. Reducing the cost of a high-end product annually may cause your brand to lose value and teach your customers to only purchase during sales.
Offer value-added services
While discounts could attract attention during the BFCM weekend, there are other ways to give a Black Friday deal that is too good to pass up.
When choosing an appealing deal, value should be the first consideration. Even if you haven’t cut pricing, your consumers are more likely to return to your small business if they feel like they’ve received something extra.
various industries have various definitions of value. Play to your strengths while organizing a BFCM campaign:
4. E-commerce and retail: Holiday consumers may get more for their money with enticing offers like “buy one get one,” “free gift with purchase,” and “free gift wrapping.” Additionally, your BFCM bargain might assist you in getting rid of extra inventory if you arrange carefully.
5. Consultants and instructors of courses: Think about offering a “bundle” deal for Black Friday if your small business offers downloadables like ebooks or online courses. Select two or three related goods to offer as a package at a discounted price.
6. Software as a Service: Consider how your offer will benefit your small business over the long run rather than just offering a one-time discount. Users can be persuaded to test additional features of your product and become devoted clients by offering incentives like “get a product upgrade for the regular price” or “get a free month at a higher price tier.”
Make your proposition more imaginative.
Black Friday offers you the chance to test out advertising, promotions, and deals that you wouldn’t otherwise attempt. To stand out in a crowded market, you might need to make an unusual offer or add a little fun.
Just make sure that anything you choose seems authentic to your business. (And remember to double down the next year if your experiment is successful.)
Here are some suggestions to get you going:
7. Encourage exclusivity by developing a product just for your Black Friday sale. Or collaborate with another small company to create a limited-edition product that will appeal to both of your audiences.
8. Transition from online to offline: Opening a temporary physical and mortar pop-up store may be a thrilling brand event for internet business owners. It provides your super-fans a hands-on experience and allows potential consumers to view your items for themselves.
9. Give to a worthy cause: Consider donating a part of Black Friday sales to a non-profit or charity in lieu of discounts. Customers will feel good about purchasing from your small business since it demonstrates your concern for them.