Small Stores' Guide to Black Friday/Cyber Monday
📖 Learning
You can be unaware of it only if you're living under a rock. Big day for businesses all around the globe – Black Friday and Cyber Monday, collectively known as BFCM, are two of the most highly anticipated shopping events of the year. For both online and brick-and-mortar merchants, these sales periods offer a unique opportunity to boost sales, attract new customers, and increase brand visibility. In this comprehensive guide, we will delve into the origins and significance of BFCM, provide valuable tips and strategies for planning your sales, and explore various marketing channels to maximize your reach during this lucrative season.
Understanding Black Friday and Cyber Monday
Planning Your Black Friday Sale
Leveraging Communication Channels For BFCM
Extending the Sales Period
Identifying Products for Promotion
Crafting Irresistible Offers
Optimizing Shipping and Delivery
Rewarding and Retaining Customers
Reflection and Improvement
Organize Promo Events
Take Advantage of Cross-selling
Understanding Black Friday and Cyber Monday
The History and Significance of BFCM
Black Friday, which falls on the Friday after Thanksgiving, has its roots in the United States and was originally used to mark the beginning of the Christmas shopping season. It gained popularity in the 1960s when people would skip work to take advantage of the sales in retail stores. In the early 1980s, retailers recognized the financial benefits of this annual shopping spree and started offering significant discounts to attract shoppers.
Introduced in 2005, Cyber Monday was created to promote online shopping among Black Friday deal hunters. With the rise of e-commerce, online sales have surpassed retail purchases, making Cyber Monday an essential part of the BFCM shopping experience.
As per the reports from Statista and Adobe, the Black Friday 2023 online revenue reached over $9.80 billion, a 7.46% increase from last year. It was 188% higher than the average daily online sales and 179% higher than Q4's daily sales. However, Black Friday's revenue was 21% lower than Cyber Monday. From 2022 to 2023, online retail spending grew by 7.69%.
The Popularity and Attraction of BFCM
BFCM has become a highly marketed event, drawing in millions of shoppers in search of the best deals on a wide range of products. Retailers, both online and offline, offer substantial discounts, sometimes as high as 60%, to entice customers. The popularity of BFCM has even led to instances of violence among shoppers in stores. The allure of significant savings and limited-time offers drives customers to participate in this shopping extravaganza.
Planning Your Black Friday Sale
The Importance of Planning
Whether you're a small store or a large enterprise, planning is crucial to ensure a successful Black Friday sale. Taking the time to strategize and prepare will help you grab the attention of potential customers, increase purchases, and build a loyal customer base. Here are three core steps to consider when planning your Black Friday sale:
- Decide your discount amount: Determine the percentage or value of discounts you're willing to offer on your products. Strike a balance between attracting customers and maintaining profitability.
- Promote your store's discount: Utilise innovative marketing channels to create buzz around your Black Friday sale. Leverage social media platforms, email marketing, and web push notifications to reach a wider audience and generate excitement.
- Engage with visitors and provide stellar customer support: Ensure that your website is user-friendly and optimized for a seamless shopping experience. Offer exceptional customer support to maximize conversions and leave a lasting impression on shoppers.
Creating an Online Catalog
Creating an online catalog is a powerful way to showcase your products and reach a larger customer base. Digital catalogs are more cost-effective and easier to create than physical catalogs, allowing you to reduce production and distribution costs. They can also include interactive features such as product reviews, video content, and detailed product information, enhancing customer engagement and decision-making.
Leveraging Communication Channels For BFCM
Customers crave attention. They want to feel important as well as informed. To effectively market your Black Friday sale and increase visibility, consider leveraging web push notifications. Craft well-written notifications that highlight your sale and entice subscribers to visit your store and make a purchase. Businesses can also transform their social media into a sales and support engine during BFCM and make the most out of the Black Friday- Cyber Monday extravaganza. Reach out to your customers on Facebook, share behind-the-scenes footage on your Instagram, or simply send them order updates on WhatsApp. Convert your Black Friday visitors into subscribers to expand your audience and market to them even after the sale ends. Trust us, they love it!
Shubham Kumar
Extending the Sales Period
To maximize your sales and revenue opportunities, consider extending the BFCM sales period beyond the traditional weekend. By planning for a longer sales period, you can take advantage of pre-Thanksgiving sales and promotions, as well as post-BFCM opportunities. Communicate your offers early and continue promoting them to capture the attention of customers who may be considering whether to buy online or in person.
Identifying Products for Promotion
Picking the right products to promote during BFCM is essential for driving sales and maximizing profitability. Leverage data and analytics to identify high-demand products that customers are most likely to purchase during this period. Utilise sales reports, conduct an ABC analysis, and leverage inventory management systems to make informed decisions about which products to feature in your Black Friday campaign. What has worked for you in the past, shall give you an idea as to what would work in the future as well. So, keep a tab on your sales history to make the most out of the period.
Crafting Irresistible Offers
Creating compelling offers is key to attracting customers and driving sales during the BFCM sales period. Consider running "jaw-dropping" sales on popular items to draw customers to your store. Utilise apps and features that promote discounts, upsells, and cross-sells to encourage customers to make larger purchases. Additionally, consider using flagship products as loss leaders to drive revenue and increase average order value.
Optimizing Shipping and Delivery
If you're selling a physical product, then a well-defined shipping and delivery strategy is crucial for a successful Black Friday sale. Define your shipping options, including free shipping thresholds and expedited shipping, to meet customer expectations and incentivize purchases. Communicate your shipping policy, including transit times, on your website and during the checkout process. Consider offering additional shipping options such as buying online, and pickup in-store to cater to local customers. For those selling SaaS, or LTDs to their software – it is important to highlight the perks, benefits, and how the software experience would be delivered in the first place.
Black Friday And Cyber Monday Deals: What You Need To Know
Rewarding and Retaining Customers
Rewarding loyal customers is an effective way to drive sales and foster brand loyalty during the BFCM sales period. Offer exclusive discounts, early access to sales, and special perks for referrals through your customer loyalty program. Personalize your marketing campaigns and provide targeted offers to existing customers to encourage repeat purchases. Utilise email marketing and social media to engage with your loyal customer base and incentivize them to continue shopping with you.
Reflection and Improvement
After the dust of BFCM settles, take the time to reflect on your strategies and outcomes. Analyze your sales data, customer feedback, and marketing performance to identify areas of improvement. Document your decisions and outcomes for future reference and use the lessons learned to refine your approach for the next BFCM sales period.
Rishi Mundra
Organize Promo Events
You can host a Black Friday live stream on your social media channels. People can join from anywhere, letting you showcase products, answer questions, and offer special deals to more people.
You could also use these events to raise money for charity. A live stream on Instagram with a donation link is a great way to support a good cause and strengthen your brand image.
Take Advantage of Cross-selling
Black Friday and Cyber Monday are perfect for improving your cross-selling skills.
When a customer buys something, suggest another item that goes well with it. Simple examples of cross-selling include:
- Socks + shoes
- Yoga mats + yoga straps
To set up cross-sell offers, you can use third-party tools too.
Conclusion
Black Friday and Cyber Monday offer tremendous opportunities for businesses to boost sales and attract new customers. By understanding the history and significance of BFCM, carefully planning your sales, and utilizing the right marketing channels and resources, you can maximize your reach and profitability during this highly anticipated shopping season. Follow the strategies and tips outlined in this guide to ensure a successful and lucrative BFCM experience for your business.
FAQs
What is BFCM meaning?
BFCM is Black Friday - Cyber Monday. It refers to the major shopping events right after Thanksgiving. Many retailers offer big discounts during this time.
What is Cyber Monday?
Cyber Monday, introduced in 2005, was created to promote online shopping among Black Friday deal hunters.
How extending the BFCM sales period can help maximize your sales and revenue?
By planning for a longer sales period, you can take advantage of pre-Thanksgiving sales and promotions, as well as post-BFCM opportunities.
How can the customers be retained and rewarded during the BFCM sales period?
Rewarding loyal customers is an effective way to drive sales and foster brand loyalty during the BFCM sales period. Offer exclusive discounts, early access to sales, and special perks for referrals through your customer loyalty program.
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