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Preparing for Black Friday

Black Friday is coming soon!

Black Friday is the name given for the day following Thanksgiving Day in the United States - essentially the fourth Thursday of November.

It’s the one day of the year that businesses, having started in the USA, offer shoppers massive discounts and impressive deals for products that consumers will queue up for hours to buy themselves.

Online, Black Friday is become synonymous with many information marketers where they give huge discounts on their products and programs also.

But has Black Friday done something to our shopping patterns as consumers and does it really help us as a business.

Last year I remember watching the news reports and seeing the absolute chaos and carnage inside supermarkets and high street stores, with crowds fighting and clambering over each other for bargains.

I remember seeing police being called in to enforce law and order, arresting one guy who was seen decking a female shopper with a single punch because she got the last flatscreen TV.

When thinking about Black Friday, the biggest draw for many people is that it encourages a lack of guilt. This is because when everybody’s doing it, it seems more acceptable. When all of your peers are acting in the way that they are, social influence dictates that you will end up getting roped in unless you choose to step back. When feeling no guilt for purchases, the pain of spending hard earned cash (sometimes before payday) simply goes out the window from many. Did you ever act the same way at a Debenhams Blue Cross Sale or a Boxing Day Sale at Carpet Right?

The real tradition of a 24-hour Black Friday sale no longer exists either. I think this is particularly visible in the UK market where Black Friday last up to 2 weeks, ending at midnight on Black Friday. This is not how it was originally birthed in the US. Black Friday was intended to create the shopping “rush” of purchases in a 24-hour period. With a 2-week sale, this doesn't exist any more.

Let's look at three things that many retailers and business owners should be looking at when considering what products and services to include in a Black Friday sale:

  • the margins made on particular products
  • the popularity of particular products
  • the urgency around the need for particular products

Once retailers have identified products or services that could be provided as a black Friday offer, then comes the decision of how much to discount it, and there is a true science behind that also. It's not just a case of minimum viable price to make a profit, or just to shift a load of old stock as cost (or less) price. There is one other consideration that the big ecommerce retailers in the main look at.

Pricing your offer for Black Friday

Here in the UK we have many shops and retailers who constantly have offers available. None more so comes to mind than the furniture store DFS. I’ve never met somebody who hasn’t bought a sofa from DFS at full price, but always seems to be an offer on. And this from me devalues the integrity around their “full price” tickets on the products. Are these prices falsely inflated so that they can consistently give discounts?

When it comes to Black Friday and creating offers for you products or services, the one thing that you need to consider is what other offers have you made during the course of the year. Having a black Friday offer that is the same or equivalent to a previous offer during the course of the year, doesn’t match up to the psychology behind why Black Friday was originally created, what it stands for and the way in which you can use it effectively in your marketing.

Your Black Friday offer should be unlike any other offer given to your market during the course of the previous 12 months.

An example of this is if you’ve previously offered a 50% discount on your product or service (maybe because you have had an over delivery or you needed to fill an event and offered a ridiculous discount), yet you do that on Black Friday, that it’s not true Black Friday deal. And those that remember your previous offer won’t have the sense of urgency, or see the level of scarcity that a Black Friday offer should speak of, so they won’t buy.

Create an offer never seen before that is available only for the 24 hours of Black Friday - that's a TRUE Black Friday deal.

Black Friday feeds more than just the bargain hunters, it acts as a marketing primer for potential launches of new products, helps to build lists, gains you brand exposure and with the right offer, will convert more of your leads into paying customers of some kind.

If you’re considering what you should be doing for black Friday and you’re reading this today, then you need to think quick. If Black Friday has passed you by, you might be in time for Cyber Monday. Failing that you’ll have to wait for Boxing Day.

 

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Try Ant out with 7 Days of FREE Success Coaching - Sign up today...

Not sure how a Success Coach like Ant Hodges could help you get a Clearer Mindset, bring Better Productivity in life and work, that will result in Greater Success. Enter your details to get started.