Thanksgiving acts as a gateway for the rest of the holiday season, kicking off everything from winter travel plans to planning family gatherings. But it’s also the day before the busiest retail sales day of the year, Black Friday. According to Adobe Analytics, retailers in the United States earned a record $7.9 billion from Black Friday 2017 alone, an 18% increase from 2016, and an additional $6.6 billion from internet sales on Cyber Monday.
Businesses who partake in Black Friday sales and/or Cyber Monday, should already be laying the groundwork and preparing to not only boost sales, but in making sure they have a strategy to plan for everything from manpower to protection against liabilities, which can arise during the busiest retail day of the year. With this in mind, having a Business Owner Policy (or B.O.P.) in place will help to safeguard a business against the potential risks aligned with busier-than-usual hours.
But after getting things down on paper as to how you’re going to prepare to serve your customers, you should be thinking of how you’re going to entice them to come in and spend their money. This is where promotions come into play. Here are some good ideas to gravitate toward to boost sales, and some promotions to stay away from.
Good Promotional Ideas
Having a Deal of the Hour
Whether your business is high volume in nature or looking for a boost to be high volume (Black Friday is a good day for that), having an hourly deal can be the right fit. Have the deals be a surprise, so customers can be encouraged to come back at different times of the day. Be sure to offer dealers on all items in addition to the hourly deal, including having the special deals be at least 10% higher than what’s going on in the store.
Bundling Products Together
Instead of selling items individually, or putting all your sales efforts into single items, bundle them together to create a more personalized experience for customers. They’re already there for the deals, but this can be an added bonus for them to encourage more sales. Things like gift packs make great presents, and they also are a great way to upsell customers to a higher price point.
Rewarding Social Media Followers
No matter the size of your business, it’s important to have some sort of social media presence. By now you should understand the benefits of connecting with customers and potential customers by utilizing platforms like Facebook, Instagram and Snapchat, which are all great ways to promote your business and your Black Friday deals.
Social media can also be used to incentivize your followers with special discounts. On Black Friday, kick things off by offering a special deal for early birds, and then say in touch with everyone by promoting flash deals throughout the day. This is where you can tie-in your hourly specials.
Bad Promotional Ideas
Not Extending Your Sales
An effective Black Friday plan is to extend your special deals past the retail holiday itself. This is where Cyber Monday came to be a thing, and now companies are offering special deals long past November and leading up to Christmas. Not taking advantage of this sales tactic may not hurt your sales, per se, but it can draw attention to your competitors who are doing this.
Closing Down Early
As you can see, there is more potential now than ever to create more sales on a day that is traditionally over by noon. Yes, people usually come in early for the big items, such as electronics, but don’t stay for smaller items. By closing up shop after your main offers are done you cut out the potential to keep people coming in for additional specials, like the hourly deals or bundled packages. Additionally, if you’ve promised that your location will be open for a certain amount of time and you close down early, you could run the risk of facing a false advertisement claim.
About Walker & Associates
If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.