Put all the costumes away because it is officially time to prepare for the Turkey season! With the arrival of November comes many things like warm coats, planning, and of course Black Friday shopping! It can be easy to write off Black Friday for your business because you do not offer a service or product, but that is simply not true anymore. The world of the internet has unlocked countless opportunities for the growth of your business during Black Friday and throughout the Holiday season. In 2019, 124 million shoppers went in store to shop on Black Friday, whereas a whopping 142.2 million shopped online! With the recent events that have transitioned the world into an awareness of social distancing, the probability that people will be doing the majority of their shopping online this year is high.
Selling Products or Services
If your business sells a product or a service, Black Friday operates with a basic formula. You offer a discount on a desired product with some profit percentage based on the amount of influx. For instance, let’s say that you sell produce and your most sold item is apples. Let’s also say that you sell about ten apples and you sell them for $2 even though they only cost you $0.50. The idea behind Black Friday is that you will sell 50 apples for $1 in order to help allow you to make $25 instead of $15 profit on apples.
2.00-0.50= 1.50×10= $15 profit $1.00-$.50=.50×50= $25 profit
Here is some of the steps that you can take to bring back loyal customers.
Step 1: Decide on a tangible amount of product that you want to sell.
Step 2: Create a price that is above cost that will allow for you to profit while being below the original price.
Step 3: Create a process that is easy for people to use and understand. Do not make people feel like they are at the DMV online or in person.
(Note: Sometimes what it harder for you might be easier for the customer. This is a sacrifice worth doing when it comes to good business)
Step 4: Create a plan to encourage returning customers. Tell them about upcoming services, create a flyer, or set up a QR code with actionable ways that they can get involved.
Step 5: Keep them involved with newsletters, website updates and of course social media marketing.
All Other Businesses
Though all business should have storefront online this year because of social distancing guidelines, this applies to this group especially. So maybe you cannot offer any sort of sale this time of year, that does not mean that you cannot promote your business and services online. Black Friday will be the busiest day for traffic on the internet–meaning that people are going to be exposed to your brand only if you are established online. Marketing should be your number one priority during the holiday season because it is the time of year that you will receive the most digital attention if you have a good marketing strategy. Encourage people on the internet to get to know you and your business.
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