Making the most of Black Friday at a tough time for retailers.
Bargain hunters are in the starting stalls ahead of the annual spend-fest that is Black Friday.
This carnival of consumerism marks many consumers’ last pay-day before Christmas. Officially on Friday 29 November this year, it’s become a three-day event stretching across the weekend.
As everyone in the trade knows only too well, things are particularly tough this year. The competition to win shoppers’ credit cards and cash has never been more intense, especially as Black Friday happens predominantly online.
To add to the rivalry, equestrian retailers are not only going head-to-head with similar stores, but the whole gamut of outdoor, pet and country lifestyle retailers too.
When every transaction counts, even the most well-organised retailer might appreciate these tweaks and tips from the ecommerce experts at Citrus-Lime…
Use every channel - Whether you run paid CPC [cost per click] advertising, email marketing or social media posts, have a strategy for each and use them all to maximise your reach.
Stand out but be recognisable - Every retailer in every sector will be shouting about their Black Friday specials. Maintain your business’s voice in your marketing to you catch the eye, but remain recognisable to your regular customers.
Play to your strengths - When choosing what to promote via social or marketing channels, lean into areas where you’re most likely to see success. Promote products and brands where you’re competitive on price and/or well trusted.
Keep margin in mind - It’s all too easy to focus solely on revenue when planning your Black Friday offering, but keep your exit margins in mind when setting sale prices. Especially if you’re selling via paid marketing channels, squeezing the margin too far can result in a loss on a given sale when you factor in staffing and delivery costs.
Look for ‘blue water’ - Identify areas where there is less competition or ‘blue water’. These could be brands or products that get overlooked by other retailers but still have reasonable demand.
Plan for the rush - Whether you operate in-store, online or both, be ready for the inevitable increase in shoppers and traffic.
Stock up on delivery materials – Sounds obvious, but do you have enough supplies, such as boxes, to handle the increase in ecommerce orders and deliveries?
Follow up - Black Friday should generate new online customers. Update your email marketing lists and maintain strong follow-up marketing to extend success far beyond the promotional period.
Use your customer loyalty programme – communicating your Black Friday sale to your existing customer base enables you to offer exclusive bonus points to 'members' on selected Black Friday items.
Citrus-Lime can be found at www.citruslime.com
