Who can resist a good deal? Especially on a date like Black Friday, where prices go down and shopping opportunities skyrocket.
Black Friday is more than just a shopping day, it is an event that moves masses and, if used correctly, can be a gold mine for your business. But how can we make the most of this phenomenon? The answer lies in understanding consumer psychology, starting with the fact that it is a date that generates expectation and excitement. People anticipate great discounts and irresistible offers, generating a sense of urgency and the need to take advantage of the opportunity to buy at reduced prices.
A University of Nebraska-Lincoln study found that consumers are more likely to make a purchase if they sense that the offer is limited or about to end. How can you create this feeling in your business? One way may be to use the “countdown” technique, showing how much time is left until the offer ends.
Another effective strategy is marketing personalization. According to Epsilon, 80% of consumers prefer to make a purchase when brands offer personalized experiences. In the context of Black Friday, this could translate into offers tailored to customers’ individual preferences, based on their past shopping behavior.
But, it’s not all about generating short-term revenue. There is a perhaps less obvious and hidden reason why deals and discounts on these dates are often so generous – in fact, you may be surprised to learn that many companies apparently lose money on such low prices. For Black Friday is also the ideal opportunity to build long-term relationships with your customers.
A University of Florida study found that customers who have a positive experience on Black Friday are more likely to continue shopping at that store in the future, which is where you’re likely to find the real deal. So be sure to provide excellent service and make your customers feel valued.
However, while Black Friday can be a significant source of revenue, it can also present a challenge in terms of inventory management and logistics – many businesses end up collapsing or emptying their stock before the end of this incredible sales window, wasting the opportunity to bring in even more volume. Therefore, it is essential to plan ahead to ensure your business is prepared to handle the potential increase in demand.
So are you ready to make the most of Black Friday this year? If after considering the above points your answer is yes, congratulations your business is ready to withstand this coming tsunami of sales. If, on the other hand, you have yet to define a strategy that will allow you to achieve your goals on this date, don’t worry, there is still time. Just remember that there is an additional tip to make the most of this great opportunity, which is to have an online presence aligned to the date and visible to your audience.