Black Friday: Is it really that important?
Most consumers associate Black Friday with long queues, incredible deals and maybe even a brawl in the middle of the tech aisle. But, for most businesses, Black Friday is the culmination of months of planning, and it kicks off the festive season as the busiest shopping weekend of the year.
Last year more than $188 billion in revenue was made over the Black Friday weekend, and with an even higher revenue predicted for 2021, we’re diving into why Black Friday is so important for businesses and the impact it can have on your success.
Traditionally on Black Friday, businesses used methods like opening brick-and-mortar stores earlier and offering exclusive deals to committed customers. But with Covid19 and the rise of e-commerce, it would be a crime to plan your festive promotions without digital in mind. The shopping frenzy online has progressed, with 2020 bringing in over $9 billion in US web sales alone—an increase of 21.6% from the previous year. So, with more people opting to carry out their bargain hunting online, e-commerce brands can enjoy an unparalleled opportunity to attract new customers and increase your sales.
Retailers will spend months planning their Black Friday strategy which allows them the opportunity to...
Acquire new customers
A good Black Friday strategy opens up a brand to new audiences, so, to create a relationship with customers looking for good deals, brands will make the most of promoted posts, increased content and partnerships. Customers are more open to buying from new brands when they can find a good deal, so every piece of content they see matters.
Remember: The most important part is keeping these customers happy throughout the festive season in the hopes of driving repeat purchases before Christmas.
Re-engage previous customers
Black Friday is the perfect time to remind your audience of your offerings. A sale or customised email discount can spark interest in passive customers or one-time-buyers. There’s going to be a lot of voices competing for consumers’ attention, so you need to make sure yours is heard.
Organise inventory
Looking to get rid of older stock which didn’t do as well as you had predicted? It’s normal for you to slash those prices and put them back on offer. Anything that retailers want to clear from their inventory can be popular, particularly with bargain hunters. This lets you make room for products that are in-demand and you can sell at full price.
Increase turnover
You don’t need to price your items at a loss to attract customers. A well planned campaign and supporting comms can be all you need to make a profit.
To achieve these goals, businesses need to stand out from the fierce competition. This is where a strong marketing campaign plays its role in boosting a brand’s visibility and placing it ahead of rivals during this all-important shopping weekend. Many consumers plan ahead for crowds, hunt for deals, and look to score hard-to-find products. That’s why it’s important to begin your Black Friday strategy early and familiarise your audience with your brand.
Don’t believe the hype? Take a look at last year’s Black Friday figures for yourself:
$184 billion was the predicted Black Friday 2020 sales revenue. This was exceeded by $4.2 billion.
Traffic in physical stores was down by 42.3% from the previous year.
Smartphones brought in 39% ($74.6 billion) of the revenue whilst laptops and other devices brought in the rest at $133.6 billion.
Black Friday posts saw a 1301.7% increase in comments from November 1st through to the 23rd.
Over half (52%) of customers who shopped online last year took advantage of Black Friday deals that were posted prior to Black Friday.
We’ll be reviewing this year’s Black Friday stats after the busy weekend, so make sure you follow us on Twitter and LinkedIn to be kept up to date. Need help with your digital strategy? Get in touch.