November & December are the biggest months of the year for retailers and shoppers and you probably know why. Every year, shoppers around the world spent over $700,000,000,000 during Black Friday.
That’s Seven Hundred Billion US Dollars.
Retail business owners over the years have seen great gains from sales seasons like Black Friday. However, there has to be a strategy towards maximizing Black Friday and as a business manager, you want to be sure you are doing it right. You don’t want to offer a Black Friday sale and get no interest. At the same time, you also want to ensure you don’t run into a loss.
That’s why we must know how to effectively make the most use of a global shopping seasons like Black Friday & Cyber Monday to increase sales, capture a share of massive spend, attract new customers, and retain them to increase your revenue base in 2023.
Let’s take a look at 5 Proven Ideas for Tripling Your Sales This Black Friday.
1. Launch Your Black Friday Offer Early.
Black Fridays are typically the last Fridays in November. As simple as this idea is, it is powerful and sets the tone for success. Waiting till the week of that Friday to launch your offer is late. The benefits for launching early are numerous, but here are a few:
- Buying Decision: You need to give your customers enough time to go through the buying decision phase which could be up to one month or more for some items.
- Feedback & Improvement: Launching early can give you signals of failure or success. This gives you some time to get and apply early feedback on your offer. (You may need to run an insider sale with a few of your customers to test things.)
- Build Anticipation: Launching early helps build anticipation with your customers and creates excitement around your offer.
At the end of the day, what you get is a more refined offer, with a higher chance for success.
2. Offer Your Best-selling Products
As it is commonly said, “put your best foot forward”. The same principle applies here.
It’s great that you have a wide range of products and services, but for Black Friday, you should ensure that you are offering customers your best-sellers.
How do you know your Best-Selling products?
This can be obvious to you in some cases where you have few products. But in other cases, you might need to look through your sales history to identify your best sellers. This would be easy If you’ve been using a product like the Loystar Inventory and sales tracking software. With this tool, you can get daily or monthly reports that would guide you in choosing the best products to offer for Black Friday.
3. Combine your Black Friday offer with a Loyalty offer (BIG IDEA!)
A quick question for you, If you ran a Black Friday offer last year, how many of those customers still patronize you today? Black Friday is a great opportunity to attract new customers. Given the economic crunch happening, you’ll find a good number of customers on the lookout for deals. However, many businesses don’t make adequate plans to retain these customers beyond Black Friday and Cyber Monday.
Don’t let this be you.
One great way to make your customers come back after this sales season is to combine your Black Friday offer with a Loyalty Reward offer.
This is a brilliant idea when done right because at the end of the day, your ultimate competitive advantage is not losing the new customers you get this Black Friday.
So you have to ensure that your newly acquired customers have more reasons to patronize you beyond Black Friday. And guess what? This strategy has been made very simple to achieve using Loystar. If you are particularly interested in setting this up, please give us a ping!
The goal here is Customer Retention, by making your customers KNOW that the low prices they get during Black Friday sales also count towards a future reward. They get a good deal now, and get a reward later for sticking around.
4. Leverage Platforms and Your Network to Increase your visibility
What’s a good offer if many people don’t know about it? Never before has there been so many platforms and channels that you can leverage to give your business the visibility to succeed this Black Friday. Whether it’s a digital tool or a person with a high number of followers, be sure to explore such channels for visibility.
Here are three channels to explore for increased visibility this Black Friday:
- Make use of digital platforms that give youfree visibility e.g storefronts, marketplaces, etc.
- Collaborate with complementary businesses by combining marketing efforts and resources to push sales together. As a Loystar merchant, you get access to collaborate with other business owners using our coalition loyalty technology. With this, you can increase visibility and collectively reach more customers.
- Pay for visibility e.g Run ads on Facebook and Google or un-conventional channels like Wifi Marketing
5. Improve Customers’ Buying experience
There are many moving parts required to make your black Friday a success and you want to make sure that your customer’s buying experience isn’t degraded due to the influx of sales. This typically can be due to high traffic if you are in a physical location or a high number of orders if you operate online.
Below are two ways of delivering an optimal experience during a high-traffic sales season like black Friday.
- For physical location: e.g restaurants, boutiques, etc
- Allow your customers to send orders ahead and pick them up in-store.
- Allow customers to order in-store using a Smart QR menu system as it gives you better crowd control.
- For online businesses: Delivery logistics is when things typically break down. That’s why we’ve made it easy to request dispatch delivery in one click when you use Loystar to manage your sales.
This way you can deliver a good customer experience despite the high traffic.
Finally, Black Friday is just around the corner and we understand that it might take a lot to quickly implement these ideas. That’s why we’re here to help. If you need help, please don’t hesitate to send us a WhatsApp message.
In addition, Loystar is offering a 1 Year free Subscription on the Pro Plan for 10 business owners as well as up to 100 percent discount on renewals to support new and existing merchants this Black Friday and beyond.