Black Friday is retail's biggest day — consumers spent $70.5 billion on the Friday after Thanksgiving in 2015, an average of $403.35 per shopper, according to Statistic Brain. But bargain hunters also recognize that Black Friday isn't their only option; they also spent more than $2 billion on Cyber Monday last year.
These big shopping days are not your only option, either. You can boost sales and bring in more customers with your own well-designed "Black Friday promotion." The following tips can help you create a winning offer.
- Know your customers. This is a broad category, so let's break it down: 1) Identify traits shared by your very best customers, then target your promotion at people who share those demographics to build your customer base. 2) Find out what social media channels are most popular with your customers and use those to reach them with details of your promotion. 3) Discover what needs your customers have related to what you already sell them, then look for ways to meet those needs.
- Set specific and measurable goals for every marketing campaign so you can learn what's most successful. When the campaign is finished, check in to measure performance and calculate your return on investment (ROI). If some campaigns fall short, you'll know you need to make some changes before trying them again.
- If you offer discounts, don't do it too often. Your customers will come to expect discounts as the norm if you offer them too frequently. Consider a promotion that adds value instead, such as a free item or service when someone purchases a certain dollar amount or a specific item. It could be free gift wrapping, shipping or a reusable shopping bag.
- Test multiple versions of your marketing materials against each other to see which performs best. For direct mail or email marketing, send different versions of the material to small segments of your mailing list. Then send the winning version to the remaining list.
- Team up with other retailers. Splitting the costs of a promotion with other businesses your customers frequent (who aren't your competitors) or coordinating promotions in a downtown or neighborhood is cost-effective and generates more excitement. With a group of retailers participating, you may be able to generate more public relations to increase awareness of your promotion.
- Align your promotion with your customer's buying patterns. For example, sporting goods stores may want to set up promotions around hunting, fishing and camping seasons. Florists may be more in tune to holidays such as Valentine's Day and Mother's Day.
- Sell the staff. If your salespeople buy into the promotion and are genuinely excited about it, they'll sell to your customers more effectively. Your staff needs to be well-informed and enthusiastic.
- Plan well in advance. Two to three months is a bare minimum amount of time for most businesses to plan a promotion; six months to a year is a better time frame. Ideally, you should map out a calendar of promotions a year in advance.[cite::171::cite] [cite::172::cite]