Black Friday, 24th of November:
Discounts, Deals and Giveaways.
In 2016, Britons spent £1.3 billion on Black Friday.
But up against big retailers with huge promotions and unbeatable bargains, how is Black Friday impacting smaller businesses?
“Many retailers report some of their highest profits on Black Friday. The black portion of the name, “Black Friday” relates to businesses recording their losses in red ink and gains in black. This tradition lives on in modern accounting software, hence the name.”
If you plan to participate on Black Friday, here are five tips you can do to be successful.
1. Provide extra support and service.
People like discounted or lowered prices, but they also like to feel valued. Offer extended support- a personal shop assistant for an hour, free set-up / how to use expert, and other assurances that reduce the possibility of buyer’s cognitive dissonance (when you buy something and then later regret it!).
2. Encourage gift card purchases.
Christmas is coming up, a busier time for you. Eight out of ten shoppers had gift cards on their Christmas list in 2014. People like having the option to choose for themselves… why not encourage this?
3. Offer free meal accompaniment.
If you are a restaurant, cafe, or eatery- offer a free coffee, starter/ dessert, or glass of wine to diners eating in on Nov. 24.
4. Promote special deals for VIP customers.
Send a voucher for an exclusive discount to your most active customers a couple of days before Black Friday with an obvious subject line like ‘BLACK FRIDAY- Get 30% off EVERYTHING when you shop in store’.
5. Post on social media and use hashtags.
Seize the opportunity to grab a customer’s attention by placing articles and ads on Facebook, Twitter and Instagram. Try pairing up with another local business that offers complimentary products or services.
Last but not least… keep calm and carry on!
Things can get a little hectic on Black Friday with lots of customers looking for the best deal, so consider getting in extra staff during this busy period.
If you use any of our tips, please let us know!
We wish you a successful Black Friday experience.
iVoucher helps small businesses to create and send vouchers to their customers. Start growing your business today. Sign up for your free 15 day trial at www.ivoucher.com.