Is Black Friday really a marketing opportunity?
[vc_row][vc_column][vc_column_text]It’s Black Friday weekend, so if you are selling pretty much anything anywhere, you’ll be trying to use that to your advantage. On the flip side, if you are a ‘consumer’ then you’ll be looking to buy something at the lowest price you can probably get. Based on the photos in the press, that means as many TV sets as you can get in your shopping trolley.
This weekend is predicted to be the biggest online shopping extravaganza in the UK to date, with billions being spent online.
But is it a good thing? Are you participating in Black Friday because everyone else is, or was it always part of the plan.
What are the potential long term effects of the marketing sheep in wolf’s clothing now know as Black Friday
Why are you participating in Black Friday weekend?
Black Friday means deals. Money off. Reduced Margin but stock is moving and that is good for cash flow — hence the name Black Friday (it’s a sinister name, but it actually refers to the US weekend that the retailer tends to be in the Black not the Red).
Black Friday became a ‘thing’ another ‘marketing event’ pretty quickly. Retailers followed other retailers and in two or three years it’s become the retail event of the year.
Perhaps it’s reached its peak? Everyone is doing the same thing…
This year, one of the biggest advocates of previous Black Friday’s ADSA (UK Walmart) didn’t do it…
For me, the big question about Black Friday from a business perspective is ‘so what’? Why is your business participating? Is it cashflow, is it to shift ‘slow’ stock, is it a tool for new customers, or is it simply because everyone else is doing it and we feel that we really have to.
I ask the question, as I’ve looked at a lot of marketing emails this week, and this weekend seems to be good old fashioned sales promotion marketing. In the most part, it seems to be not very clever, not very targeted, and frankly not that special.
So why should I buy from your business? Why are you so special?
During Black Friday, the majority of purchase decisions are likely to be made on price over everything else. It’s the concept of Black Friday! If you just had a fire sale for Black Friday, how many of those new customers do you think will buy from you again?
Obviously you want them to become regular customers, to love what you do, what you offer and how you offer it. You want them to tell their friends how amazing your business is and why they should all buy from you in the future.
So on a normal day, why do your customers buy from you?
Is it out of habit because you were online when few others were?
Or perhaps it’s because you get found in search engines?
Or perhaps it’s because you are great of social media?
Perhaps it’s your amazing customer service? Or is it the fact that you always offer free delivery?
It could be because of your amazing packaging? Or the appeal of the unique brand positioning you’ve spent a fortune nurturing to appeal to your target audience?
Or perhaps it’s your secret sauce and because you are the only place they can buy your product or service?
Whatever the reason why people are buying from you, you need to make sure that you fully understand it and embrace it. And beware of the possibility that it might not be what you think it is?
Once you do understand it, you’ll be able to increase the relevance of your marketing messages, create new opportunities and make sure customers stay with you.
What happens next year?
So here’s one final question. How are you going to participate in Black Friday next year? Are you going to…
a) Do something amazing for your loyal customers?
b) Repeat what you did this year?
or c) not bother, because we get better returns on being customer focused not Black Friday focused.
Can we help you?
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Originally published at Websand.