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…
A few years back, one of the biggest advocates of previous Black Friday’s ASDA (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 on the run up to Black Friday, and most 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 why people love Black Friday so much!
If you just had a fire sale, how many of those new customers do you think will buy from you again?
Obviously, long term 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.
But if 40% is the hook, is that simply short termism?
Consider why people usually buy from you when it’s not Black Friday
On a normal day, why do your customers buy from you?
Is it out of habit because you were online when few others were?
Perhaps it’s because you get found in search engines?
Or perhaps it’s because you are the king or queen of social media?
Maybe it’s your amazing customer service?
It’s got to be your free delivery strategy?
Whatever your secret sauce is, don’t let Black Friday affect your goal in creating long term profitable relationships with your customers.
And if customer retention is something you need help with, it;s our thing and we’d love to help so get in touch and book an audit.