Black Friday and Cyber Monday are the most profitable shopping days of the year for businesses. Whether you’re a small retailer or a big box store, taking advantage of these two special days can surely lead to a healthy profit. Here’s how you can cash in.
Put Yourself in the Black
There’s no doubt that retailers can make big profits over the Thanksgiving weekend. According to Adobe Analytics, Americans spent a record $11.3 billion on Cyber Monday in 2022, while Black Friday saw a record $9.12 billion in online revenue. Cyber Monday revenue is expected to total $13.7 billion in 2023. Here are some ways businesses big or small can benefit from these super revenue makers.
Sell Off Inventory
Thanksgiving weekend is the perfect time to sell off old inventory. Offering deep discounts can ensure the shelves are cleared off to make space for the new. Highlight overstocked or seasonal items in an attractive display.
Find New Customers
Online shoppers are attracted to a great deal and good customer service. If you offer both, people will remember you and spread the word to their friends and family.
Increase Exposure
A super sale can build brand awareness. Your business will naturally grow when more people are exposed to your company and products.
Boost Sales
It’s a no brainer that Black Friday and Cyber Monday deals can lead to higher sales during the holiday season. This is the busiest time of the year for retailers. Be sure to take advantage of it.
Holiday Marketing Strategies
There are several ways to get a piece of the revenue pie. Here are some practical ideas for making a profit.
Offer free gifts to attract customers. Give one with every purchase. Make sure it complements whatever you’re selling.
Promote on social media. When you post about special deals and products on your channels, followers will take notice. Create a video to showcase a product in action. Interactive content like polls and quizzes can also attract interest.
Hold a flash sale. When done right, they can create a sense of urgency and exclusivity. Make sure you are clear about the duration of the sale, available inventory, and estimated delivery time.
Hold a contest or giveaway. This is a great way to engage customers and build interest in your products or services. Just be sure to offer a valuable prize.
Free shipping and early bird discounts can also help generate sales. Exclusive deals for email subscribers are another popular sales incentive.
How Black Friday Customers Think
Businesses can find creative ways to get into the minds of Black Friday customers. One study shows competition for products can spark excitement and positive feelings. Savvy shoppers also like the challenge of mapping out a game plan to get the most out of their shopping time and money. Black Friday has also become a tradition for many Americans the day after a big Thanksgiving meal.
Need a Business Advisor?
If you are ready to work with a top-notch business advisor, give Lodestar Advisors a call. You can reach us at 443-280-0890 or by filling out the online form at the bottom of our webpage. We can’t wait to start this journey with you!