Black Friday and Cyber Monday are traditionally two of the biggest shopping days for American consumers. Retail giants and small businesses alike can benefit and cash in on sales. Here are some tips to ensure you get a piece of the profit pie!
Create Awesome Deals
The first order of business is to create an offer folks just can’t refuse. Folks fall in love with crazy deals. This involves not only a deeply discounted product or service, but also making people feel they are getting the best value for their dollar. Products advertised between 50% and 80% sell out the most, with a 50% discount performing the best.
Keep in mind that larger companies can easily cut prices, knowing even though they reduce their profit margin, their average customer normally makes purchases several times per year. If you fall into the smaller business category, showcase a tempting offer that highlights getting the most bang for the buck, so customers will want to come back for more.
Put Together Bundles
Create bundles of your products or services to bump up sales. Make the offer irresistible by offering folks five for the price of three. You can also create a value-add offer. This involves throwing in something extra that your customer wouldn’t normally get for the same price.
Reward customers who shop early with an added bonus. Early birds who gobble up an irresistible offer will quickly spread word to others. According to Twitter, 62-percent of users tweet about purchases they’ve made.
Customers are being urged to snap up popular toys well before Black Friday. They may cost a bit more, but will likely run out of stock before the big day .
Get the Word Out Early
According to the National Retail Federation, 40 percent of consumers begin their holiday shopping before Halloween. This just shows that planning ahead and creating awareness early can pay off for retailers. Begin teasing your upcoming sales in early November or sooner.
Promote Sales on Social Media and Beyond
Post hints and teasers about your irresistible offer on social media, 10-14 days before the big days. Notify current and past customers about your promotion through an email campaign. Direct mail is another effective way to reach people who have done business with you before. Create a flier that promotes the sale and give it to your customers when they make a purchase. Put together a contest with prizes to collect customer information and create excitement.
Have a Working Website
If you expect to make a lot of online sales, make sure your website is working properly. Nothing turns folks off more than a slow-running website. Add a promotional banner to capture the attention of online visitors. Make sure mobile users can see your website. More thanhalf of shoppers make purchases from a smartphone or tablet. More than 40 percent of sales made on Black Friday 2021 came from a mobile device.
Holiday Shopping Predictions for 2022
This year, you can expect retailers to continue offering deals well after Black Friday. Expect an online shopping extravaganza on Thanksgiving Day too as some retailers plan to close their doors.
Many online deals are predicted to be offered as Americans enjoy their day off. Record spending is predicted for October. Sales for November are expected to be equal or up from the same time last year, but down during Cyber Week. Shoppers will also likely be more careful about spending money this year, due to inflation.
Need a Business Advisor?
If you’re interested in working with a top-notch business advisor, give Lodestar Advisors a call at 443-280-0890 or send us a message through the online form at the bottom of our webpage. We can’t wait to start this journey with you!