Black Friday, it’s either a phrase that excites you or fills you with dread. The past two years Black Friday has been portrayed by the media as a frantic frenzy, which in some places it definitely was. One of the main issues of Black Friday from the past is that it took retailers and brands by surprise, with consumers stating the retailers were not prepared for the day’s sales.
But it’s an event not to be sniffed at, with the UK spending £810 million online and Amazon reporting nearly 6 million items were purchased on the one day.
So how can brands and retailers get ready for this year’s activity?
What’s on their wish list?
Last year, there were reports that some of the promotions didn’t move at all whilst others sold out in minutes. It’s important to take stock and analyze why these particular sales worked compared to others.
Find out what’s on the consumers wish list for this year, so look at what was a previous success, what is currently being marketed heavily in the media and what upcoming trends are about to kick off.
Set your targets now!
As a retailer or brand, what is it that you want to achieve from Black Friday? Is it that you want to drive sales quickly throughout the day or is it more of a brand awareness campaign for you? Especially if you’re trying to reach those consumers that like to leave their shopping late. Decide this early, so you can ensure you choose the appropriate ad types, placements and targeting options.
How does your consumer shop?
So most of the time, the Black Friday consumer is a pretty savvy one. They’ll know what they want and where they want to purchase it (hence wish list above). With campaigns and communication starting at the beginning of November this will help retailers and brands gain a better understanding of what products are gaining the most traction from consumers.
Remember the consumer will most likely search online before stepping foot in a store, so make sure you’re online presence and advertising campaigns are working together, targeting the correct audience with those perfect promotions to ensure you get that footfall on the day.
One of the most important rules of Black Friday is to remain flexible, don’t be rigid with your promotions. Watch the consumer and how they spend, and rapidly change your displays and activity to react to this. Look at data, consumer behavior and other stores to see if you can maximize those sales even further. Don’t be afraid to act quickly, if you think it’ll get you a better sales result at the end of the day, well what are you waiting for?
Want to know more ways to leverage Black Friday, just give one of our retail experts a call, click here.