Is your small business taking part in Black Friday this year? Whether the annual trip to shopaholic heaven is a part of your sales strategy or not, there’s no arguing with the fact that shoppers have become accustomed to hot deals over Black Friday.
“Most companies see a small increase of sales on Black Friday and Cyber Monday without much extra effort because 55% of consumers plan to visit stores on shopping days like Black Friday or Cyber Monday.” – Accenture
So, not only is it likely that your store will experience an influx of customers over the Black Friday period, but they will undoubtedly expect a deal when they walk through your doors.
It’s not always easy for small business to run specials – especially not with the discounts shoppers now expect from a Black Friday promotion. However, there are ways to participate in Black Friday without having a devastating impact on your bottom line. Here are some ideas that you can implement this year.
6 Black Friday Deals for Small Businesses
Let’s start with the obvious one. Running discounts on your products or services is a great way to get more customers into your store this Black Friday. It’s worth noting that you’ll face stiff competition, so you must make your offer irresistible. While hefty discounts have become the go-to for Black Friday deals – they really only work if your company has big margins or can afford to break even to acquire new customers. Luckily, there are other options.
Whether it’s complimentary product bundles that create an incentive to buy or a discount when purchasing multiple items, bundle deals can be a handy option for small businesses. Bundle deals can drive volume. A shopper looking for a t-shirt may walk away with three t-shirts because of your “3 for R99 each” special. They can also help you move excess stock as unwanted inventory can quickly become part of an enticing bundle special.
Some bundle deal ideas:
- Buy A get B free
- Two for one deals
- Buy 3 and get them at RX each.
Is there a way to offer your customers an add-on that may enhance their experience with your product? A free or discounted course that is associated with your business is one example. Another may be a discount on a subscription or a 1-month free offer. It all depends on your objectives. So, when putting your Black Friday specials together, consider what value you can add to your customers’ purchases to delight them.
Due to Covid-19, Black Friday in 2020 will see more early sales than ever before. Some large retailers have already begun their specials which will run all month long. While small businesses are unlikely to be able to afford month-long discounts, you can still offer Early Bird Specials. These discounts are for either your first online sales or the first feet through your door and will delight your customers while creating valuable Word of Mouth Marketing to jumpstart your campaign.
There’s no reason why you should have to brave Black Friday alone. If there’s another business in your area with products or services that complement yours, why not consider teaming up? If you’re a tailor, consider running a joint Black Friday special with your local dry cleaner. If you run a hairdressing salon, team up with a local beauty brand and offer a cut and product bundle. Draw on your network and get creative.
If you’re worried about your bottom line over Black Friday, you can always structure your deals and discounts to take effect at certain times during the day. This approach will give you a bit of breathing room while still allowing you to enjoy the rush. It’ll also make your customers who benefit from your best hourly sale feel savvy as they cash in on an exclusive limited time offer special.
Ultimately, you need to find a happy medium that works for your customers and your business. Small businesses must think outside the box when creating your deals. Forget about competing with sprawling retailers. You have the opportunity to offer your customers a personalised experience that big businesses cannot, and in an experience economy that might give your business the upper hand.