It’s November and everyone is talking about Black Friday and its amazing discounts. If you own a business, you must also know about Black Friday Business opportunities and their pros plus cons.
Why is it called Black Friday?
Black Friday, the day after Thanksgiving Day, began in November. The day of sales, promotions, and exclusive discounts. Black Friday, according to the research findings, 74.2 million Americans shop for black Friday. Positive amounts are mostly written with black ink, so it’s called Black Friday as it is a positive step for a business to earn a remarkable profit.
Is Black Friday Good For Business?
Of course, it is. Black Friday is not only about the profit of Big business. Small businesses Black Friday can also increase their sales and profit by gaining more traffic at their stores. Nothing is big or impossible, it’s all about planning, strategies, and a complete to-do list to follow throughout the process. Most of the small businesses stay away from participating in this challenge. Just because you are a small business, doesn’t mean you can’t take the advantage of Black Friday business to boost your sales. Cyber Monday, the first Monday after Black Friday is also considered important for the boost. Most people have built their mental map that they have to spend a lot of money to advertise their business and there is a possibility that they will get into the loss. But this is not true in the case if you are willing to spend less and get more through your black Friday sales. Small business Black Friday is a great opportunity to stand with your products and sales along with your competitors and big companies. Besides the benefits, black Friday does have some negative sides. Read to learn the pros and cons of the Black Friday business.
Pros & Cons Of Small Business Black Friday
Pros: Increase Awareness And Engagement
Black Friday will let you call back your old customers to shop once again. Marketing advertising will let your small business boost its sales. You can follow the different marketing strategies to gain customers’ attraction and let them visit you. Different marketing strategies may include Facebook campaigns, email marketing, etc. Black Friday is on the waiting wish list of the majority of the customers. They are all waiting for the advertisements and the offers made by each store. So, don’t miss the Black Friday business opportunity and promote letting your services be known by your potential customers.
Cons: Risk Of Losing Inventory
The major issue of black Friday with most of the small businesses is they run out of the catalog. What does this mean? Lack of planning or mismanagement can be good terms to explain this. Small businesses offer discounts on the same products on consecutive days like thanksgiving, business Saturday, Cyber Monday, or the giving Tuesday which ultimately leads them to the dearth of items in the store.
Pros: Get Rid Of Old Stock
Providing discounts on old inventory will help you make space for the new one. This is the correct time to sell the items that are kept on your shelves for months. This is a win-win opportunity for both the customers and the business. Because you will get space and customers will get the item.
Cons: Schedule Extra Staff
More customers will demand more service. So, who will provide the service in rush movements? Of course, you have to prepare staff besides their regular duties. Black Friday is not only about the sale of products but the services as well. You will have to pay extra for your staff to handle the customers on all of the weekend sales days.
Pros: Gain New Customers For The Rest Of The Year
Use your discounts as incentives to show your customers appreciation for their business. Black Friday or Cyber Monday are the days where people do window shopping in every store before buying a single product. It’s up to you to attract them and make them your regular customers for the normal days. Offer the discount more as compared to your neighboring shops and provide original products at a discounted price so that customers will love your loyalty and will visit the shop again.
Cons: Work On The Holiday As Well
It’s hard to manage the team and staff during the holidays. It’s hard for the employees to manage the uncertainty if they are not well aware of their duties in advance. If you are going to plan and open for black Friday be sure to let them know in advance.
Pros: The Golden Rule: Sell Online And Save The Budget
People prefer to stay out of the crowd especially in this pandemic COVID-19 situation. Also, it’s good for you and your employees as well. If you have a built-in online store that’s good. Do advertising and promotion and let your customers shop online. Small businesses on Black Friday can offer free deliveries or a gift hamper along with the orders. It will help to attract more customers to purchase online.
Cons: Lack Of Familiarity Cause More Loss
If you have decided to sell out online, make sure you are very popular among your customers. You have a record of enough sales. Brand familiarity is the core focus on Black Friday because customers will have a lot of discount offers and they will prefer the store they are well aware of. If you want to sell online, start advertising your brand months before to make it known.
After reading the pros and the cons of small business Black Friday, take some time, and make the final decision. Whether you are going to participate or not? Instead of all the above, we can still guide by sharing the tips and great working ideas for customer engagement and brand visibility on Black Friday.
Why Do Businesses Participate In Black Friday?
Businesses participate in Black Friday to increase their sales and create more brand awareness among customers. You are going to say WOW after getting the huge profit from Black Friday business sales.
Black Friday Business Ideas and Tips
If you are already aware of the dos and Don’ts of small business Black Friday, we still suggest you read the following tips to help you out.
1: Start Planning’s Month Before
Big decisions for small businesses take a lot of improvements, implementations, and require time. Start planning for Black Friday months before. If you are entering the challenge for the first time, go through the web and do deep research for the marketing and promotion strategies and select the one that best suits for budget and business. It will help you make it clearer. If you are already familiar with the Black Friday planning techniques that are good. But do keep last year’s ravages and try to cover them this year.
2: Start Promoting Weeks Before
The best for the big business is that they start advertising and promotions about their sales and discounts, they start vouchers and coupons distribution among customers to get them ready for the day.
Follow this but stay within your budget. You can use alternatives like running Facebook campaigns, sending emails, or SMS marketing as well.
3: Get Involved With Customers
If you have an online store, get connected with your customers. Follow the customers handling marketing at your social accounts, which means talking with them and guiding them properly. Watch customer behavior and reflect it in your sales.
4: Create A Discount Coupon Or A Promo Code
Offer an attractive discount coupon or promo code for both online and offline shopping. It takes the least of your time. If you want to save your printing costs, you can also offer them online to download coupons and let them print themselves. If you are using an e-commerce store you can combine the code and let them choose where they want to use it. E-commerce platforms provide you the facility to create coupons and discount codes.
5: Start The Countdown
Countdown lets your customer make quick decisions like whether they want to buy or not? A Countdown on your website must appear on the home page so that it will be visible to your customers easily. Offer different discounts for a day or even for an hour. This can take time but will surely generate results.
Share the banners on your social media of the count down, as there is more traffic on social media as compared to the website.
6: Offer A Gift Hamper Or A Free Delivery
Attract your customers by highlighting a flash deal like getting free delivery with a 50% discount on electronics or it can be like Spend 500$ and get a gift with every order. You can also give the most demanding offer which is Buy one Get one free. Although Thanksgiving, Black Friday, Cyber Monday, or Giving Tuesday is the second name of discounts but offer such discounts with some extra toppings to stand out of the crowd.
7: Study Big Business And Apply On A Smaller Scale
Find out what big businesses are doing to promote their services and items on the sales day. Study deeply about their pros and cons and apply them to your small business but stay within your budget.
Don’t get out of the line and start planning for the big and small business Black Friday sales. Follow the step-step by planning and earning extra profit. Prepare yourself for a risky day. Deeply study your plan before implementing it to save your business from loss. Let Black Friday increase your customers and let them rely on your items.