Black Friday this year falls on the 27th of November and Cyber Monday on the 30th, and while non-essential businesses are mostly operating remotely, businesses are preparing for an influx of online orders.
Spending behaviour has inevitably changed in recent months as retail outlets have needed to close with customers now doing almost all of their shopping online. Businesses have also pivoted their marketing strategies to meet this demand and switching to solely selling online.
Wherever you look for the latest information, statistics are showing how Black Friday sales have grown year-on-year in the area of around 50% and it looks like that may happen again this year. Given the current Covid-19 pandemic restrictions, this has sped up UK online consumer habits with more people browsing than ever before, so even if they didn’t shop Black Friday sales last year, even more people than usual will likely be looking to find a deal online this year.
Some ideas for marketing during this time:
1. Grab customer attention early.
It is apparent that more brands, products, and services are vying for customer attention and spend. It is also worth noting that paid/biddable platforms have limited space, and therefore the cost of advertising significantly rises throughout these periods. Act now on your general ads across your social media platforms. If you start now, you can get people’s attention and then re-market to those people. In doing this, you focus on a core group of people who are interested in your product – then you already have their attention and can maximise this opportunity.
2. Don’t rely on just one channel.
The key message is, don’t be reliant on one channel – put as much spend across as many as you can. There has been a huge shift to digital during the pandemic and with that, a whole new audience across the channels who you can target.
3. Content makes a difference.
If you get it right, it helps to build a positive brand reputation and then recommendations from your customers to others. Some content may need to be tailored to specific niche markets, but with the more universal markets, you can probably get away with a simpler approach by listing the unique selling benefits (USB) of the product.
4. Focus on perceived value.
Perceived value is measured by the price the public is willing to pay for a product or service, and for Black Friday & Cyber Monday it is important to focus on this and not what the biggest percentage off might be. Many brands will give away a freebie with any purchase over a certain amount, rather than offering a discount on the actual product. Or bring in your shipping as an added value by creating free next day shipping. This will allow you to keep pricing consistent across retail, online and generate more profit.
5. Take risks but avoid key mistakes.
This period can be very much “risk and reward” and this year the competition is even greater and therefore will be more expensive. If you avoid any risk you may also miss out on rewards that may come your way.
In taking more risks you can be more competitive but keep a few things in mind:
– Don’t leave your campaign too late
– Test and make sure your offer-code, stock and logistics are in order and ready-to-go
– Allocate enough spend
When consumers are in a purchasing state-of-mind you can win big but you can also lose big so make sure you are ready and take the risk where possible.