Black Friday has only recently made the transition from being an American holiday to a global sales event. Arriving in the UK in 2010, larger businesses and multinational organisations have dominated what is now a week or even fortnight-long event dedicated to discounted sales - but how can small businesses get a piece of the pie?
If you’ve witnessed the buying frenzy this year and feel like your business is missing out, here are some useful tips for how small businesses can capitalise on the sales event of the year.
From shifting surplus stock to embracing digital markets and giving bargain-hungry Brits a pre-payday deal, for UK businesses, Black Friday has evolved into a powerhouse event for boosting sales and engaging customers. This annual shopping extravaganza has seamlessly integrated into the UK retail landscape but for small and medium-sized businesses, there needs to be a dedicated effort to leverage Black Friday into a sales-boosting strategy.
Increasingly, consumers expect companies large and small to offer discounts for Black Friday, putting off purchasing earlier in the month and then searching around for the best deal. This makes Black Friday both an opportunity to seize interest as well as a risk of being undercut and losing custom.
One of the biggest concerns that deters most small business owners from offering Black Friday discounts is the danger of reducing prices on perfectly good products without generating any additional sales. While lucky customers might be delighted with the deals, this would do little other than reduce your revenues. One solution for this is to capitalise on the sales event by offering irresistible discounts on surplus stock.
Clearing out old inventory not only creates space for new products but also generates revenue that might otherwise have been tied up in stagnant goods. Implementing significant markdowns on these items during Black Friday can help you meet consumer demand for discounts while also helping you clear shelf space without unnecessarily reducing prices on more valuable stock.
Another way to make the best out of the drive for discounts is to require shoppers to register with you to access the best deals. By doing this, you can limit how many people can access reduced prices and offset the cost of discounts by turning Black Friday into an opportunity for data capture. Asking shoppers to consent to email marketing in return for a discount, you can legitimately collect data and build a stronger relationship with each shopper, enabling you to target them directly in future remarketing efforts.
As for your existing subscribers and buyers, you can reward them for their loyalty by sending them Black Friday discount codes - by email or by SMS - to entice them back to you and woo them away from rivals. Of course, compelling subject lines, eye-catching visuals, and exclusive deals all help make your emails stand out, but you can also segment lists based on customer preferences and previous purchases, and send personalised promotions to drive even higher conversion rates.
Harnessing the power of social media is another impactful way to drive sales during this period. Running targeted ad campaigns across platforms like Facebook, Instagram, and X (formerly Twitter) can expand reach and engagement, shouting about the great discounts you have to offer.
Engaging content, such as countdowns, sneak peeks, and interactive polls, can create anticipation and encourage followers to participate in the Black Friday frenzy.
Black Friday presents an opportune moment for UK businesses to elevate their sales and visibility - if done properly by laying the groundwork in advance.
If you’d like help exploring how you can boost your business through this and similar revenue-generating opportunities, get in touch with our team of experts today.