4 Tips to Determine what your Store should Offer for Black Friday!
So your business has decided that it wants to participate in Black Friday but you are not sure what you should offer? It can be a tough decision because the stakes are high, the discounts are deep, and the potential is huge. Follow these 4 tips to help you decide what your business should offer on one of the busiest shopping days of the year.
- Tip 1:
Find the right product to offer by considering items (or services) you have extra margin on. You can reduce your selling price on items you’ve previously purchased on discount through your suppliers and still maintain a decent margin versus marking down items that you purchased at your regular cost. If you sell services, then consider which services you have the greatest markup on. Offering an item or service on discount for a limited time will allow your business to take advantage of the increased traffic from Black Friday shoppers.
- Tip 2:
Take advantage of extra stock sitting in your inventory. In many cases, retailers inadvertently overbuy from time to time. You can use Black Friday as an opportunity to clear out any inventory you have too much of. *Bonus tip: Think in advance about buying one product in bulk that you can offer at a discounted rate for your next sale. Buying in bulk allows you to pass along the savings to your customer! Win-win!
- Tip 3:
Offer a discount on products that are exclusive to your store. Do you offer any brands or styles exclusive to your business only? Promoting a product that no one else carries is always a good option. When you mark your product on sale for Black Friday, consumers won’t be able to find it anywhere else and they won’t be able to price compare your product to other retailers, making your price look amazing.
- Tip 4:
Reward your email subscribers by giving them first access to your exclusive Black Friday deal. Create an email marketing campaign to send in advance to your loyal email subscribers. Make sure your email includes a clear message with a clear call to action. Black Friday is a great opportunity to reestablish relationships with your previous customers and get them to become a repeat customer to your business! Your email open rates should increase drastically on Black Friday, as everyone is looking for the deepest discounts and the greatest deals.
Participating in this major shopping day will give your business the chance to take advantage of one of the busiest shopping days of the year to attract customers and get a jumpstart on holiday sales.
Happy Black Friday!