Late for Black Friday? So are we. Don’t worry though. It’s only the end of the month, but not the end of the season, let alone the year. Black Friday is not just a great opportunity to sell or liquidate inventories. It is also a fruitful testing ground for the rest of the year, and also to test new business ideas for the coming one.
We admit it: we’re late on this year’s edition. So instead of publishing a fancy post filled with stats, examples, and suggestions on how to effectively promote and sell your products, we thought about an alternative piece of content you could benefit from when the Black Friday and Cyber Week frenzy is over.
What Black Friday has become
Despite the general consensus on the origin of Black Friday (1950s in Philadelphia, PA), there are a few variations about its origin. In general, they all refer to “the busiest shopping and traffic days of the year”, which coincided with Thanksgiving day and marked the beginning of the holiday season, when the red figures (losses) turned black (profit).
But the globalization of Black Friday goes hand in hand with the rise of ecommerce, its extension to Cyber Monday, and, finally, to Cyber Week.
Indeed, globalization and Hollywood have exported many important dates to other cultures and countries. But because Thanksgiving is a local holiday with a local history, its reception abroad hasn’t been quite the same as other dates and traditions. In addition to that, other religious, economic, and culturally bounded factors have a deep impact on how the general public responds to international campaigns. Especially, in the run-up to Christmas.
December is a busy month and missing out on Black Friday and Cyber Monday doesn’t mean Christmas is lost. Moreover, massive competition and promotion (systematically trashed at times) make it hard to stand out.
It is true that 30% of Americans have already started their shopping for the Christmas season being Thanksgiving the turning point. But the remaining 70% has not and makes a stable pool of consumers that can definitely be targeted.
Ever heard of Green Friday?
As we left the bulk of the pandemic behind, a growing feeling of overwhelm settled into consumers’ lives. The lockdown context favored email marketing and Social Media promotions to engage people who had time and a higher spending capacity.
If you think about it, those communications focused on 1. Limited time offers, 2. The lowest prices, 3. Now-or-never opportunities. All in all, the irrational fear of missing out (FOMO).
The context is now different with inflation and uncertainty as the main stars. Not only have consumers got back to the new normal. They have also already refreshed their homes, replaced their gadgets, and are increasingly concerned about sustainability and the climate emergency.
Green Friday has appeared as an alternative to Black Friday and is gaining some attention aiming at those consumers via refurbished items and handcrafts. However, the buzz around Black Friday and Cyber Monday is still dominant and is not – yet – a double-or-nothing bet.
See Patagonia’s 2014 campaign, based on circularity.
The hidden opportunities of Black Friday
And while brands of all sizes do take advantage of the Black Friday / Cyber Monday / Cyber Week campaigns, many others don’t see the return on their investment, given the fierce competition both in reach and sales.
A competition that has increased the cost of ads and requires an effective sales strategy to avoid incurring losses.
That said, Black Friday and Cyber Week make a good sample of what to expect of December’s fruitful potential and provide useful insights. For example, more sales at a lower price may not be as profitable.
Prices
Some businesses use Black Friday for stock clearance. Some others lower their margins to increase their turnover, while the more far-sighted aim at mid-term brand promotion. There is a time for every strategy – after all, not all companies face the same context.
Check your competitors’ prices and keep an eye on their evolution. If you’re selling on Amazon, you might want to use price trackers like Camelcamelcamel or Keepa, which will give you a clearer idea of how feasible your discount strategy really is.
Understand consumer behavior in your best-performing locations
As we suggested above, not all users follow the same behavior patterns. Although Black Friday has become a somewhat worldwide event, that doesn’t mean it is the best time for consumers to fill their Christmas shopping carts. Yes, an increasing amount of people anticipate their Christmas shopping and benefit from discounts, but that doesn’t mean the holiday season is over. On the contrary, there’s an entire month ahead.
Reaching new markets is always a tempting option – a risky one though. And while the proper research can make it work, it’s best to play it safe. Localize your product content to increase its awareness where it performs the best.
Another good option is to explore Christmas cross-sales opportunities with other trending and popular brands that are related to your product.
Market research
Black Friday is a turning point where we see new products, newer versions, and a widespread feeling of anxiety due to the Fear of Missing Out on groundbreaking deals – often induced through warm-up reminder emails.
Check ecommerce platforms and popular retailers in your area to see the actual availability and prices of your products. There’s a big chance you can use that to your favor in the coming weeks. Especially amidst the supply chain disruptions we’ve seen throughout 2022.
Pre-sales and reservations
For the same reason, and considering the flooding communication that has overwhelmed users since the pandemic, many consumers are less keen to receive offers and promotions about products they are not presently looking for.
To cope with this, a growing trend is to focus on long-term customers rather than assuming the risk of delays and dissatisfaction.
Subscriptions, pre-sales, and reservations have been on the rise since the Ever Given blocked the Suez Canal in 2021, and the shipping delays caused by the Covid bursts in China earlier this year.
Personalization
Much of the discovery and research phases are invisible to brands beyond big data. In fact, cookies may be playing out their last scene because consumers are more concerned about what their data is used for. Thus, they are wary enough not to give it.
That explains why established brands have chosen debranding strategies to create long-lasting bonds by providing personalized experiences. But since a brand is needed to have a brand to debrand, this is not for all businesses.
Instead, an omnichannel strategy can help build a consistent image regardless of the channel consumers use. Because consumers like to see, compare, and decide on their own (see image below). They like to take their time and, if you didn’t know, those who avoid physical shops are really avoiding crowds.
Remember buyers remain your customers after checkout. The more you pamper them with tailored offers and unique experiences, the more likely they are to return, post user-generated content, and refer your brand to their friends and family.
Oh, and verify your tracking and remarketing tools (Pixel, Analytics,…) are up and running.
Getting ready for the year’s final lap
- Double-check your inventories, especially if you are selling on Amazon. Remember Amazon is very strict with stock ruptures, delays, and quality-related issues.
- Make your landing pages versatile so that they can be used beyond this venue.
- Double-check your logistics and deliveries
- Measure and track all metrics for future optimization. Spot your business’ challenges (staff, customer experience, expectations,…) and make a plan to address them
- Explore cross-sale opportunities with related brands/products
- Create specific seasonal content
- Focus on your best-performing channels and be cautious in investing in new ones unless you have a clear strategy. There’s nothing wrong with testing but improvising on busy dates may not turn out so well.
