With the holiday season fast approaching, businesses are gearing up for this year’s shopping extravaganza – Black Friday.
Last year, the cost-of-living crisis and threat of a recession created a somewhat subdued climate for Black Friday, with customers being financially cautious. In response to these challenges, retailers reconfigured their marketing efforts – thus reshaping the weekend shopping event to maximise profits in the face of shifting consumer behaviour.
In this week’s blog, we’re exploring the origins of Black Friday and offering our tips for businesses in 2023.
What is Black Friday?
Black Friday, an annual shopping event following Thanksgiving in the United States, marks the unofficial start of the holiday shopping season. The term itself originated from the idea that retailers’ balance sheets would transition from red to black, symbolising a shift from losses to profits due to the surge in sales during this period.
In the United Kingdom, Black Friday’s significance lies in its proximity to Christmas, offering consumers a chance to save on gifts and giving retailers an opportunity to boost sales. Over the years, it has become a pivotal moment shaping the way people shop and plan for the holidays.
Start early for success
What was once a single day of deals has evolved into a weekend-long, and sometimes week-long, affair. This year, the sales period is expected to extend even further, transforming into what some are calling a “Black November” event.
Commencing preparations well in advance will give businesses a competitive edge. Remember; promotions need to be crafted, tested and refined to perfection, so be sure to get a considerable head start. This meticulous planning ensures that your promotional efforts are not rushed or hasty but instead well-calibrated for optimal results.
Black Friday goes beyond mere sales figures; it’s about forging enduring connections with shoppers and providing value that extends well beyond the event. Use historical data to tailor your deals and promotions to match customer preferences.
Information derived from footfall counters, or simply determining which products garner the most attention, can help retailers make informed decisions regarding their Black Friday strategy. Of course, the internet is an indispensable pool of retail information – use your website’s statistics to identify purchasing trends and social media to decipher the most effective marketing channels.
Optimise your website
That brings us to the importance of a business’ online presence. Expect a surge in website traffic during Black Friday – hence why it’s important to have a page with enough bandwidth.
Once traffic exceeds an allotted bandwidth, attracting hundreds and even thousands of people, visitors will likely experience longer load times and the website could even crash.
On such a high-stakes shopping day slow-loading pages or glitches will lead to lost sales and mistrust among customers.
Harness the power of social media
In a digital age where social media shapes consumer behaviour, building anticipation through strategic engagement is key. Use all your social media platforms to tease your audience with sneak peeks and countdowns.
Let them in on hints about what’s coming, creating a sense of excitement and curiosity. This will help generate footfall and help you build a rapport with your customers going forward.
At Targetfollow Estates Limited, we are committed to working closely with our tenants at The Pantiles and Salle Moor Hall Farm to ensure a lucrative holiday season. The marketing for our assets is championed by Cordis Creative – a full-service marketing agency that offers website and graphic design, social media management, copywriting, content creation, event conception and implementation, and video production.