There's no two ways about it, Black Friday is the biggest sales event of the year.
For small businesses the question is always first and foremost should we participate, and if so how can we make the most of the opportunity to propel profit.
This guide offers some advice on these key questions.
TO DISCOUNT OR NOT DISCOUNT?
This sales event isn't just about slashing prices; it's your chance to fine-tune your shop, test out new ideas, and set the stage for a successful Christmas period.
This sale period is now so ubiquitous that consumers will visit their favourite sellers and their favourite sites on Black Friday expecting to find a selection of exclusive, limited time deals. We also directly notify all of your past customers (and shoppers who had viewed your products) if you are running a discount during Black Friday.
Furthermore we invest in considerable on and offsite marketing activity both before and during the Black Friday period to drive a substantial increase in shoppers on the marketplace ready to buy. After Black Friday we then retarget shoppers who were interested in your products so even if they didn't buy during the sale period, you will see sustained uplift from participating as you enter the peak Christmas period.
So in summary, Black Friday represents an unprecedented time to both acquire new customers and also bring back existing customers.
Hopefully your margins are such that allows for some discounting from time to time, and Black Friday is such a major event , if there is only one time of year you discount this is probably it.
DISCOUNTING STRATEGIES
When you opt into the Black Friday promotion you can choose the % discount and whether to discount your whole range or selected products.
It's a good idea (and best practice) to offer a higher percentage discount during Black Friday. As the main sales event of the year the customer expectations are that the offers at this time of year beat any other time. So if you discount a few times a year typically at 15% then really you'd need to go higher. Many shops offer at least 20% discount. (It's also worth noting that the offers we feature most prominently on the site and in our marketing typically are at least 20% off).
In terms of whether to discount all or some products - consider your goals. If the goal is to leverage Black Friday to help grow your future (non discounted) sales by maximising your exposure and new customer acquisition then you will want to minimally discount your best selling products if not your full range.
HOW TO SET-UP YOUR BLACK FRIDAY SALE
Simply go to the Sale Promotions page and click to activate the Black Friday promotion. Confirm the % discount and confirm if it will apply to all products or selected products.
Once scheduled your listings will be automatically
- discounted by the % you set, at the start of the promotion
- included in the Black Friday section of the site
- restored back to their original price once the Black Friday period ends.
BLACK FRIDAY CHECKLIST
Before Black Friday (and indeed the December peak) starts it is worth setting aside a couple of hours to run an important health check on the following factors that will impact your sales.
1. Make sure your listings are optimised to get views AND convert interest to purchases.
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- Good clear and descriptive titles,
- Good descriptions that are easy to read and provide key info,
- A strong main image and
- Add additional images too.
2. Make sure you have updated the quantity Available to Buy fields in your listings to reflect your stock or order capacity. You don't want to accidentally have a listing go sold out! (Nor oversell!).
3. Check your shipping timescales reflect the service you are able to provide during this peak period. Fast shipping timescales maximise conversion to sales but you must show realistic timescales you can deliver to otherwise handling the fall out of late orders and disappointed customers will be costly.
4. Activate your packing slip promotion code - if you don't already have one. You will want to turn all the new customers you acquire during this sale into returning customers and a promotion code offered on the packing slip is an effective way to do this.
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