Thoughts on Black Friday & Beyond
The biggest holiday between big holidays is upon us - Black Friday. Here’s some SpaceBound Solutions thoughts on what to look out for on the big shopping day and beyond,
It's no secret there’s been a crazy switch-up in buying and selling products this year, notably from the tariffs and the stress put on retailers and supply chains to keep up with demand. Now more than ever, if possible, it’s critical to stock up on products to avoid the rising costs of imported goods. Businesses need to act carefully, since high tariffs eat away at profits.
What should businesses plan to do to work around these tariffs without overestimating their sales? U.S. Chamber of Commerce recommends small businesses follow 13 different strategies to really grab a buyer’s attention – starting off with a loyalty program. Why? A membership program enables your business to offer more exclusive, accessible deals to your customers who have already signed up. Your business can leverage the power of having multiple deals (flash deals, buy-one-get-one, free shipping) on their website, in stores, or on social media. Plus, members have more options on what type of a discount they want to use. Popular deals include freebies with a purchase if enough points are achieved, flash deals mentioned in advance, or larger offerings.
Although classic, one of the best ROIs is still running deals through email ads. Also, encourage your customers to set up an account with you. They’ll get reminders of what you’re selling, what products may be reduced in price. You also get to personalize offers too. The best part, all of these efforts increase the CLV (customer lifetime value) - it’s a calculation of the future revenue from your returning customer. It's not just sales that matter but also the relationship between your company and that customer through that sale.
Aside from going big on marketing efforts, remember to also optimize your assets! SEO and actively reviewing your company’s information and adding the appropriate relevant tags to your search engine can help you appear in higher ranking results when buyers look at who has the best offers this upcoming holiday season.
If you are with a retail business (or any business)- SpaceBound Solutions wants to wish you a successful Black Friday, Cyber Monday, and a great overall shopping season!
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Sources:
Tips for Preparing Small Businesses for Black Friday | CO- by US Chamber of Commerce
How Your Small Business Can Make the Most Out of Black Friday Weekend
