5 mistakes to avoid during Black Friday week
- Thinking it's cool to boycott Black Friday when you're a retailer.
Yes, it's an event designed to offer promotions. Yes, it's annoying to have to sell at a discount less than a month before Christmas. Yes, the big chains will offer huge discounts that will be impossible for independent retailers to match. There you have it? Have we had our fill of complaining? Okay, now let's look at it from a slightly different perspective.
For one week, brands all over the world will be communicating about the same commercial event. You don't have to do any advertising; they'll take care of it for you. Everyone will know it's Black Friday, no effort required on your part, and consumers will be bombarded for days and weeks to be perfectly prepared for the big day. Don't tell me you don't want to miss out on that?
In any case, don't expect to make any sales at the end of November when everyone else is running promotions. So take a few days off or participate in Black Friday too.
For those who think they're defending small businesses, overconsumption, or the environment by boycotting Black Friday, I'm telling you, they're mistaken, and I'd be happy to explain why in another article. Are you going to boycott Halloween? Christmas? The sales? Valentine's Day? Your business's anniversary? E-commerce? Retail?
- Wanting to match the offers of the big players.
As an independent multi-brand retailer, you know margins are tight, making it impossible to match the sometimes outrageous offers of certain chains or brands. For Black Friday, however, consumers will still expect significant discounts, so avoid 70% off, which will result in a net loss, and 10% off, which will seem like a bad joke to customers.
I think we can say that discounts of -30 to -50% depending on the items will be respectable.
One way to differentiate yourself from the big offers will be the originality of your offers: create packs, offer additional goodies, or ask your suppliers to help you prepare an operation that will make the experience unique for your customers.
- Wait until Friday to launch your promotions
By Friday, the big day of Black Friday, it will be too late. Customers will have already bought their purchases or at least decided where they will buy them.
It's more about running a charm offensive in the days leading up to the event to get customers to shop with you rather than your competitors.
How? By starting to communicate with them about ten days beforehand about what you plan to do for Black Friday, by inviting them to sign up for a "special" newsletter to receive your offer, by "cooking" them regularly until the big day when it seems obvious to them to come to your place to take advantage of the Black Friday special offer.
I've seen Black Friday campaigns at big brands like Adidas start at the beginning of the month. In any case, don't expect people to come to your store on Friday to see if it's worth shopping there; they should already know by the beginning of the week.
- Sell your best-selling products at a bargain price.
Don't forget that Christmas shopping starts at the same time. If you get rid of your best-sellers with discounts, you devalue the product in the eyes of the customer, and what will you sell at a profit margin afterward? On the other hand, everyone has stock they're dying to get rid of: old collections, leftovers from past seasons' sales, end-of-line items with only one size left, a color that didn't sell well… these are the items that are best offered to customers at prices they'll be less concerned about, the perfect opportunity to buy a Christmas gift for that little cousin they only see once a year…
Another tip for the occasion: change the discount method by preparing "packs" or a free item to complete the purchase; move away from the classic discount as is the case during sales, and try to surprise your customers.
- Consider Black Friday as a clearance sale.
Yes, you'll be able to clear your stock and generate cash flow before December. But most importantly, you'll reconnect with your customers before the Christmas holidays.
Take advantage of Black Friday to drive traffic to your physical store and your e-commerce site. While you're at it, collect email addresses—invaluable for staying in touch after the holidays—to send them updates on your latest news or new product launches. Show them that since their last visit, you've improved your offerings and services, added new brands to your catalog, and demonstrated that you've enhanced your sustainability efforts, committed to a cause close to your heart and donated a portion of your revenue, and promoted their cause within your own organization.
This Black Friday week will allow you to better prepare for Christmas sales. If your customers had a great experience with you, there's no reason they shouldn't come back a few days later to do their Christmas shopping.
It should also be noted that Black Friday is followed by "Shop Small Day," encouraging consumers to shop at independent businesses – an operation that should definitely be shared with your community – and then "Cyber Monday," an online version of Black Friday that has lost some ground and is less popular in Europe since everyone is already online for Black Friday, but it is still an opportunity to stand out by offering your customers an original deal that wasn't available in the preceding days.
Happy Black Friday everyone.
