The Importance of Participating in Black Friday Deals for Small BusinessesNo matter how small or big your business is, you can never have too many customers in your store. Merchants should not close their doors or keep regular hours during the big sales event. Merchants should consider opening their doors earlier because many customers will already be out shopping for the big sales event. It is a common misconception that merchants can attract customers while remaining competitive without opening their doors. This big sales event can single-handedly determine the profitability of your business for the entire year. Even if you’re already operating in the black, who wouldn’t beg the chance to substantially increase revenue generation? If you’re in the red, you must create promotions that put you over the top. Either way, you must participate and go above and beyond to offer your best deals.
Prepare to Stock up On Specific InventoryIt is critical to research which products are the most popular and what your store will require. If your competitors sell the same products as your store, you must offer a better deal or something more to your customers. It is advisable to see what products will never go out of style, such as pet gifts or technology. One of the best ways to figure out what’s popular that you can use as a merchant is Google Trends. The program analyzes the popularity of top searches worldwide, which is helpful for any merchant to know what people are looking for.
However, remember that when ordering products for your store, you must order a sufficient amount for the upcoming big sales event. Merchants frequently underestimate how much inventory to purchase for the event, leaving many customers disappointed because the item is out of stock. That is why it is vital to have an inventory management system to help you figure out how many items you should have on hand. The best inventory management system is a high-tech point-of-sale system that can keep track of your inventory and notify you when stock is low. Merchants can also contact their distributors for advice on how much each item they need to buy.
Make Sure Technology is in Order and UpdatedThat being said, ensure that the point-of-sale system you buy is updated and in good condition. The last thing any merchant wants is for their inventory management system to fail and force them to order more products than they need to or understock on merchandise. Researching the best point-of-sale system is crucial for any business owner. The system has many other functions to help merchants on Black Friday. Many POS systems also offer a way for merchants to apply their discounts to the system automatically when customers are checking out, making it a faster and easier checkout process. Many customers prefer to check out when it is easier and faster so that they can get on with their day, and with Black Friday approaching, the pace will pick up significantly. So, what better way to get your store off to a good start than by investing in a POS system that will benefit both the merchants and the customers?
Create an Enticing Promotion Customers Can’t RefuseMerchants should also consider creating an enticing promotion that customers can’t refuse when shopping at their store. It’s not enough to create a fast checkout process and put many items on sale. You need to stand out from the competition from big box stores and fellow independent retailers. Be creative, brainstorm with your team, and think strategically. Consider advertising specials on top of sales for shoppers that start their outings at the crack of dawn and customers that are part of the loyalty programs. Perhaps hold a raffle for a prized item to bring people into the store. Customers love deals, and if they can win an additional prize during one of the year’s biggest sales events, they will return to your store every year.
Early Bird SpecialExtra special promotions during specific hours are one way to create publicity for your small business. For example, invite early shoppers and give them an extra 10 % off purchases for the first two hours your business is open. In addition, offer free items under $20 to the first 100 consumers through the door. This sales method can also be employed during other sales events as well. Create a scavenger hunt for customers to look for sale items, place them around the store, and have them look for them to make the shopping experience more enjoyable. Merchants can even create a scavenger hunt for customers to find specific items; the first one to complete the scavenger hunt receives an additional 20% off.
Treat Your Long-Time Customers Like RoyaltyLoyal customers who sign up for store memberships, your mailing list, and special promotions should receive an exclusive discount and updates about your store before any other customers. Create special promotions and send unique coupons on top of sales prices for customers that show their membership cards. Customers will love that your store treats them like royalty and will want to refer their friends to your store. Merchants can also offer a referral program to their customers, and their friends can receive $5 off an item. There are many ways to reward loyal customers; be creative and have fun with it.
BundlingPackage similar best-selling items together. If your store sells electronics, offer bundle prices for items that go together. For instance, offer a flat TV and iPad package that is less expensive than buying them separately. If your store sells other items, such as cameras, offer multiple lenses and sell them at a reasonable price. Bundle pricing is a great way to have multiple complementary products and increase the value of low-volume items. When the items are sold together, it provides the customer with the most value and will lead to more engagement and a loyal customer base. There are many ways to bundle products, such as joint bundling or mixed bundling; whatever you choose, selling your products in a pack has many advantages.
Think Ahead Early and OftenStart your Black Friday plans as far ahead as possible, including what items to markdown, how to create can’t-miss promotions, and even the store layout. Of course, if you plan for Black Friday six months in advance, your choice of sales items could likely change as trends change and new products hit the market. Still, you’ll have a foundation in place and avoid scrambling at the last minute, when you’ll be sure to miss something important. Once you’ve created an initial plan, revisit it frequently and update it appropriately. Don’t let it gather dust, as your plan will need regular tweaking to ensure maximum sales.
Start Spreading the News as Early as PossibleTraditionally, stores start promoting deals in mid-to-late October. This can include sending email blasts, putting signs around the store, or posting on social media platforms. It is always a good idea to send out announcements early so that consumers know beforehand. When customers know about a store’s promotions in advance, they will be first in line to shop at your store. When advertising your store’s deals, make sure to use bright colors and bold letters to catch the attention of your customers. Remember that it is never too early to start sending out news and getting your customers excited to shop at your store on Black Friday.
It is important to remember to approach Black Friday with a positive attitude. If the merchant has a positive attitude, it sets the tone for your employees and customers. Also, don’t be concerned about the large number of people who are rushing to your store at the same time. It may appear to be a lot, but don’t worry. Make a game plan with your employees beforehand to make your team work more efficiently, support one another, and reduce stress on the big day. That way, you and your team can be prepared for Black Friday.So go ahead and start coming up with new ideas to impress your customers and even your competitors.