Black Friday is now upon us!
“The Black Friday phenomenon has turned into a footfall-driving exercise that delivers a sales spike within the market.” - thedrum.com
The evolution of Black Friday has turned into a sales driven exercise that delivers a sales spike within the market. No longer a one day shopping splurge or late night queuing for the best bargains, nowadays, most retailers start their promotions well in advance of Black Friday. This creates huge competition for smaller retailers that might not have the capacity to offer such great discounts like other bigger brands. It forces retailers to be strategic with their sales and engage their customers well in advance of the shopping event.
Those who don’t participate on Black Friday will miss out on valuable revenue.
How can smaller retailers compete with big brands and optimise sales during Black Friday?
We know all the major retailers capitalise on it and it has become a bit of a situation where they are missing out if they don’t. This drives a further gap between them and the smaller retailers who perhaps can’t afford to offer the same great discounts.
Smaller retailers can utilise this period to discount some of their slow-sellers which will clear up their shelves and stock rooms. This increases cashflow which the retailers can use to buy more of their top-sellers or expand their range to include some new trend lines.
By providing retailers with an in-depth analysis on potential opportunities our solution can help them plan ahead. By determining which product categories are slow sellers or old merchandise (gathering dust), these can be marked as potential sale items. Retailers can prepare their stock more efficiently and maximise space for new stock while still offering those massive price cuts Black Friday demands.
With the majority of retail activity taking place online, the increased demand forces retailers and brands to deliver huge deals and steep discounts in order to keep customers interested and on top of their annual sales.
One of the busiest vehicle buying days of the year in the US is Black Friday and we could see this becoming more of a trend in UK and Ireland in the coming years. There is increased competition for dealers now as consumers have much more information readily available to them online and are in a better possible to make purchase decisions based on price. Black Friday is no different but with the right strategy you can influence car buyers with targeted promotions and time limited offers.
To be ahead of the game you need to have a marketing strategy that overpowers your competitors. By inviting shoppers and offering them early access to the promotions and deals you will influence buying ahead of Black Friday. In doing this, you will gain a competitive advantage.
If you are a smaller dealer and are not in a position to compete on new and used car sale prices, that doesn’t mean you can’t get involved in the Black Friday fun! Why not reach out to your customer base and offer a discounted service, or even a free car wash!
Tips to consider when strategising for Black Friday:
- Identify your target customer base and implement marketing tactics
- Offer something unique – with consumers already loaded with offers, emails, promotions offer something original or out of the box to keep your business in the minds of the consumer.
- Promotions – Showcase your business online using social media and take advantage of the unique products on offer. Focus on standing out instead of trying to keep up. Doing this will generate attraction.
- Advertising your discounts early on is key in attracting new customers. Create a special promotion or giveaway.
- Connect with customers personally – smaller businesses’ have the ability to reach them more effectively and take advantage of their customer base.
- Avoid overly aggressive campaigns – you want to maintain current customers while still attracting new ones.