As many already know, Black Friday and Cyber Monday are fast approaching and every addict to shopping in the country has started the countdown to the big event. Consumers are not the only ones who count the minutes: 47.5% of e-commerce is participating in BF and 28% of them will participate in Cyber Monday. Although in 2016 the event generated 1.26 billion in online sales, will Black Friday really be worth it for your e-commerce? Ultimately, it depends on 2 things: your goals and how to achieve them.
What do you hope to get from Black Friday?
Knowledge of the brand: if calling attention to your company is your reason for participating in Black Friday, maybe you should reconsider. The truth is that a brand not built from day to night and a Black Friday campaign will not make a difference for your business. Especially when thousands of companies try to focus on them Ad words prices even increase. So, if you invested a ton of money and effort in being everywhere on a date when all the companies are doing the same (but on steroids). Why not do it at another time of the year, or better, throughout the year?
Suggestion: if you are a small company and cannot compete with the giants still. In this way, a name can create directly with your customer base. Increase customers: if your goal is to win customers, just make sure that your product has an amazing price and boom, ready! This is the best tactic for them to buy on November 24 and never come back. If your goal is to increase your customer base, the only thing you need to be sure of is that. You can transform these unique customers into regular customers by creating and establishing a relationship with them. Now you can think if people buy from me on Black Friday, I can connect with them later, right. You do the same as always: they buy, add them to your email list and start a beautiful relationship.
Well, the truth is that many consumers take advantage of this date to do their Christmas shopping, so the likelihood that the buyer is your target reduced and the relationship you create will not be very important or effective. Quick money: given that 9 out of 10 Spanish consumers participate in Black Friday, surely all companies earn a few dollars, right? Well, to sell on this day you need to work on what is important to consumers: the price. You can do this in one of two ways: either decrease your margins or decrease your production costs.
If you can negotiate lower production costs with your manufacturer now, fantastic: now you only need people to know what Black Friday is doing. If you cannot do that, your other option is to reduce your margins. When doing this, you must ensure two things: one, if the price is attractive enough for the consumer. Well, once you define your goals and you realize that Black Friday is definitely worth it, there are still 3 things you should consider before making the jump.
Your goal: you must take into account what really matters. For example, if you sell a luxury product, your audience does not care about prices, right. Therefore, if participating in BF modifies your brand image and makes you lose customers in the long term what are the benefits.
How far will you go: Obviously, the public does not as if unenthusiastic things just look at what Apple did last year? The public was surprised and excited by the participation of the technological giant in Black Friday.