Black Friday is upon us.Despite sounding like a horrific event from Game of Thrones, it’s simply the name given to the day after the American holiday Thanksgiving. It falls on the first day of the Christmas Shopping season, and describes the massive discounts available to consumers.
Well, that’s putting it mildly. Black Friday is an out-and-out shopping extravaganza. It’s the leading day of the year for in-store spending in the US, and this trend is spreading to European shores. Last year, American shoppers spent a whopping $67,560,000,000in-store on Black Friday. With such astronomical figures up for grabs, we provide three key things you need to do make sure you make Black Friday a fixture in your calendar year.
Get serious about it, whether you’re a retailer or not
Black Friday is oriented around a simple principle: Retail stores sell large quantities of stock through strategic discounting. Wallet Hub rated the American retailer ‘Macy’s’ as the store offering the best value on the day, and many other market researchers rate J C Penney and Kohl’s as some of the most visited stores on the day.
A day designed for retailers is perfect - for retailers. However, before we explain how retailers can best capitalize on local foot-traffic, we should ask: What if you’re not a retailer? What if you have an online business? The point here is to keep it in perspective. American online businesses made $2,932,000,000 on Black Friday last year. As a fixed-date in consumer calendar, consumers are becoming increasingly familiar to seeing Black Friday-related material and deals in the shopping experience, whether online, offline, retail or non-retail. Cafe? Offer customers a Black Friday pick-me-up deal. Travel Agent? Offer customers the ability to fly out for a special, out-of-the country Black Friday experience - that’s the point: orient the day around what your business can offer.
Research online, shop offline
So how do you get consumers through your doors on Black Friday (or any other day)? There is a manifold complexity in attracting consumers away from online shopping, and back onto the High Street, and the competition for consumer attention on the High Street is fierce. This is why it’s important to give your stores the most visibility in the local area as possible.
Data from Think with Google and other research labs show that consumers engage in a new local business cycle: They research for goods and services on their phones, and then buy these from local shops. Therefore, to increase foot-traffic, stores need to increase their visibilty online.
Sounds like a paradox, right? Well, this marriage of online-to-offline is actually the natural progression of consumer behavior between online and offline worlds: People want the best value for money, so they research online, but they want the shopping experience, so they go in-store. Tap into that by building your digital location presence for all your local stores, and direct Black Friday foot traffic to your stores.
Consumers want to do their research first online, and buy in-store. Give them all the information they need to make an informed choice.
Make your local consumers an offer
Possibly the most significant, and the most important aspect of Black Friday is the discount. Strategically defining your goods for significant and attractive offers (and of course, ultimately, ones which benefit your business) is one thing, but ensuring those discounts are relevant for people is another. Relevance is created by offering customers discounts and material which benefit them in a local sense. This means capitalizing on digital location marketing, offering local customers unique, localized discounts which enables them to slot Black Friday shopping into their lives.
You can make the same offer across all your stores, but give that offer a localized touch wherever the store is located. Segmenting targeted discounts this way will enhance consumer loyalty to your brand, and build upon the previously discussed local business cycle.
If you would like to see how to build digital location marketing into your commercial environment, then drop us a line here at Uberall.