How to Compete With Black Friday
How Your Small Businesses Can Compete With Black Friday
When you’re a small business owner, chances are you dread Black Friday. It’s the one day of the year that reminds you that large corporations are extremely powerful when it comes to attracting consumers. Larger retail establishments can often afford to offer great savings and discounts on items. But when you’re a small business, you may not have the budget or marketing savvy to compete. Luckily, there are a few things you can do to make sure you enjoy the benefits of Black Friday, just like bigger businesses do.
The National Retail Federation asserts that 20 to 40 percent of small and medium-sized businesses see an increase in sales near the end of the year. This is due to the fact that over half of all consumers plan on shopping on Black Friday and Cyber Monday. Since you know that many customers are planning to shop on Black Friday anyway, it’s a good idea to enhance your marketing efforts to ensure that you can make the most of the shopping holiday.
Engaging with customers on social media is a huge way to make sure that you can compete with larger businesses. You can use strategies like asking customers to send in pictures of their children or pets dressed in their best holiday costumes. The winner can receive coupons or gift cards toward their next purchase. You can also ask your customers what they’d like to see from your business. Interacting with consumers and listening to their concerns is a great way to make your small business stand out. A number of customers like the idea of having a more personable relationship with the businesses they patronize, so use this to your advantage.
Dramatically marked down prices are the main thing that attracts customers to Black Friday. So, as a small business, you’ve got to make consumers pay attention to what you have to offer. You likely won’t have the budget to cut your prices in half, but you can offer “bundles” for your customers. For instance, if you own a cosmetic and fragrance store, you can put together a gift basket featuring some of your best-sellers for a discounted price. Remember that during holiday shopping, customers want to make purchases that are convenient. If you offer more than one product at a time at a price that is appealing, you can bring in more sales for your small business.
You can also offer products that will only be available during the holiday season in order to attract more Black Friday customers. Providing a signature scent, clothing item or food that you’ll only sell around Black Friday can help you develop a loyal customer base. This will also raise the anticipation with your established customers and motivate them to shop before the limited-time products are gone.
No matter which Black Friday strategies you use to boost your small business sales, make sure you are marketing and promoting your business as much as possible. Use your website, email and social media to promote the products and services you’re offering, and don’t forget to engage with customers. The more information you share about the great things your business has to offer, the more likely it is that your sales will increase.