Black Friday is the day after Thanksgiving, and the busiest shopping day of the year. It kicks off the critical holiday season, where retailers make between 20%-40% of their annual revenue.”
Black Friday is an important day for business owners. In all of the rush and holiday mania, it is easy to forget a few things… and make a few holiday business blunders.
Here’s a look at seven Black Friday mistakes that you don’t want to make:
1. Mistake: Forgetting about the rest of the year
- Holiday sales targets are important. But don’t become myopic about the bigger picture.
- Take advantage of increased demand and seasonal sales peaks to test non-holiday related offers.
2. Mistake: Competing on price, and price alone
- Black Friday shoppers are prowling for a deal. But not just any deal – the best deal known to mankind. But let’s not forget. Consider your market, customer needs and the value you create.
3. Mistake: Underestimating digital foot traffic
During one of the busiest shopping days of the year, running an ecommerce business may help you avoid the stress of long lines and crowds, but don’t forget how similar your online business is to that of a brick and mortar store.
4. Mistake: Ignoring security – online and offline
Larger retailers have ramped up security staff to control the anticipated crowds of shoppers in anticipation of Black Friday mania. However, many small business owners view added security as an unnecessary expense. The truth is, it could end up being more costly if, and when, loss occurs.
5. Mistake: Launching misleading pricing gimmicks.
Some retailers are guilty of using pricing tricks like misleading original prices and they are fond of making shoppers jump through mail-in rebates hoops. Don’t let this be you. Consumers have access to unprecedented information in the digital age. Serious shoppers compare ads beforehand. Pricing schemes and gimmicks can quickly backfire – demolishing your sales and brand reputation in the process.
6. Mistake: Forgetting about Cyber Monday.
It’s much easier to click and save in lieu of getting trample by herds of shoppers. Black Friday, they know, is just the beginning. They’ll be on the lookout for Cyber Monday deals too – which are often much deeper. If you can’t compete on Friday, roll out the welcome wagon on Cyber Monday.
7. Mistake: Making it too hard to impulse shop.
Not every online shopper is visiting your company website with a prepared shopping list. This is why you’ll need to help them out with a list of recommended holiday buys. If you haven’t already, create a personalized shopping list with gift ideas and blast it out to your email subscribers and post it on your company blog to generate more search and social traffic. Take the guesswork out of holiday shopping and make it easier for customers to spend – and save.
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