With Black Friday coming up later this month, you may wonder if you should jump on the bandwagon and offer Black Friday discounts for your customers. There will no doubt be a deluge of promotional offers hitting everyone’s inboxes – and whilst some bargain lovers eagerly await Black Friday, there are also people who are critical of how genuine these discounts are.
What is Black Friday?
Black Friday originates in the US and is an informal name for the first Friday after Thanksgiving. It is seen as the beginning of the shopping season leading up to Christmas. Black Friday has gained in popularity in the UK over the last few years, with large retailers through to small businesses now offering special, heavily discounted deals. Quite often, Black Friday deals start in the week leading up to Black Friday with retailers offering extended opening hours and special online deals.
Should you take part?
Your organisation might encourage you to offer special deals, and whilst there is no harm in running tactical or seasonal promotions, it is worth bearing in mind that few people purchase products just because they are on offer – they already need to be in a purchasing state of mind to even consider your offer.
Whilst there are advantages to joining popular sales events such as Black Friday or Cyber Monday, chances are that lots and lots of other companies are doing the same – so your chances of standing out are slim. Therefore, spamming your Facebook feed with Black Friday offers is unlikely to lead to an increase in sales.
Instead, consider this:
- Why not use Black Friday as a way to reward existing customers? Communicating your discount in that way will help prevent any negative connotations associated with the promotion and your brand.
- Be creative and different – could you donate a percentage of sales of a particular product to a charity you care about? Or could you use Black Friday to launch a new product? Could you offer a unique package for the occasion?
- Use Black Friday as a reason to reach out to prospects to re-connect but tailor the reason for your call to them individually e.g. to see how they’re getting on with a sample you left them. If you feel it suitable, you could then let them know that said product is on offer this month.
- Could you run a product of the month promotion throughout the year, thereby offering more information and a discount on a range of products?
Whether you decide to participate in Black Friday deals or not, your marketing should be benefit-led, rather than price-led.
The lead up to Christmas is a busy time for product sales and you may forget that the tax return deadline is the 31st January. Don’t leave it until the last minute and contact our team at PRB Accountants today on 01444 458252 or email email@example.com if you require any assistance with your self-assessment tax return.