Black Friday is the largest shopping day of the year in the US. Just last year, Americans planned on spending 59.57 billion on Black Friday and Cyber Monday purchases combined. For retailers, this season is make-or-break. The stores ready to take full advantage of consumers eager to purchase in time for the holidays will no doubt generate increased revenue. But what if you don’t have a game plan laid out for the big day?
In order to make sure your business doesn’t get left behind in the hustle and bustle of holiday shopping, it’s important to take the time to create a Black Friday specific strategy you can use. That way, you’ll be making the most of every sales opportunity that comes your way when the clock strikes midnight.
With this in mind let’s take a look at some of the key tips that will help you drive more traffic and higher revenue come Black Friday.
1. Consider your Inventory
Do you have enough inventory to continue making a profit once Black Friday rolls around? This is a question you’ll want to answer in advance to ensure that customers don’t walk away disappointed when the big day comes. Making sure you have enough of the products you promise in your promotion is essential to sustaining your bottom line, not only on Black Friday but throughout the holiday season. The holiday shopping season is a marathon, and Black Friday is just the beginning.
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2. Plan Your Sales Now
Almost 2 out of every 3 customers are willing to go over their initial budget if a store is offering a sale. Given the nature of Black Friday, this is an excellent opportunity for stores to maximize revenue while helping consumers find items they are looking to purchase.
Take a look at your inventory. Do you know which items you’ll put on sale for Black Friday shoppers? If not, it’s time to start planning. By determining which products are going to be on sale, you’ll be able to plan the rest of your Black Friday strategy accordingly. Moreover, taking a look at your inventory and the “hot” items your customers currently purchase helps give you a better idea of what to sell come Black Friday.
When considering these sale items, consider that most Black Friday purchases are gift-related. Sales that help consumers finish their holiday shopping are sure to be a big hit as December draws closer.
3. Consider Layout
Stores will be crowded on Black Friday, so make sure that your store can accommodate extra customers while making it easy for them to exit and enter. Having a good layout will provide a better in-store customer experience to help drive sales.
You and your team should also make sure you know where you’re going to locate your products and displays before the Black Friday season begins. Will it be in front of the store? Will they be near the cash registers when people go to check out? Nailing down these small details ahead of time can drastically help your bottom line. Additionally, using prominent signage to direct traffic to high-selling items can help make sure that in-store visitors quickly find the products they’re most interested in.
4. Prepare Your Displays
Consider the display cases you will be showcasing your products in. Acrylic display cases and acrylic boxes are great ways to showcase your products and piquing the interests of curious customers. There are several benefits of acrylic displays. Since acrylic is stronger than glass and equally transparent, it can provide adequate protection while allowing your customers to quickly view what products you have to offer.
Make sure to have these displays ready in advance and consider how these will fit into your store layout to make it easy for customers to flow through the store.
5. Think of a Door Buster Sales Item
To really draw a crowd, think of focusing on one item that you want to put up for sale on Black Friday, and situate some of your advertising around it. Highlighting your price point can be an effective way to get people through the doors once the clock strikes midnight. Consider displaying doorbuster items higher than additional products in your displays with pedestal risers or acrylic shelf risers to ensure your sale items are at eye-level for maximum impact.
6. Start Promoting Early
With Fall in full swing and Thanksgiving plans well underway, you’ll want to start thinking about promotions. Emails and flyers are both great ways to spread the word about what your store has in plan for the big holiday rush, and in particular, your Black Friday sales. Promote these sales to your newsletter lists with a coupon or send out social media posts.
Many consumers are already thinking about holiday shopping before the Black Friday rush, so be sure to include coupons in November with customer purchases that are good to use on Black Friday to encourage return visits.
7. Don’t Forget About Countertop Displays
Countertop displays are an ideal way to upsell and cross-sell customers in between their main purchases. These upsell opportunities can win your store additional sales and revenue, especially if these items are inexpensive or on sale.
Additionally, acrylic countertop displays offer great strength and visibility, allowing you to pack counters with the products that get added to the shopping cart last-minute, increasing sales without hindering any in-store traffic.
Final Thoughts
Whether your game plan needs a refresher, or you’re looking to create a new one for Black Friday, there’s no better time to revamp your efforts than now. A little preparation can be the key to driving sales and boosting your bottom line on the biggest day for retailers of the year.