Despite the fact that we’ve had a week of huge discounts, today is officially Black Friday. During these days, companies offer their biggest discounts and get some of the best sales figures. When we do the math on the results obtain, the profitability per sale is much lower due to the Black Friday offers, but in the overall calculation, sales are usually spectacular.
But as always, not all that glitters is gold.
What problems do SMEs face during Black Friday? Our human collected data for how to phone number. That is the reason of 100% database accuracy. We are here to help right from how to build phone number list providing the standard full database and uplift your business at that peak of improvement. We even update our database every week. My all database are fresh & recently updated 2024 My all databases are GDRP base so you can buy here in low price. Let’s look at the problems and then strategies they can follow to achieve sales without getting caught up in the mainstream of the market.
The huge promotional noise makes your offers go unnotic
These days, the websites and stores of the vast majority of brands seem to be closing down. Everything is about huge discounts, with their strategies of hook products, prior price management, etc. etc., aggressive campaigns and end customers are crazy looking for the bargain.
As a result, the volume of impacts we receive multiplies. In any communication channel, the prominant message is discounts, take advantage of the fact that it ends tomorrow, etc.
The same thing happens in our digital browsing, and we also see how our inbox is saturat with emails with Black Friday offers, various reminders, retargeting, WhatsApp campaigns, etc.
And after Black Friday what?
In normal situations, SMEs do not have enough budget to impact their audience , but in the context of Black Friday or Christmas, the situation is even more complicat by the pressure from large companies and the advertising saturation of the audience.
Although the results may be good in terms of sales, the company suffers in terms of brand, sales margins and reputation. And in the end, the effort made has less impact due to the enormous advertising pressure of all the brands acting at the same time.
So the feeling is bittersweet, isn’t it?
Discussing this with a mentoring client, we saw how they had been carri away by the ne to sell, and had not taken into account that they could burden themselves with all the effort of positioning themselves as a prestigious brand in a sector close to luxury.
The campaigns end and we are happy because we have sold a lot, but what happens next? If you are a strong brand, after one or two weeks the campaigns are reactivat and sales return.
SMEs have to change their sales strategy
But if you are an SME, what do you think will happen next? Will they buy from you again or do you think you won’t see them on your website again until the next offer (hopefully)? Many of your customers have little loyalty and the new customers you get on Black Friday hardly even know your name. This means a drop in sales (you don’t have the budget to continue running campaigns), customers who only buy from you when you have discounts and a discrit brand.
As I mention in previous articles, SMEs and startups have to become magnets for their clients , but they cannot achieve this by using an advertising budget because theirs is limit.
They ne to find ways to attract their customers instead of chasing them to buy from them
They ne to give value to their brand and products, instead of discriting them by offering discounts. In the article I refer to at the beginning of this paragraph I give you some of the keys (brand purpose, strong positioning, segmentation, measurement, relevant marketing,…). It doesn’t mean that they should stop making offers (in some cases it is totally advisable) and campaigns. But their approach should be completely different. I won’t repeat these arguments from the article so as not to make this one too long.
Black Friday Strategies for SMEs
In this sense, I really lik the Black Friday approach of a fashion company in the Unit States.
1. Grey Friday
They run their discount campaign a week before Black Friday, which achieves several important things:
Their campaigns have greater visibility because the advertising pressure is much lower.
It comes when your customers haven’t spent their budget yet and are looking for Black Friday options.
2. Instead of discounts, they offer that percentage in gifts
That is to say, if you spend €100, you are offer 20% of your purchase in complementary gifts. The perceiv effort (the feeling of discount/bargain) for the customer is the same, although the real cost for the company is not. Because €20 at RRP is not the same as at cost price. It is true that you stop receiving the €20, but your real cost is lower.
With that €20 gift budget you can offer products with an equivalent RRP or at their cost to you as a company, and create enormous value for your customer.
In the case I’m telling you about, they did the second c level executive database thing. They offer them products at the equivalent cost, but the selling price was much higher. So the customers were amaz. For a 20-30 € discount, I got a product that would normally cost me 80 €!
When customers realize that you are really providing them with incrible value, they come back the following year and spend x2 or x3, and they recommend you to more people.
The right tactic will depend on each business, but I think it’s an agb directory incrible way to turn your brand into a magnet for your customers. But it doesn’t stop there.
Direct relationship of the campaign with its brand purpose
To enhance the magnet effect among their customers, they communicat to them the benefit that this increase in orders has on the community of artisans who work for the brand (part of their purpose) and they also show them their love for them, making a selection of products that are really useful or attractive to them (instead of offering them as gifts the typical discontinu product or one that has not been sold due to lack of appeal to consumers).
Would you rather be part of the herd or make your customers fall in love with you?
We can do Black Friday like everyone else and get caught up in the wheel of discounts and flea market “screams” or go a little further and find our own way.
Taking the example we have seen, we can have the standard commercial mentality and offer gifts for their equivalent in RRP and on products that we want to get rid of from stock, or go further and offer gifts for their equivalent in cost and on really attractive products.
