Five Sales Strategies We’re Learning from Black Friday 2020
If you’re looking for deals, Black Friday is the time to get them. Retailers know this is a time when they expect a lot of traffic and lines out the door. Except now, they don’t want physical traffic. Long lines are more of a hazard than a vanity metric, and retailers would rather get your business on a different platform.
2020 is going to make Black Friday a different event, and that’s a great thing. Very few people wanted to spend their Thanksgiving Day lining up for bargains, but that doesn’t mean bargain hunters can take the day off. Many of the best deals will be found exclusively online. Other deals will be honored online, but you may need to work with customer support. Regardless, Black Friday means big business. In 2019, Americans spent over $7.4 billion on Black Friday itselfand over $11 billion if you add in the Thanksgiving holiday.
Retailers aren’t going to let a pandemic get in the way for massive sales. Instead, they’re going to adapt to need to rely on different strategies to be successful. Many retailers have already their Black Friday deals and they wont end in November. We’re in a new sales climate, but people are still going to buy.
Anyone who is making sales needs to pay attention to the strategies being used on Black Friday in 2020. This represents the landscape of retail and e-commerce strategies alike. Many stores are trying new tactics, and customers will find deals from the comfort of their own homes.
Create Longterm Interest Like Target
As one of the biggest departments stores, Target has a lot of eyes on it for Black Friday. In past years their ads have be released early, weeks before Black Friday itself. Knowing that customers are going to be shopping from home and shopping early, Target started rolling out deals at the beginning of November.
Target released their “Black Friday Now” schedule in October, allowing customers to anticipate when specific categories will go on sale. If you see a good deal at the beginning of the cycle, Target would encourage you to act on it. If that same product is available at a lower price during “Black Friday Now” customers can receive a price adjustments.
This entices customers to browse often. The more they click, the deeper Target becomes engrained in their brains. By matching prices, customers should have more confidence to make purchases. The customers who shop often and keep up with Target are most likely to get the best deals and build loyalty.
Build Membership Like Best Buy
Black Friday is full of deals, but no industry is impacted more than electronics. So, the concept of getting early access to deals and view promotions is enticing. Best Buy knows this, and they are offering exclusive access to MyBestBuy member.
This will build loyalty beyond Black Friday and allow Best Buy to stay in contact with customers, especially the ones who are willing to make purchases. Plus, new members will be able to enjoy the perks of being a MyBestBuy member.
With all of the attention Black Friday generates, it’s an opportunity to build email lists. This type of event can be mutually beneficial for customers and businesses. While customers save immediately, businesses need to play a longterm game. They can convert interested individuals into potential leads for future sales and promotion.
Get People Hooked Like Hulu
Black Friday has traditionally been an in-store event, but we’re also living in a time when many services live exclusively online. In prior years, Hulu set a precedent for the ways subscription-based services can operate on Black Friday.
In 2018 & 2019 Hulu offered an intro package to their service where customers can get twelve months for $0.99 each. This allows customers to spend less and test the service. After the year is up, subscribers can continue their service for the regular monthly fee.
When offering temporarily reduced membership fees, transparency is important. Customers need to know their rates will change after the year is up, and they deserve to know they’ll be automatically charged after the twelfth month. There is a risk that customers will view this as a bait-and-switch tactic, but it can be a great introduction for companies confident in their product.
Send Reminders Like J.Crew
Customers want to get the best deals possible, and a lot of time this means they fill their carts to see a subtotal. Then, they click off the page without making a purchase. This is super common on Black Friday, with over 68% of carts being abandoned in 2019.
Some retailers send their customers reminders of unfulfilled orders straight to customer inboxes. J.Crew is an example of a brand that will do this, letting you know of current promotions and items you never ordered. This can reignite the interest, especially when we’re in a season of spending.
Remember, Black Friday is followed by Cyber Monday. Both of these events are going to be taking place virtually this year, so digital marketing plays a bigger role than ever before. Seize every opportunity to communicate with the customer and encourage them to act upon the deals being offered.
Give Employees the Holiday Off Like a Good Business
Black Friday has a reputation of ruining Thanksgiving. Historically, people would skip family dinner to wait in line and save $400 on a TV. This led to stores opening on Thanksgiving night, and employees would need to work. Now, retailers are finally recognizing their employees are humans and have families.
This year, many of the big names are closed on Thanksgiving. Previous offenders like Walmart, Macy’s, Target, and Kohl’s are keeping their doors closed on the holiday itself. Despite the pandemic, doors will open on Black Friday, but at least the holiday is recognized as a day off.
Likely, this decision is influenced by a number of factors. Due to capacity limits, stores are going to be reducing the number of people in the doors and in-store foot traffic will be down. This lowers the benefit of having doors open on Thanksgiving, and it’s probably not worth the profits. Once the restrictions have been lifted, stores should keep their doors closed on future holidays. Treat your employees with respect and it will create a better working environment.
The New Black Friday
Anyone who is trying to make sales online should be paying attention to Black Friday 2020. This year we will see many new strategies implemented, and retailers are going to double down on their e-commerce strategies.
In many cases, we won’t see all of the strategies implemented until we actually get to Black Friday. It’s common for retailers keep their deals under wraps, but we are seeing some hints. We know ecommerce is more necessary than ever, and retailers are questioning how they should handle their brick and mortar locations. New restrictions equate to new strategies, and many retailers are making their Black Friday experience more digital.
With these changes, it is becoming clear that some retailers will be trying new things. Big brand names are rewarding loyalty and using digital marketing to their advantage. Ultimately, companies are going to steer away from flash sales and need to play a longterm game. It’s clear Black Friday isn’t going away, but you won’t need to go anywhere to reap the benefits. Almost everything will be available online, and companies are forced to experiment in the current retail climate.