7 Ultimate Black Friday Discount Strategies You Don’t Want To Miss
Black Friday is coming up quickly! The day after Thanksgiving is well known for its massive sales in-store and online. Many businesses clamor to get on board with the trend in hopes of reaching record-breaking sales and increasing profits.
In order to get the best results, it’s essential to be strategic in planning your discounts. Quickly putting together a promotion won’t have the effect that you’re looking for on that day. To help you adequately prepare, we highlight our top seven Black Friday discount strategies.
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Why Black Friday?
Known as the biggest day for shopping, almost half of all Americans plan to spend money on Black Friday. Happening right after Thanksgiving and before Christmas, many will save their Christmas shopping until that day as a way to save a few dollars and get everything done all at once instead of through several different trips.
In the weeks leading up to the day, individuals will devote hours to deciding which Black Friday deals are worth it and in what stores they will spend their money. A person’s exposure to the Black Friday marketing strategies will help to influence their decisions.
When it comes to shopping on Black Friday, people love knowing that they are getting a bargain. Having more than one item to show off in your purchase gives you the sense that you’ve got a phenomenal deal.
Bundling multiple products together and selling them at a slight discount gets customers excited about getting a deal.
Those who have purchased from you in the past love having opportunities where they feel like a valued customer. Allowing early access to those on your mailing list, a client database, or people who are part of an exclusive program (similar to Walmart+ and their Black Friday marketing strategies) will induce excitement over the exclusive deals.
In using this method, it’s critical to start advertising the special perks that will come with their membership for Black Friday.
Buy One, Get One
When people are trying to decide which Black Friday deals are worth it, they are more likely to participate in a sale where they are given something for free. A fan favorite comes in the form of a buy one, get one (BOGO) opportunity.
If you use this as one of your Black Friday discount strategies, know that it works best when you advertise the significant savings that come as a result.
Free Gift With Purchase
Another way to reel in customers is the promise of a free gift with a minimum purchase amount on Black Friday. Whether it’s a promotional item, a small pack of cosmetics, or a coupon for future use, having the excitement of receiving a gift is more likely to motivate someone to stop into your store or shop on your website.
You may wonder why Black Friday is the optimal time to participate in this type of promotion. Because of the association of shopping with the day and other sales, it’s the best time to implement this advertising style.
Whether it’s releasing sneak peeks of the sale prices, posting hints on social media, or having a contest to go along with the sales, prospective customers are more inclined to shop with you if they are given a reason to be excited.
One tactic that several big retail companies have used, including Target and Amazon, is to create and distribute a comprehensive gift guide that highlights some of the newest and most popular products available for sale.
A bit of nostalgia comes with this strategy in that it reminds shoppers of their younger years when they would review the seasonal catalogs around the holidays.
Build Up Anticipation
Most Black Friday discount strategies include building up a level of excitement for the deals to be had, which your company can do in many different ways. Whether it’s releasing sneak peeks of the sale prices, posting hints on social media, or having a contest to go along with the sales, prospective customers are more inclined to shop with you if they are given a reason to be excited.
Enact Referral Codes
As we referenced earlier, current and past customers appreciate an acknowledgment of their loyalty. One way to display your gratitude and also bring in more sales is by assigning referral codes to those in your customer database for a percentage off when they successfully refer another buyer.
When it comes to Black Friday discount strategies, you want to pull out all the stops. Every year, retailers can rake in enormous profits on this day due to their diligent marketing efforts in the days leading up to Thanksgiving.
Implementing the correct advertising styles will be your ticket to success as Black Friday looms near. Take the time to analyze your products and decide what sales you will offer to best plan out your Black Friday marketing strategies.
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