Black Friday – why it could be damaging your business
They seem to come around too quickly and every year more and more businesses are jumping on to the Black Friday bandwagon in the hope to entice customers to buy from them, but could black Fridays be doing more harm to your business than good?Is Black Friday doing more harm to your brand than good? Click To Tweet
Let’s be honest here. Black Fridays is an opportunity for those looking for “bargains” which they could have purchased cheaper and at any time throughout the year. It’s also a time where people end up buying items that they really had not looked to buy, have any intention of using and could end up at the next car boot sale or eBay item.
The problem is when this happens, it reflects on you and your brand.
Everyone knows that these “bargains” are still hugely inflated markups and when advertising that you are getting a high 50% OFF they neglect to mention that they are still making nearly 200% plus profit. And if this is the case, what was the mark up before the discount was offered?
Only this week I have seen “web designers” offering 80% off a new website – but are you really going to be delivered a great website at that price or (more likely) get a website that is actually only worth 20% of the original value?
If you do offer a service then the chances are people will remember your “great deal” and simply wait until you offer this again!
Black Fridays can help you IF you follow these simple rules:
- Offer products that are the end of line or you no longer going to be offering after Black Fridays, and make sure that you take them off your product line
- Limit the number of items you have for sale for each product – once it’s gone, it’s gone.
- If offering services do not go too big on your discounts. Instead, offer a smaller discount but with a one-off bonus offering specifically and only for the day (give a value to the bonus)
- Going cheap reflects on your brand so regardless of what your competition is doing, know your worth (yes they do something similar but it’s not from us and won’t be as good)
- Run your own sales day but do it on a Thursday or any other day that is not Friday – how about Orange Thursdays for example and make this unique to you.
- Run competitions to entice visitors in through the door
- Be helpful to your customers. If the product or service is not right for them, tell them and show them alternatives that fit their needs.
However, you approach Black Friday, have fun. Speaking of which I hope you enjoyed the video – a little tongue in cheek but made me laugh!