Black Friday is the biggest discount sale of the year, it's the one time in the year. Customers know it and business owners know it too. So you can leverage this to sell out before the year runs out. This article is your go-to guide to joining Black Friday 2021 and making more money online. We've compiled five tips you can start implementing today so that you can capitalize on impulse shoppers.
Be one step ahead of your competition.
5 Tips for Small Businesses Sell-Out on Black Friday
1. Give Reasonable Discounts
Emphasizing this is very important, because what is a Black Friday sale without discounts, price cuts and slashes.
Use these three steps and still make enough profit through sales without losing money.
- When making price cuts or discounts, don't go below your original cost price.
- If you can, slash the delivery costs or even offer free delivery. One of the things customers love to hear is "Spend this amount and get free delivery". By doing this, you nudge them to spend more with the idea that they will be saving delivery costs, thus increasing your profit margins.
- Black Friday is a great time to highlight your top-selling items, so you can drive sales.
2. Your Network is Net worth
Remember our chat with Feranmi of Nifries, customers forget about you and it’s your job to remind them. Leverage your existing customer base during the Black Friday sales. If you have access to customers details, send out personalized Emails, SMSs and Whatsapp messages.
Your brand may lose out on customers if you use generic ads and social media posts. Everyone loves to spend money on Black Friday, drive them to spend it on you by contacting them personally.
Some strategies you can use to leverage your customer network during Black Friday are
- Personalized messages on social media channels
- Physical cards attached to orders to announce Black Friday sales
3. Take Advantage of Social Media
Your customers are shopping on Social Media, so, you need to have a plan to get them to shop from you on Black Friday sales.
Some ways to drive sales and engagement on social media during Black Friday include:
- Take advantage of hashtags: Hashtags are an easy way to get more shoppers your way on Black Friday. On social media, it serves as an indication (for users and algorithms) that a piece of content relates to a specific topic or belongs to a category. Some popular Black Friday hashtags are: #blackfriday #blackfridaysale #sale #cybermonday #promo #blackfridaydeals #christmas #shopping #blackfridayshopping.
- Listen to what your customers are saying on social media: Your customers are always talking in the comment section of your posts and the DMs, but are you listening? What items have your customers requested for the most, what items do they fawn over in the comments?
- Increase your advertising budget: If you plan to use Instagram, Facebook or Twitter ads, consider increasing your ad spend a few days to Black Friday. This will give the ad enough time to optimize for conversions, and allow you to adjust and tweak along the way before the big day.
- Take good photos of your products: Product photography is one of the most important parts of driving sales for small business owners. If you are confused about how to do this, we did a full blog about how to do this easily.
4. Last Minute Extended Sales:
Early birds is one Black Friday tactic to increase holiday sales - but latecomers are another. While Black Friday for your competitors is coming to an end, you can plan a 1-day extended sales to sweep more customers into your corner.
Since consumers associate the words “Black Friday” with unmissable offers, your extension would definitely rack in more profit for you.
5. Manage your inventory
To avoid leaving your customers disappointed, make sure you have enough stock. Make sure you have plenty of your best-selling products so you can keep up with demand and make a nice profit. The same applies to too much inventory of an item that won't sell since it will cost you in the long run in terms of unwanted inventory.
Keep track of your stock levels and generate insights with Kippa so you have the right amount of products to sell at this busy time of year.
Whether you’re looking for creative Black Friday ideas or new ways to sell out this Black Friday, I hope you found some quick tips you can apply to your business this year.
Make sure you track all Black Friday sales using the Kippa App because if you use all these tips, your business is about to get hectic.
In addition to these tips, do you have any tips or strategies that you use in preparation for Black Friday? Share them in the comments below.