Tips to take advantage of Black Friday in your business
The next Friday, November 29 2024, Black Friday will be celebrated, one of the most anticipated commercial events of the year, and not only by consumers, but also by companies. Consumers take advantage of these dates to get hold of the products and services they want, and companies seek to highlight and value what they offer. But, in this competition with big companies, how can entrepreneurs and small businesses take advantage of Black Friday? We'll tell you about it.
What to expect on Black Friday in 2024
According to a survey conducted by the Spanish Consumer Association, The Black Friday sales will be taken advantage of by more than seven out of ten consumers, 76%. In addition, it is expected that this year they will spend an average of almost 182 euros.
As for the average expenditure per consumer and province, Madrid is where the highest spending is expected, with 245 euros, followed by Barcelona with 243 euros.
In addition, it should be noted that, in the preferences of the sales channel, 58% will only buy online, 20% in physical stores and 22% in both business models. These data are relevant because they reflect, once again, the importance of the digital channel.
As can be seen, Black Friday is a great opportunity to increase sales and visibility. But it can also highlight challenges or limitations faced by SMEs and entrepreneurs when competing in an environment often dominated by commercial giants.
Now, the question is: is your small business or startup ready to compete on Black Friday?
The role played by SMEs on Black Friday
It is not news that the rise of online commerce and the evolution of consumer habits have led SMEs to adapt their business models, integrating a digital space for attracting customers in this environment.
Here stands out its ability to offer a personalized experience, something that doesn't seem so simple for large companies.
Another factor affecting consumer decision-making and spending is inflation and the increase in the cost of products and services, but it also works in favor of SMEs. These companies have a greater control over prices and can adapt more quickly and effectively to changing market conditions, which allows them to be more competitive.
Digital selling is used by all businesses to inform their customers about offers, discounts and special events through digital marketing strategies. And small businesses are responsible for integrating into this strategy a immediate response, in addition to answering questions and providing advice, thus encouraging user loyalty.
Taking into account all these components, there are a number of tips to get the most out of Black Friday despite being a highly competitive environment.
6 tips for successful entrepreneurs on Black Friday
Following a strategy such as the one set out below, it will be easier for entrepreneurs and SMEs to attract customer attention and awaken their interest in the products or services that are available to them.
1. Start preparing for Black Friday as soon as possible
Users start searching and researching on the internet about the products they want to purchase weeks in advance (not only on Black Friday, but also during important seasons such as Christmas or Kings). So, if you haven't already, it's time to get to work.
You should start by deploying a phased strategy aimed at different audiences and with specific messages for each of them. In the end, no one better than you to know how to get it right with each target audience. In the first phase you help the user to know your product or service, in the second you generate expectations in that potential customer, and in the third you activate the necessary promotions.
2. Use the different service and sales channels
Every entrepreneur must Get the most out of your website to maximize sales, since, both in the days before and after Black Friday, traffic can increase up to 10 times more than the usual average.
Therefore, to avoid problems on these important dates, it is necessary to check the loading speed, site errors, correct use of resources, etc.
But we must not forget the importance of alternative channels. There may be users who require attention through the app, email, phone, or physical space (if any). It's essential be active on each and every one of the channels so as not to lose that ability to be immediate and personalized.
With fast and efficient customer service, regardless of the channel used, it will be easier to convince the user of the ease of acquiring the products or services offered.
3. Establish prior communication with customers
Social networks are the ideal tool for getting closer to the target audience in the days (or weeks) leading up to Black Friday.
The social media strategy during those days should focus on create excitement, interact, respond to messages and comments, especially if they involve doubts, and even anticipate with small promotions.
It is also advisable to use these channels to launch advertising campaigns whenever possible.
4. Personalize your messages
Getting new customers is important, but that shouldn't be an entrepreneur's only goal. You should also pay attention to those users who already know you, who know the products or services you offer, and make them feel unique.
A good way to achieve this, and for them to continue to trust you, is to personalized and exclusive pre-Black Friday promotions for them, as a sign of gratitude for their fidelity.
5. Work on the positioning of your website
In the run-up to Black Friday, the online search for deals skyrockets. So maintain a good ranking and appear in the first positions of the search results for the most relevant keywords in your business it will be decisive.
Here it is important to offer a good product or service, but it is also necessary to ensure that information reaches potential buyers. To do this, you can optimize the contents of the web (especially categories and product sheets if it is an online store), feed the blog with informative articles and provide information that answers possible questions from users related to the Black Friday campaign.
6. Check the payment system
Finally, the payment system will also have a great influence. Making a purchase or contracting decision is not easy, so you should not spoil the entire process at the last moment of payment.
The customer must be given the greatest possible confidence in this step, complying with all safety standards. It is also advisable offer multiple payment methods, so that it is the user who chooses which one they prefer to pay with according to their buying habits, preferences or convenience.
And, of course, expect that there may be peaks in operations at this time, so you should check the provider and the payment solutions they offer.
With these small actions, entrepreneurs can compete effectively and increase their visibility on Black Friday. The challenge is to find authentic differentiation and to take advantage of the deep knowledge of the market and sector in which each one operates.
