How to Prepare Your Business for Black Friday

How to Prepare Your Business for Black Friday

High Street vs Online

Black Friday 2022

Summary

Black Friday is one of the busiest days of the year for small businesses and consumers alike. This year, it will take place on 24th November, although many companies start their discounts earlier.

Black Friday, and the subsequent Cyber Monday, originated in popularity in the States, but over recent years the hype has spread across the pond to us in the UK.

Many businesses offer larger discounts or bulk offers on Black Friday to entice customers. Over the years, it is something that consumers now expect as they go hunting for the best deal. However, running a small business can make it hard to offer significant discounts, as this directly impacts your bottom line. Here is some advice on preparing your business for the Black Friday rush.

How to Prepare Your Business for Black Friday

Invest in marketing

Marketing is essential on Black Friday, and you should consider investing in online advertising, such as pay-per-click campaigns, or opting for traditional methods like direct mail and leaflets. Running ads on social media is a great way to promote your offers and reach a wider audience. If you operate an e-commerce business, doing your digital advertising may benefit you more.

It's important to have a comprehensive marketing strategy in place if you want to reach the broadest possible audience. 

Social media marketing can be an excellent way to get more customers and attention to your brand - paid or unpaid.

Offer incentives

Offering incentives with your offers can be an effective way of getting people through the door or onto your website. This could include offering rewards points for purchases, giving away gifts with orders over a certain amount, or providing discounts on shipping costs.

Make sure your website can handle the increased traffic

On Black Friday, your website will likely see more traffic than usual. This can lead to slow loading times or even crashes if your site isn't prepared. To avoid this, test your website in advance and upgrade your hosting plan if necessary.

Maintain good customer service

Having an excellent customer service team in place on Black Friday is essential to handling any queries, complaints or returns quickly and effectively. It's important to have a clear plan to deal with any customer issues that may arise, so make sure your staff are well trained and prepared.

Additionally, ensure you have enough staff on hand to deal with the increased footfall or customer enquiries and make sure your stock levels can cope with the demand.

Good customer service is a great way of ensuring people keep a favourable opinion of your business and return.

Be creative

Finally, try and be creative with your offers to stand out from the crowd on Black Friday. Consider offering bundles or limited edition products, as these can encourage customers to buy more. You could also consider running competitions or giveaways leading up to the event – this is a great way of getting people excited about what you have to offer and building anticipation before the big day itself.

Despite being under a week away, if you've fallen behind in your planning, there is still time.

If you need funding assistance, enquire with Love Finance, and you could be approved and funded in as little as 4 hours. This gives you the opportunity to get some extra cash to offer discounts and invest in all the extra stock you need to keep up with the influx of customer orders.

We offer a range of loan options designed to meet the needs of SMEs; contact us for more information.

High-Street vs Online Businesses on Black Friday

The run-up to Christmas is always a busy time for businesses, but Black Friday and Cyber Monday are now some of the busiest shopping days of the year.

High street businesses need to think about how they're going to deal with the increased footfall, as well as making sure they have enough staff on hand to help customers. Online businesses, on the other hand, need to make sure their website can handle the increased traffic and have enough stock to meet the demand.

No matter the type of business you have, it's important to be prepared for Black Friday.

How Will the Cost of Living Crisis Impact Black Friday This Year?

This year, Black Friday could go one way or the other. It could be more popular than ever as consumers look for ways to save money. The cost of living crisis has meant that many people are feeling the squeeze, so could use this as a way to get the best deals on Christmas gifts.

Businesses may need to rethink their Black Friday strategy and offer bigger discounts than usual. However, it's important to strike a balance between providing a good deal and making sure you don't lose money.

On the other hand, consumers may hold back on their spending this year if they have less disposable income. Businesses may need to shift their focus towards customer service and ensure they offer a great experience, rather than relying solely on discounts.

Depending on financial situations and markets, everyone's focus on Black Friday will differ.

Ultimately, businesses need to be aware of the cost of living crisis and how it could impact their Black Friday sales. By keeping this in mind, you can make sure you're prepared for whatever happens this year.

Summary

By following these tips, you can make the most of Black Friday as a small business owner and reap the benefits of increased sales and exposure.

Make sure you plan ahead to ensure your website is ready, maintain good customer service and be creative with your offers. Additionally, consider the potential impact of the cost of living crisis as it could affect both businesses and consumers this year. Good luck!