Ahhh, the busiest time of year for any business owner. There are so many different strategies out there to capture the potential customer’s attention during this time when they’re being inundated with coupons and sales emails. To help you really stand out this holiday season, read on for 5 do’s and don’ts for Black Friday.
1 - DON’T only focus on sales
It's important to remember that generating sales should not be the only focus of your business. While generating cashflow is essential, it's also important to focus on generating leads and retention through data collection and follow-ups. Have you ever received an email or text from a business reminding you that you left items in your cart? It’s an effective strategy! By doing this, you'll build relationships with your visitors and they'll be more likely to come back to you in the future. So, while generating sales is important, don't forget about your existing customer base. They're the ones who will keep your business going in the long run.
2 - DONT focus on offering discounts only
It's important to focus on offering value to your customers, rather than simply discounts. Discounts can hurt your margins and often result in product combinations that don't make sense and aren’t enticing enough for the customers. Instead, focus on creating unique offers that are tailored to your customer base. This could include bundling products together, offering free shipping, or providing exclusive access to new products. By focusing on value, you'll be able to increase your margins and create loyalty among your customer base.
3 - DO give discounts, but only on your least popular products
But that doesn’t mean you shouldn’t offer discounts! Many business owners think that offering a discount on their products will hurt their bottom line. However, this isn't always the case. In fact, sometimes offering a discount can be just the thing to help move inventory and boost sales. The key is to offer discounts on the right products. For example, if you have a product that isn't selling well, offering a discount may be just what you need to get rid of excess inventory. On the other hand, if you have a product that is selling well, there's no need to offer a discount.
In fact, doing so may even hurt your sales. The bottom line is that when it comes to offering discounts, it's important to use your best judgement. By carefully selecting which products to discount, you can maximize sales and boost your bottom line.
4 - Don't create a lot of backorders, sell items you have in stock so you will generate cashflow and lower inventory
A backorder is created when a business receives an order for a product that is not currently in stock. While it may be tempting to simply put the customer's order on hold until the product arrives, this can lead to cash flow problems and higher inventory levels. Instead, businesses should try to sell items that are already in stock. This will generate cash flow and help to lower inventory levels. Of course, there will be times when backorders are unavoidable, but should be significantly less of your cashflow. It's also a lot more customer service work when you need to handle a lot of backorders, your customers contact you for updates about their orders.
5 - DON’T burn money on ads during the most expensive period of advertising
As any savvy businessman knows, the key to successful marketing is not to spend money, but to make money. And while there is no doubt that Black Friday is a major shopping event, it is also one of the most expensive times of year to run ads, so what's a smart marketer to do? The answer is simple: don't burn money on ads during the most expensive period of advertising. Do something different, don't spend money on just Black Friday sale ads, but give it a special name or focus on a specific product to drive traffic to your website. By being creative and thinking outside the box, you can ensure that your company's marketing budget goes further and helps you reach your sales goals.
The main point of this blog post is that you shouldn't just focus on sales, but also think about generating leads, building loyalty and trust, and more. Following these simple steps will help take your business to the next level and keep you in the green all year long.
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