Black Friday – for retail only?
If you’ve not heard of the global retail phenomenon that is Black Friday then we applaud your lack of consumerism. As we get nearer November the rest of us can’t avoid it however.
Traditionally the day when retailers shift from loss to profit for the year, or from red to black, Black Friday first appeared in the UK back in 2010 (thanks Amazon!), and last year sales through online channels saw stellar growth. Despite global supply chain issues and the negative impact of covid-19, even in-store spending was up by a few percent.
So with sales of $10bn attributed to Black Friday in 2021 in the US alone, it’s fair to say the 2022 Black Friday weekend (25th Nov – 28th Nov) should play an integral part in the annual sales strategy of most retail businesses.
But what if your business isn’t in retail?
Some retail sales tactics have already proven to be a hit with hoteliers, car dealerships and even supermarket chains. And if they can do it, so can you! Read on to find out how to make the most of Black Friday – even if you’re in a non-retail sector.
This industry is obviously nothing like retail but seasonality and peak periods are definitely a factor in the creation of annual revenue. So even if recruitment doesn’t live or die by the holidays, there are some good lessons to apply to Black Friday weekend.
Although there may be no such thing as “recruitment sales” you should think about other, creative ideas to drive greater use of your services. Here are a few to consider: offer a discount for first-time clients; offer reduced fees for hiring a candidate out of your database; or perhaps offer volume discounts.
The downside of Black Friday is, of course, that it has trained consumers to only make purchases when they get a deal. So if you can’t afford to lower your margins, perhaps consider a free gift for those finding a new role through your agency?
There are definitely ways to create excitement for the services you sell, so don’t miss out!
Black Friday really is a state of mind driven by several successful sales strategies.
Although we don’t expect (but live in hope) to see any “70% off selected properties” kind of deals, why not experiment with using a code to offer free staging fees or a free seller’s pre-inspection in return for a registration?
There’s also a great opportunity to boost your credibility as a local expert in several ways. For starters you could create a curated list of local Black Friday deals from businesses that will help your clients. Forge “Black Friday alliances” to get your clients a unique deal on a new fridge, or help them hire reliable contractors (for less?).
And don’t forget about the buyers. Perhaps a slight (and temporary) reduction in commission will create “FOMO” (Fear Of Missing Out), which is a key driver for any Black Friday promotion.
Believe it or not, there are ways even banks can find their Black Friday moment! And what better time to find new ways to make customers happy, generate goodwill and develop customer loyalty than when consumers are looking for discounts and extra value!
Why not “surprise and delight” customers by offering practical, relevant and personalised promotions that help them save even more money during Black Friday? Simply offering customers the opportunity to earn 10% cashback on their online shopping if they invite one person to join the bank with a referral code might just do the trick.
There’s also a huge opportunity to capitalise on the high frequency of interactions, as well as the increased log-ins to banking apps that Black Friday brings with it. This may require some out-of-the-box thinking, but incentifying app downloads could prove to be very successful and obviously beneficial in the long-run.
Another one to focus on could be to raise the business’ profile through scam awareness and the offering of greater protection.
Although Black Friday is traditionally reserved for the retail sector, its influence has already started to extend into other professions, such as Legal.
Several UK Law firms have already jumped on the Black Friday bandwagon by offering highstreet vouchers to entice the instructing of a conveyancer, a percentage off their range of services or free initial appointments.
(And of course, if your field of expertise is personal injury, you’re in luck too! The in-store sales of Black Friday have historically led to broken legs, arms and worse during the mad scramble to snatch sale items before they disappear off shelves.)
With no more travel restrictions in sight, it should be easy enough for hotel chains to cash in on Black Friday. But restaurants should also be thinking of ways to profit from the annual sales rush. After all, even the toughest shopper will get hungry at some point.
A free starter or dessert could go a long way, when you try and set your business apart from the competition. Alternatively you could focus on the sale of gift vouchers (this will also take the pressure off your staff during the Black Friday weekend, as vouchers can be redeemed at a later stage). Maybe consider offering special deals to increase sales, like an extra £5 on top of the voucher’s original value.
Partnering with another local business is also a fantastic opportunity to drive sales, with the added benefit of expanding your customer base. Why not offer joint vouchers by partnering with a business that has a similar ethos to yours?
As you can see, with a bit of outside-the-box thinking Black Friday can be a success for pretty much any business, regardless of what industry it’s in. Luckily this is something we’re great at, so why not get in touch today and see what’s possible? We’d love to hear from you!