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lack Friday is on November 29, which is the day before Small Business Saturday. That means the holiday cheer is just around the corner. For small business owners, this can be the right time of the year to get a sales and profit boost. How? By learning just how big the holiday shopping season really is through statistics, and using our Black Friday tips to improve your business' popularity. Keep reading to get our take on how small businesses can make the most of their Black Friday.
What to Expect on Black Friday 2019
The day continues to grow exponentially in sales bringing in $6.2 billion in online sales in the US in 2018. Black Friday is projected to be a blowout in 2019 too, with 86% of Americans planning on spending on the day and other pre-holiday sales. It's also worth noting that the average discount reaches around 37% on Black Friday, but this number is likely lower for small businesses. Check out this chart on Adobe's 2019 Holiday Shopping Trends report projecting e-commerce spending for the holiday season.
These statistics are indicative of how important this time of the year is for consumers. Black Friday alone may be the largest shopping holiday in the country, making it a great time for small business owners to roll out promotions and discounts. Read on to learn 6 tips for entrepreneurs to follow on Black Friday.
1. Create Black Friday Bundles Shoppers Will Love
Everyone is into a good bundle. To get more customers through the door, or on your website, combine various items into one affordable bundle. If you're in the food biz, consider adding a new menu item by combining two dishes for a limited time. Or if you're running a clothing store, offer a discount when customers buy multiple winter items. A freelance portrait photographer? Add additional touch up photos. Bundles can give your small business a push during the holiday season.
2. Roll Out Buy One, Get One (BOGO) Deals
We've established that bundles are awesome, and it's just as awesome when you sell something twice for the price of one. We're talking about a BOGO deal.
Some consumers doing holiday shopping want to buy something cool from your business for a loved one, and for themselves. A Black Friday BOGO deal for an inexpensive item can generate buzz and add more traffic to your business. Alternately, you can offer a "buy one, get one 50% off" deal if that's more doable.
3. Social Media Is Your Friend This Week
Social media is your friend when you're a small business owner, especially during Thanksgiving, Black Friday, Small Business Saturday, and Cyber Monday. There are many great platforms to market your business and your promotions. Check out Facebook Ads to advertise what you've got going on with your local community, or Snapchat For Business if you're targeting a younger demographic. Instagram for Business is cool too if you've got some sweet pics of your store, while Twitter for Business is rad when you want to keep it snappy.
4. The "Small Business Charm" Is Real
Use this charm to your advantage by creating ads that highlight your community such as your town's park, firefighters, a local urban legend, or something else that connects your business to your town. Also, consider offering grocery store coupons or discounts on movie theater tickets when people shop with you during Black Friday. The small business charm is real, and it's valuable.
5. Implementing a Header Bar Is Fast and Simple
You may or may not run an online business. Either way, you can make your website (if you have one) more exciting by prominently advertising deals. What do we mean by this? Add a header bar that gives the shopper a 10% discount when they enter their email. Or launch a pop up advertising your BOGO or bundle deals. Both of these features are quick and easy to make.
6. Evoke a Sense of Urgency
Encourage your customers to buy a discounted item by using scarcity marketing. Create a quick ad that highlights how a product is only available for a limited time, and how it will sell out fast. By informing consumers that your offers won't be available for long, they are more likely to buy your product on Black Friday. Similarly, telling them inventory is limited can be a strong marketing tactic.
Listen up, small business owners. We know Black Friday is coming at you fast, and we're hoping you will keep these statistics in mind to remind yourself that there is plenty of opportunity to bring more consumers your way in 2019. And we also suggest you implement these tips into your Black Friday planning ahead of the holiday season, so you can top your sales and profit expectations this year.
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