Introduction: As the year comes to a close, businesses are gearing up for the annual retail extravaganza known as Black Friday and Cyber Monday (BFCM). These four days present an incredible opportunity for brands to boost their sales, often accounting for several months’ worth of revenue. However, the approach a brand takes can significantly impact its success during this period. In this blog post, we’ll explore five different strategies for BFCM, ranked from best to worst, to help you make the most of this retail phenomenon.
1. Multi-Urgency Approach Strategy: Run a unique discounted offer on different items every weekend leading up to Black Friday. Each special is announced every Friday and valid just for that weekend. This is then followed by the traditional discount offers on BFCM.
Why it works: This strategy leverages the power of urgency every weekend without discouraging potential customers from making purchases earlier in the month.
2. Traditional Strategy: Run a discounted offer only on the Friday to the Monday without any build-up or mention of what the special is likely to be.
Why it works: This approach capitalizes on the Black Friday uptick without dissuading shoppers from making earlier purchases, as there are no pre-BFCM teasers that could delay their buying decisions.
3. Traditional with Build-Up Strategy: Run a discounted offer only on the Friday to the Monday and put marketing spend behind the campaign at the beginning of the month, informing people about what to expect.
Why it doesn’t work: While you still benefit from the Black Friday surge, this strategy encourages potential customers to hold off on purchasing until BFCM, potentially resulting in lost revenue earlier in the month.
4. Full Month of Black Friday (Black November) Strategy: Run a discount for the entire month to avoid competing for attention only on the four BFCM days.
Why it doesn’t work: BFCM thrives on urgency and limited-time deals. Stretching discounts throughout the month dilutes this sense of urgency and may not attract as many buyers as concentrated BFCM deals would.
5. Do Nothing Strategy: Run no specials at all because your brand’s ethos doesn’t align with Black Friday.
Why it doesn’t work: This approach is often seen as out of touch with the consumer mentality during BFCM. Shoppers are on the lookout for deals, and abstaining from participation may lead potential customers to perceive your brand as unengaged or elitist.
Conclusion: As Black Friday and Cyber Monday approach, it’s crucial for brands to carefully consider their approach to this high-stakes shopping season. While there are various strategies to choose from, the best approach depends on your brand’s values, target audience, and marketing goals. By weighing the pros and cons of each strategy, you can make an informed decision and maximize your success during this retail bonanza. Which option will you choose for your brand this BFCM season? Make sure to plan ahead and execute your strategy flawlessly to make the most of this exciting opportunity.