Black Friday or Cyber Monday sales are little less than a phenomenon at this point. Businesses of all sorts value these sales very highly. The right Black Friday or Cyber Monday sale might be what pushes them into the black on the year. Q4, the fourth quarter of the year, is the time when people want to spend money on the holidays. They often wait till Black Friday or Cyber Monday to open their wallets. Find out how to plan a profitable black Friday or cyber Monday sale for your business.
If you own or operate a business, then you need to start taking advantage of this, if you aren’t already. Let’s talk about what you can do to prepare a sales strategy and have a successful holiday season.
Bring Out New Products
One way that you can ensure that your customers are going to pay attention to your brand during this holiday season is to come out with new products. Think about companies that come out with new gaming systems right around Thanksgiving. It’s not by accident. They know that after people eat their turkey and stuffing, they want to hit the stores to score some great deals.
Wait to release your newest and most desirable products till Black Friday or Cyber Monday. You should see some significant financial returns. Of course, part of what allows that to happen is the right advertising campaign.
The Right Black Friday and Cyber Monday Ad Campaign is a Must
If you own or run a company, then you know that you need to allocate a particular amount of money toward advertising. You’ll only have a limited ad budget, though. You have to be careful about how you spend it.
You need to figure out how best to use the money you’ve allocated toward ads for your holiday sales. In trying to determine that, you should ask yourself who your likely customers are. If they’re older adults, for instance, then they probably won’t be as active on social media. You can get away with running an ad campaign that mostly focuses on TV commercials and radio spots. If you have a younger crowd buying your products, then social media ads must be a part of your strategy.
In some circumstances, you might consider renting billboards to advertise your products. You may send out flyers if your sales focus on one geographic locale. No two businesses are going to be the same in this respect. You will have to do some market research before you spend your ad money.
The Value of Market Research
This leads us to the questions of how best to find out what your clients want, who they are, and the nature of their priorities. When you’re getting ready for a Black Friday or Cyber Sunday sale, you don’t want to waste precious ad money by appealing to the wrong segment of the population.
You can conduct focus groups asking the public what they like and dislike about your products. You can ask these same groups how much they engage with social media, how much TV they watch, etc. The more you learn about the individuals to whom you are selling, the better you will be able to target them with your ads.
A Well-Formulated Sales Plan
When you have concluded your research, you should have a keen understanding of who is likely to buy your offerings. You should know which products of yours generate the most excitement. You should be able to target your ads based on where your potential customers are spending their time. You should also be able to nail the right tone for your ads based on several factors. The age of those to whom you are marketing will come into play. Other considerations are their gender, ethnicity, how much disposable income they have, etc.
Successful Black Friday or Cyber Monday sales are not something that happens by accident. You should plan for several weeks, if not months. The amount of money that you can make through these sales can completely change your business’s fortunes for the year. At the same time, a misfire during this crucial time can mean your company ends up in the red.
Plan meticulously, conduct market research, and use a dedicated sales force, and you should be fine. Take advantage of this hectic time of year. Make sure that some of that holiday money ends up benefiting your bottom line.