Thursday, November 21, 2013

Will Your Business Be Profitable on Black Friday?

Close to 230 million shoppers made purchases over the Black Friday weekend in 2012 . That amasses to a shopping power of $59.1 billion. With 2013 Black Friday lurking just around the corner, what are you doing to to capitalize on this Thanksgiving retail phenomenon? 

Here are 6 ways to ensure your small/medium sized business sees profit next weekend 


  • Hit Locally- Your prospective clients will be inundated with advertisements in the weeks leading up to Black Friday. Many of these offers will be virtually the same—geotarget your ads to potential customers who live close to your business. 
  • Invest in Online Coupons and Advertisements- 41% of 2012 individual spending on Black Friday came from online deals make sure you are reaching this extension of your audience. 
  • Mobile-Optimize  Your Site- The way people look up information, shop, and make decisions is turning mobile. Aside from promoting your coupons and ads digitally, make sure someone looking for your business or products from their mobile device can easily navigate your site and make purchases. 
  • Use Social Media- Don’t hesitate to promote your Black Friday deals on social media. A great way to rally excitement and increase viewer engagement is by making a count-down clock until the Black Friday promotions launch.  
  • Use Data- Look at your records from last year and ask yourself what sold well, what didn’t? What made the highest margins? Plan your advertising and coupons accordingly. 
  • Plan Ahead- Take into consideration the extra traffic you will have to your business and plan accordingly. Schedule the appropriate amount of employees to work, plan out how you will run your check out lines, make a customer service strategy, and review the “emergency” plans for various situations with all employees.


*





Data from CNN News and The National Retail Federation

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