Retail Marketing Tips - 5 Ways to Capitalize on Black Friday

As Black Friday and Cyber Monday looms just a week away, the forecast for the 2010 holiday season appears moderately positive. As this article from Ad-ology® noted, analysts are predicting a slight increase in holiday retail sales—2.3%, to $447.1 billion.

While some see this as an indicator that the economy still hasn’t turned the corner (noting that the increase is still lower than the 10-year average holiday sales increase of 2.5%), many retailers will—and should—be jumping for joy at this news. After suffering a holiday sales decline in 2008 and just a marginal increase of 0.4% in 2009, an increase that is just below average has many retailers once again excited for the season to come.

So, as a retailer, how do you capitalize on what is forecasted to be moderate growth, and push your own sales beyond moderate? If you aren’t prepared for the Black Friday/Cyber Monday push, fear not! There are still things you can do quickly to prepare:

Today: Develop a sales strategy.

Yes, customers love discounts and bargains, and will be looking for them this year. But don’t just blindly take a red pen to all of your price tags with the hopes of enticing those customers to spend, spend, spend. First, make sure that discounting is something you can do and still turn a profit. Review your inventory now, determine what you can afford to discount, and then do so accordingly. Can you profitably extend your hours for the Black Friday weekend, and is that something your typical customer would take advantage of? Think through the logistics of the weekend now, so you aren’t panicking in a week.

Tomorrow: Tell your customers you are having Black Friday sales.

That email list that you’ve worked hard to build up all year is going to come in very handy now. Email is a quick, cost-effective means through which to reach your database. Let your customers know you are having special sales for the Black Friday weekend, and give details—specific products, prices, etc. Offer your customers a special incentive to visit the store (like an additional 10% off when they print the email and bring it in), which will help you gauge performance of the effort. Don’t have a strong email list? Print up simple flyers from your computer that let customers know about your sale, and hand-address them over the weekend. Dropping them in the mailbox on Monday should ensure your customers still receive them by the weekend.

This Weekend: Tell your community you are having Black Friday sales.

Have you developed a following on Facebook and Twitter? If not, don’t panic. Spend some time setting up a Facebook and Twitter page for your business, and start telling your customers and friends about them. Let customers and friends know that those who “Like” or follow you will receive special discounts on an ongoing basis, and advance notice of sales not available to the general public. Already have these pages? Make sure to post and tweet about your upcoming sale, special hours, etc. Encourage fans and followers to let their friends know about your special sale and discounts available—it is a great way to grow your fan base.

Early Next Week: Create a little extra buzz.

Radio is a medium that can be booked and organized very quickly.  You may frequently call your local station, book a buy, provide a written script for on-air reads, and be on air in just a few days. If the station is not overbooked and has availability, you may even be able to negotiate better rates than if you’d booked earlier. Shoppers are in their cars driving from sale to sale during the Black Friday weekend, so reach them where they can hear your message to give your sales a little lift.

Black Friday/Cyber Monday Weekend: Provide Service with a Smile…and Be Prepared to Negotiate

As a retailer, you know that the service you provide can make a one-time shopper a lifelong customer. The busiest retail weekend of the year can be busy—hectic, in fact—so be prepared! Make sure you have enough staff to accommodate the needs of the volume of customers you expect. Stay upbeat, positive and enthusiastic! And most importantly—be prepared to negotiate price with your customers. The “new” post-recession customer is savvy—they price shop, often on their mobile phones right in your store. They want the best price and the best service—or will walk out if you’re not willing to provide it. With the sales strategy you prepared, you should already know your bottom line sales price on all inventory to turn a profit…be willing and open to reducing pricing for aggressive customers, and they’ll feel like they got a “win” and you’ll still make the sale.

Implementing just a few of these last-minute retail marketing tips can help you turn a moderate sales growth into an A+ effort—enjoy the weekend!