It’s no news that online shopping has a significant impact on companies’ revenues. This is due to the change in consumer behavior, increasingly familiar with the online shopping process and fueled by lockdowns in 2020, which has fostered this growth through the need for health, being a great way to avoid unnecessary risks.
Black Friday
Every year, on the last Friday in November, the anticipated Black Friday always creates quite a stir, due to the magnitude of consumer behavior that this discount season brings, and many companies want to reap the benefits. So the question remains:how can I prepare my brand for a successful Black Friday?
Preparation
Although it’s a relatively short campaign, preparation should begin at least three months in advance.
In the first phase, it’s important:
- Define objectives;
- Allocate budget;
- Researching the market, understanding trends and the competition;
The second phase should concern:
- Create a pricing strategy that is advantageous for consumers and ensures the company’s profitability;
- Analyze and order inventory to avoid shortages during Black Friday;
- Identify the best products to promote.
In a third phase, at least one month in advance:
- Website analysis, as well as the ability to handle a large amount of traffic simultaneously;
- Preparing promotional campaigns and other necessary materials.
Two to three weeks before Black Friday:
- It’s time to start launching Black Friday teaser campaigns through the relevant channels;
- Prepare the last tests that may be necessary before final execution.
It also matters during Black Friday:
- Launch all campaigns and promotions;
- Monitor the impact of promotions and adapt the initial strategy according to the results
It’s important to be able to adapt the strategy depending on the results, and for this to happen the previous phases of preparation for Black Friday should test the various hypotheses, making feasibility analyses of different strategies, so as not to miss one of the most important seasons for e-commerce.
On the other hand, it’s crucial to do an initial analysis to understand whether Black Friday makes sense for your brand. It may be inconsistent with the brand, due to factors such as profitability or even brand typology: companies focused on sustainability may not see Black Friday as a viable option due to the need for aggressive discounting practices, something that goes against the brand’s values.
At Pelican Bay we specialize in creating profitable strategies for important seasons such as Black Friday. If your brand needs digital experts, don’t hesitate to get in touch.
