The holiday season is upon us, and for businesses, it's a critical time to boost revenue and engage with customers. One of the major highlights of this week is the Black Friday sale, a phenomenon that has become increasingly significant, not just in the U.S. but globally. Whether your business is service-based or product-based, it's worth exploring the opportunities presented by Black Friday.
Last year, I took advantage of a fantastic deal during Black Friday, purchasing coaching sessions at a two-for-one offer from an EDS coach. This illustrates that Black Friday isn't exclusive to product-based businesses; service-based businesses can also leverage this event. However, it's crucial to assess whether participating in Black Friday aligns with your brand and business goals. I have a client who opts out of the discounting trend, emphasizing the importance of staying true to your brand identity.
A fascinating approach to Black Friday was adopted by Proud Poppy, a clothing brand. They introduced "Pink Friday" as an alternative, aligning with their brand and making the sale unique. This creative approach generated excitement, and it's a reminder that businesses can put their own spin on sales events.
The timing of Black Friday sales is also worth considering. Waiting until Friday itself might mean missing out on potential sales. Starting the announcements early allows for better engagement and anticipation.
Let's check into strategies for maximising revenue in the final weeks of the year.
1. Black Friday Sale: Beyond Discounts
Black Friday isn't just about slashing prices. It's an opportunity to create value and engage customers in various ways. Instead of solely focusing on discounts, consider offering special deals like bundled packages, gift packs, or value-added services. This tactic, known as value stacking, encourages customers to make purchases based on the perceived value rather than just the discount percentage.
One effective approach is offering exclusive deals or early access to loyal customers. This can build anticipation and create a sense of exclusivity, driving sales without resorting to steep discounts. For instance, offering a permanent discounted price for a new product to existing customers can be a compelling strategy.
2. Ramping Up Sales During the Holiday Season
As the holiday season unfolds, businesses should strategically position themselves to capitalise on the festive spirit. Here are some tips to consider:
- Utilise newsletters and social media to communicate the benefits of your products or services as ideal holiday gifts.
- Highlight unique selling points and showcase how your offerings can make thoughtful and valuable presents.
- Create attractive bundles or upsell options, encouraging customers to explore additional products or services.
- Consider offering exclusive resources or services to existing clients, fostering loyalty and generating extra revenue.
- Emphasise the importance of supporting local businesses in your marketing efforts.
- Showcase the positive impact of shopping locally on the community and the economy.
- Address a common concern by extending the returns policy for holiday gifts. This can alleviate customer worries and encourage more confident purchasing.
- Promote gift vouchers as versatile and thoughtful presents, ensuring that they remain attractive options until the last minute.
In conclusion, the end-of-year holiday season provides a window of opportunity for businesses to boost revenue. By adopting creative approaches to sales events like Black Friday, implementing strategic marketing efforts, and catering to customer preferences, businesses can make the most of this festive season. Whether it's through exclusive deals, value stacking, or emphasising local support, the key is to align your strategies with your brand identity and customer expectations. As we approach the culmination of the year, seize the chance to enhance engagement, foster loyalty, and, ultimately, boost your revenue.
Listen in to our Bite-Size podcast episode about "Boosting your revenue before the end of the year"
Watch this episode of our Business Bite-Size on YouTube to learn more: