Black Friday... it gives me chills just writing the phrase. The rush of people, and deals, deals, deals. Through the holiday hullabaloo, should your company be a part of the Black Friday madness?
Here are a few things to think about:
- Company Culture
Shane Co, a jewelry and engagement ring company has never advertised one deal/discount in all of their years of doing business. People ask them all the time, why? It's simple, their pricing is spot on where the market is and should be. They aren't gouging their customers from the very start and then giving 60 and 70% off discounts later on. This is a part of their company culture and it sets a high precedence when they speak to their product. Think about your own company culture, where are you right now? Are you overpriced or right where the market in your area is? Can your company even afford giving a deal on Black Friday? These are questions you need to ask yourself before getting on the Black Friday Bandwagon.
At least in our area of weddings, we have a slower season due to the weather. I understand each region is different, so some of you may not have a slow season of business; but with that in mind, is it worth your company's time to invest the labor it takes to ensure the appropriate staffing at your venue, shop, or place of business for this one day of deals? Knowing our business of catering and venue management, I can tell you, staffing our venues/catering headquarters isn't worth our associate's time. Client's are out shopping with their friends or family for Christmas gifts, not grabbing a deal at the perfect venue.
- Marketing Dollars
Have you ever noticed that the holidays come earlier and earlier each year? And with it come all of the TV ads, radio spots, and social media banners. You'll need to put in the same amount of effort to see any return for your business, and it's not going to be cheap. Sure you can get away with some quick ads on Facebook and even Instagram, but to see any real turn out like you may be expecting you'll need to spend a little more on additional ads with other local sources. If this is something you decide is worth the time and marketing, keep in mind that the business you retain from the deal you offer needs to bring in more money than what you spent on marketing the deals as well as the staffing/labor hours you're paying out to make your Black Friday frenzy worth it.
Whether you have already decided to give a Black Friday deal or not, the real key for Black Friday success is pre-planning. You really won't be able to launch one this year, unless you have the social network that can help you spread the word of the deal you are offering for the day. It really takes a good month and half of marketing along with retail/location prep. Make the decision this year for the next to hop on the Black Friday bandwagon, as you will want to start planning first of July.