4 Ways Small Businesses Can Capitalize On Black Friday

Posted by Karen Erdelac on Oct 23, 2020

4 Ways Small Businesses Can Capitalize On Black FridayBlack Friday is an important day for small business owners. Although Small Business Saturday has gained tremendous support over the last few years, many consumer budgets are exhausted on deals offered by larger companies on the Black Friday shopping holiday. While the competition may be fierce, there are ways your small business can still profit from Black Friday.

Promote Gift Card Purchases

On average, people who buy gift cards for others spend 38% more at that retailer than the value of the gift card they purchase, making them your power users and influencers (source). Gift cards also give new customers a way to become familiar with your product.”

  • Increase their in-store visibility
  • Cross-merchandise them with relevant items
  • Motivate yourself and your associates to proactively market them in-store
  • Market them across multiple channels
  • Create gift cards around specific themes or events

Custom Bundle Packages

Price bundling is combining several products or services into a single comprehensive package for an all-inclusive reduced price. Despite the fact that the items are sold for discounted prices, it can increase profits because it promotes the purchase of more than one item.” Custom bundles allow patrons to choose from a variety of related items to include in a bundled discount package. You can also tailor packages yourself and offer them to loyal customers based off of past purchases. They key with bundles is to create value for the customer without cutting too deeply into your profit margins.

Social Media Advertising

Paid social media advertising is an effective way to get the word out about your deals, fast. “On Facebook, for example, as many as 51% of users admit to having clicked on an ad. They even influence consumers’ purchasing decisions. Nearly half of social media users (48%) have bought something after seeing an ad. A number that increases to 53% and 56% for millennials and women, respectively.”

  • Know what business objective you're trying to achieve
  • Know your target audience
  • Let your organic posts inform your ads
  • Pay for what matters: Impressions or engagement
  • Design your ads with mobile in mind
  • Test your ads to optimize performance
  • Measure results—and report on them

Demographic Deals

Creating deals that are focused on particular demographics can help you reach niche audiences with targeted messaging and highly relevant offers. You can create specific discounts or customized bundles that appeal to a particular audience. Some key audiences to focus your deals on include:

  • Active Military
  • Veterans
  • Senior Citizens
  • College Students
  • Parents
  • First Responders
  • Loyalty Rewards Members

Download our E-Guide for additional information!

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Topics: Holiday