Black Friday Secrets Revealed: Bold approach - better results
As the peak shopping season approaches, retailers are gearing up for the biggest sales event of the year - Black Friday. But in today's competitive landscape, simply offering steep discounts isn't enough to stand out. To truly maximise sales and capture customer loyalty, savvy retailers are leveraging advanced strategies that go beyond conventional tactics. Let's explore some innovative approaches to make your Black Friday campaign a resounding success.
Pricing with Purpose
While competitive pricing remains crucial, it's no longer just about offering the deepest discounts. Smart pricing strategies can significantly impact your media effectiveness and overall visibility.
Dynamic Price Benchmarking: The Black Friday period now extends from early November through to the end of December. Continuously monitor and adjust your prices to maintain your chosen market position. This ongoing price optimisation supports your paid media teams in navigating the competitive shopping carousel.
But in the digital ad space, it’s more than a discount - it’s a signal. Consumers, and even more importantly, Google’s algorithms, pick up on this. If your pricing strategy doesn’t align with your brand’s overall value, you’ll struggle to win on the digital shelf, no matter how much you spend on ads.
Competitive pricing doesn’t mean a race to the bottom - it means staying relevant. Pricing that reacts to competitor moves, stock, and seasonality makes you the retailer to watch in the Google Shopping carousel!
Leveraging Google as a Strategic Partner
Instead of viewing Google as an advertising platform, consider it a strategic partner in your Black Friday success.
Tap into first party product data: Share comprehensive product information with Google, including inventory levels, sales velocity, return rates, and delivery options. This data helps Google better understand your business and can lead to improved product visibility and incremental sales.
Visibility isn't optional, don’t hide your best stock - it’s not just about pushing what you want to sell, it’s about making sure the right products are visible when people are actively searching. This is why leveraging your rich product data is so important.
Capture Demand, Don't Just Create It
While creating demand is important, capturing existing demand can be equally lucrative.
Leverage Competitor Activity: Be prepared to capitalise on the demand generated by competitors' brand-led messaging across TV, radio, and press. Strong product positioning and competitive pricing can help you benefit from this stimulated interest.
Excel in the Shopping Carousel: Focus on optimising all elements of your product listings, including price, imagery, ratings, reviews, and delivery options. Mastering this "battleground" allows you to service demand more efficiently.
It’s bigger than Black Friday
Black Friday is no longer a single-day event. It's part of a broader shopping season that requires a nuanced approach.
Ride the Wave: Engage customers from October through to the end of December, adapting your strategies as buying intensity increases. This allows you to capture demand before the peak frenzy and connect with more thoughtful, less discount-driven shoppers.
Create a Narrative: Develop campaigns that keep your brand relevant throughout the extended Black Friday period. Connect different phases (Halloween, the lead-up to Black Friday, Black Friday itself, and the run-up to Christmas) with a cohesive story.
Deliver Value Beyond Discounts
Winning the click is one thing, keeping the customer is another. Price might drive initial interest, but it’s the experience that gets customers to come back.
Optimise the Customer Journey: From a fast website and transparent delivery information to easy returns and healthy stock positions, every touchpoint matters. All of these elements perpetuate convenience, creating a positive customer experience that encourages repeat business
Build Trust: In an increasingly competitive digital landscape, positive reviews, hassle-free returns, and fast delivery can be key differentiators. Customers seek assurance before clicking, so prioritise these trust-building elements.
Conclusion
This is modern retail and success requires a holistic approach that goes beyond traditional discounting and ad spend. By understanding the intricate interplay between pricing, availability, customer experience, and how ad platforms interpret these elements, retailers can move from merely surviving to thriving during the Golden Quarter.
Remember, Black Friday is not just about a single day of sales but about creating a compelling narrative that engages customers throughout the Golden Quarter. By implementing these innovative strategies, you'll be well-positioned to capture demand, drive sales, and build lasting customer relationships that extend far beyond traditional peak trading.
