As Black Friday approaches, it’s time to think outside the box. Originally a US tradition, Black Friday has gained traction in the UK over the last decade, and it can be a tricky time for retailers. It’s the biggest shopping day of the year, but it doesn't have to be all about deep discounts.
As a small business owner myself and small business virtual assistant and an experienced merchandiser with over sixteen years in retail, I can honestly say that Black Friday has been a real headache for the last few years!
Many retailers find themselves in a tricky spot when they offer steep discounts that set an expectation for customers to wait for Black Friday. This can lead to slumps in sales in the weeks leading up to the event.
Plus, these retailers often find themselves stuck in a cycle of having to match these discounts year after year. On the other hand, some may choose to offer flat discounts that fail to excite shoppers. Plus, Black Friday is no longer just a single-day event. It now extends for weeks, sometimes even a month!
For small businesses, competing with the big guys can feel impossible. But should we even try? While it’s tempting to join in on the biggest shopping days of the year, small business margins are tight. If your discounts don’t drive incremental revenue, you could end up giving away more than you gain.
After all, if you put hours of love into your products, do you really want to devalue them during this overconsumption frenzy?
With the current cost of living crisis, UK customers are changing the way they shop. We’re seeing a rise in second-hand marketplaces, reflecting a shift towards more mindful consumption. This is where small businesses can shine! Instead of following the crowd, let’s challenge the status quo and create a positive shopping experience that aligns with our values.
If you’re a small business and offering a discount this Black Friday works for you, then absolutely go for it! However, if you’re looking for ways to navigate Black Friday without reducing your prices, here are some creative ideas:
1. Donation to Charity
For every purchase made on Black Friday, consider donating a portion of the sales to a charity or cause that resonates with your customers. This allows shoppers to buy with purpose and feel good about supporting a business that gives back.
For my small business, Skudaboo, where I sell art prints, my messaging revolves around making your house feel like a home. This Black Friday, I'm planning to donate a portion of every order to Shelter, helping those who are less fortunate and may not have a home this Christmas.
2. Exclusive Limited-Edition Products for VIPS or emailer subscribers
Consider releasing limited-edition items or exclusive collections available only on Black Friday for your VIPs or email subscribers. This approach creates a sense of urgency and excitement without the need to lower prices, while also helping you grow your email list.
Promote these as 'once-a-year' opportunities to own something truly unique. While developing a completely new product just for this occasion may not be feasible, think about offering a different version—like a new color—of an existing product.
3. Personalised Add-Ons
Consider offering free personalisation options, such as gift-wrapping or custom notes. These thoughtful touches make customers feel valued and enhance their overall shopping experience. Plus, it’s something big retailers often can’t provide, setting your small business apart!
4. Free Gift with Purchase
Consider offering a free gift with every purchase over a certain amount. This could be a small item from your shop or a personally crafted addition, like a gift tag. Customers love receiving something extra, and it adds value to their purchase without lowering your prices.
5. Loyalty Program Launch or Bonus
Okay, so this idea does involve a bit of discounting, but it’s designed to encourage repeat customers and future purchases. Consider launching or promoting a loyalty program where customers can earn points towards rewards.
On Black Friday, you could offer double points or create an exclusive tier for your loyal customers, incentivising repeat purchases without discounting your products.
If you don’t have a loyalty program in place, think about offering a bounce-back discount code with every Black Friday purchase for free delivery that they can use next year instead!
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I hope this blog has sparked some ideas for you! Being a small business owner can be challenging, especially when competing with the big retailers. However, we have the unique advantage of being able to experiment and offer things that larger companies can’t
As consumers become more discerning and make more considered purchases, it’s essential to provide them with an amazing shopping experience. As we approach the busiest quarter of the year, let’s make it count! Good luck!
Photo by: Kaboompics.com