4 things to consider before jumping on the Black Friday bandwagon

Don’t be struck by Black Friday FOMO with your business

Black Friday is quite a big deal in the UK now and most people are likely to have heard of it if not taken part in it.

Whilst it’s reportedly been around in the US for decades it didn’t become widely recognised in the UK until around 2015, but is now utilised as a marketing tool across a plethora of retailers, with many smaller, niche businesses jumping on the bandwagon. Although it is met with mixed reactions with some retailers choosing not to acknowledge it. So jumping on the Black Friday bandwagon to get your November sales on the up, there’s a few things you might like to consider as part of your broader strategy.

1. Does your brand reflect this kind of activity?

It’s a strange phenomenon when you look at it in black and white as many of the businesses jumping on the Black Friday bandwagon spend vast swathes of their marketing budget honing their tone of voice, building brand equity and setting out their clear raison d’être only to completely dilute and cheapen their brand whilst offering their goods and services at knock down prices. So, if you want to do something for Black Friday, first consider how it may be construed by your clientele.

2. Do it for the right reasons – but think it through, considering the knock-on effects

Of course the savvy ones utilise it as a good way to offload dated stock, launch new products and develop brand awareness. But for many businesses, that rationale is not relevant and for those suffering from FOMO (fear of missing out) there is a real danger that you’ll not only cheapen your reputation but you’ll also damage your bottom line and set a new, lower precedent in customer expectation! Not only that, but you may get recent purchasers coming back to you feeling ‘cheated’ as they weren’t made aware of the imminent deal and suddenly what is meant to be a quick, snap sale takes more time and effort than you’d considered.

3. Not necessarily for SME’s

At Wilson Partners we’re proud to work with some great SME’s in the Thames Valley. Many of our clients have identified their differentiators, have a great client base and continue to develop their offering based on a quality product and service combined with strong customer relationships where the value is all about the service you get, not about the price you pay.

4. Stick to your game-plan and don’t be suckered in by a quick win

If you’re managing to build and maintain these kinds of relationships, then stick to your game-plan and your long-term strategy. Don’t be lured into quick wins that have the potential to undo years of hard work without first considering the long term effects and what else you may be able to achieve because if you have strong customer relationships, then the money you can save for not randomly discounting can be invested into marketing, product development and growing your business.

At Wilson Partners, we certainly believe in building long-term customer relationships that offer real value for everyone, every day of the year. If you need help in developing your approach to finding and maintain customers, or any other area of your business, then we have the people and the tools to help.

Talk to us today on 01628 770 770 and we can help you develop your strategy.