As a brand that focuses on building customer loyalty and success, Black Friday and Cyber Monday (BFCM) may not be make or break sales events for you, but participation is still important. With BFCM becoming increasingly significant in the retail calendar, it’s essential to have a solid strategy in place to maximize success.
In 2023, Australian Shopify merchants saw a record-breaking $9.3 billion in BFCM sales, indicating a trend of growth that is likely to continue. A recent report by Future Publishing Australia revealed that BFCM has surpassed Christmas as the biggest sales event on the retail calendar in Australia, with half of Australians surveyed planning to spend during BFCM sales events.
With Black Friday fast approaching, there is still time for brands to capitalize on the excitement surrounding this event. Here are four key strategies that can help businesses boost their BFCM success:
1. Prioritize Profitability Over Revenue:
While the allure of short-term revenue gains may be tempting, focusing on profitability is crucial for long-term growth. Avoid falling into the trap of excessive discounts that can erode profits and diminish brand value. Take a holistic view of BFCM as part of your annual strategy to ensure sustainable growth.
For example, Australian skincare brand Alpha-H adjusted its approach in 2022 to prioritize profitable growth by reducing the frequency and depth of promotions. By tailoring strategies for different retail channels and aligning them with long-term objectives, the brand was able to maintain profitability during BFCM.
2. Introduce Creative Discounts:
Instead of relying solely on blanket discounts, consider creative discount strategies that add value for customers. Personalized offers or exclusive discounts can make the BFCM experience more engaging and memorable for customers. By tapping into customer preferences and creating value-driven promotions, brands can stand out in a crowded marketplace.
3. Personalize Interactions:
Offering personalized experiences to customers can help strengthen brand loyalty and create lasting connections. By segmenting your audience and tailoring messages to their specific needs, you can enhance the overall BFCM experience. Jones Road Beauty saw success by implementing targeted messaging during BFCM, resulting in increased sales and customer engagement.
4. Prioritize Customer Retention:
While BFCM may drive short-term sales, the real value lies in retaining customers over the long term. Implementing loyalty programs and leveraging data insights can help create customer journeys that extend beyond the BFCM period. By identifying high-value customers and tailoring offers to their needs, brands can increase engagement and drive repeat purchases.
By implementing these strategies, brands can maximize their success during BFCM and build lasting customer loyalty. Stay connected with us on LinkedIn, Twitter, Facebook, and Instagram for more insights and updates on customer retention strategies.