This year, Black Friday falls on the 25th of November, 2022 and is followed by Cyber Monday on the 18th of November. The two dates are globally renowned as the two busiest shopping days of the year. Businesses and brands engage with the event by offering limited-time savings on a wide variety of products in-store and online.
In recent years, small businesses have struggled to engage with Black Friday and Cyber Monday due to domination from large retailers. However, with the right marketing tactics, small businesses can thrive. Businesses can expand, generate meaningful interactions, and increase conversions by targeting the right audience with an effective digital marketing strategy. Find out more about the benefits of getting involved with our black Friday ideas for small businesses throughout this article.
Analysing consumer spending trends can help businesses direct their resources towards an effective marketing strategy. By considering the consumers who are most likely to engage with your brand and purchase your products, you can achieve the maximum return from your Black Friday and Cyber Monday campaign.
Despite decreases in recent consumer spending, research has demonstrated that many consumers plan to shop for deals on Black Friday. Here are the proportions of each demographic who have stated that they intend to purchase during the Black Friday sales.
It is clear from the proportion of respondents that have committed to spending that the younger generations expect to shop in a larger proportion than any of the older generations. However, a significant proportion of 42 to 74-year-olds are interested in shopping on Black Friday. Businesses catering to these age groups will also have plenty of opportunities to reach out to consumers of all ages.
Participant responses indicate that members of Generation X intend to spend the highest amounts of money on Black Friday deals. With each individual in age groups under 75 looking to spend more than one hundred pounds,
The reduction of in-store shopping has been evolving since the popularity of online shopping and became the norm during the coronavirus pandemic. Buyers have become accustomed to the convenience of shopping from their personal computers or smartphone in the comfort of their own homes.
As a result of this, 46% of shoppers intend to make their purchases online. Whilst only 10% will solely shop in-store. Efficient small businesses should focus their digital marketing efforts to maximise the traffic achieved from online shoppers.
Most small businesses provide a niche product or service that caters to a particular customer segment. Directing your marketing efforts towards your most valuable target market will therefore be the most efficient use of your time.
Rather than trying to grab the attention of all online shoppers, utilising a strong marketing persona will help small businesses to focus their efforts and engage with consumers who are most likely to convert.
The statistics above demonstrate that there are opportunities to engage with consumers and attract them to complete a purchase with effective Black Friday and Cyber Monday deals. Despite this, there is a large selection of small businesses that are not interested in promoting their business during these giant shopping events.
The reasons for this may be related to some of the problems below:
When planning their Black Friday purchases, consumers often turn to the retail giants to make savings on commercial products. These companies have a large budget for marketing, pay-per-click campaigns and the ability to heavily discount their most valuable products. For some small businesses, it can be difficult to compete, leaving them feeling defeated or as though the promotion is not worth the hassle.
Many consumers use Black Friday and Cyber Monday to save significantly on their Christmas purchases. Some of the most frequent purchases made on Black Friday and Cyber Monday include TVs, smartphones and a range of branded electronics and clothes.
For small businesses that offer unique or niche products, there may not be as much demand. Without demand, businesses may not thrive in the way that typical retailers do, leaving them feeling unsatisfied with their campaigns.
There is pressure for businesses to provide generous discounts on products that would otherwise sell for much higher prices outside of Black Friday and Cyber Monday. Many small businesses carefully plan the price for their products, and this will reflect the cost of manufacturing or crafting the product.
Offering significant discounts on the product can seem counterproductive when the business aims to generate higher profits. However, considering the long-term impact of increased sales, some businesses may be able to see the bigger picture.
Despite the challenges that small businesses might face on Black Friday, there are plenty of reasons to get involved.
With an attractive marketing strategy and high-value deals, businesses can attract customers who may never have considered purchasing from them. Many small businesses offer high-quality, unique, or handmade products that come at a much higher price than the factory-made products available in most stores.
By enticing customers with a great Black Friday deal, they can get a taste of your products or services. From here, you can entice customers to make repeat purchases, expanding your customer base.
Hundreds of small businesses would have felt the squeeze during the recent cost of living crisis. It may appear futile to advertise your business for Black Friday as you have faced a lack of customers across the rest of the year.
Alternatively, research has shown that consumers intend to make purchases this Black Friday despite current financial circumstances. Businesses that have missed out on sales throughout 2022 can benefit from the influx of traffic on Black Friday and could make up for the prior drought.
In recent years, Black Friday spending has incrementally decreased in line with the current economic condition. Whilst this can put off many small businesses from investing their time and resources into a marketing campaign, a significant number of shoppers are willing to spend their money this Black Friday.
To make the most of this global shopping event, businesses should identify their most valuable groups of customers and direct their marketing efforts to grab their attention. For expert guidance on running a successful Black Friday marketing campaign, contact Pinnacle Internet Marketing. Our SEO and Social Media marketing experts can generate a marketing campaign that puts a spotlight on your small business to the millions of potential shoppers looking for Black Friday deals.
Contact us now for more Black Friday ideas for small businesses.
