Written by Madison Wellman, Business Opportunity Specialist, RCAP Solutions
With the holidays right around the corner every retailer in the country has two days on their minds: Black Friday and Cyber Monday. The two biggest shopping days of the year have become so important to the business models of so many retailers that a 2021 report from the National Retail Federation found that typical small to mid-sized retailers can earn as much as 40% of their annual revenue in the last two months of the year. How can your small business maximize its Black Friday-Cyber Monday impact? Below are RCAP’s Black Friday – Cyber Monday tips for success
BF-CM Is not just for retailers!
When most Americans think about Black Friday or Cyber Monday, they probably think about the sales at large legacy retailers like JC Penny, Walmart, and Amazon. What many do not consider is that non-retail businesses can also offer their customers great deals. Photographers, Roofers, Realtors, and virtually every other small business you can imagine can capitalize on BF-CM. The trick is to think of an offering that makes sense for your business and your customers, which brings us to our next point:
Get Creative!
This is especially important for the non-retail businesses mentioned above. Think about why customers patronize your business and build an offer that reflects your customer’s motivation. For example, a groundskeeping company, understanding that their clients appreciate the convenience of not mowing their own lawns, may want to offer their clients the ability to pre-pay for a few months of discount lawn care for their friends, family, and neighbors. This would introduce the company to new clients who may also find themselves appreciating the convenience of paying someone else to mow their lawn.
Preparation is Everything
There are a lot of factors to consider when preparing for BF-CM sales. The first, is the sale period. The BF-CM sales period is much longer than a single long weekend. A survey of BF-CM shoppers carried out by e-commerce experts, Justuno in 2021 revealed that as many as 65% of holiday shoppers planned to have their shopping done before Thanksgiving. Now, that survey was conducted while Covid-19 was much more disruptive so perhaps that figure will decline as consumers become more comfortable with crowds again. Either way, between the early birds completing their shopping before the holidays even begin and the procrastinators who are still shopping in late December, small businesses should plan to make their BF-CM offerings available to consumers for at least the full months of November and December. Make sure you have the staff and tools necessary to handle two full months of increased sales. This includes retail staff, customer service reps, order fulfillment staff, and staff to maintain your website as it experiences elevated traffic.
