Black Friday and Cyber Monday are just around the corner, ushering in the holiday shopping season.
In most cases, it is a huge decision to participate in such huge retail events as a small business. With large brands offering massive discounts and filling all social media platforms with adverts, you just may wonder if a little business can somehow compete. Believe it or not, these events can still be a great avenue for small businesses to attract new customers and build brand awareness if done strategically. Here is what Black Friday and Cyber Monday could possibly bring to your business and some helpful tips on how to make the most out of them.
Why It May Be Worth It
These shopping holidays have a pretty significant crowd of shoppers, and most of them look for trying new brands and find bargains. Even small-scale promotions can put you in the limelight and let you introduce your business to those who wouldn’t have discovered you otherwise. Think beyond just making a sale. Think, this might be that once-in-a-lifetime opportunity to create a memorable experience with these holiday shoppers for long-term customers. And often, it’s the little things like a handwritten thank-you note, a small freebie that make your brand memorable.
For many small businesses, the additional sales during Black Friday and Cyber Monday can also serve as a nice end of year bump, easing cash flow and making new projects more accessible. A strong holiday season can set a good foundation on which to plan for the New Year.
Potential Challenges
As would be expected, there are one or two challenges that should definitely be considered. Needless to say, offering discounts may convince customers, but you have to be sure you are not giving away too much profit. If you cannot afford heavy markdowns, try offering perks-for instance, free shipping, exclusive bundles, or an offer of a product special to the promotion. These options feel special to customers and are not eating into your profit quite so dramatically.
Standing out in the shadow of big brands is another challenge. Huge advertising budgets generally mean large retailers dominate the season. This, however, is where small businesses can shine by focusing on what makes them unique. Be it eco-friendly packaging, or a highly personal approach, this is where you want to drive your marketing toward the shopper in search of something more meaningful than yet another big-box deal.
