Boost Black Friday & Small Business Saturday with Gift Cards
The day after Thanksgiving in the US, which is known as Black Friday, has grown to become the biggest shopping event of the season. It is also the unofficial start of the holiday shopping frenzy and offers tremendous bargains. For businesses, this day provides them with an opportunity to expand their sales and improve brand visibility. But, they must take advantage of this marketing opportunity by developing an effective marketing strategy.
The various tactics and strategies that companies utilize on Black Friday are designed to take advantage of this shopping frenzy. Their objective is to entice customers, boost sales, and improve client retention.
Reports indicate that Black Friday is a highly profitable day for businesses, especially within the e-commerce and retail sectors. It is also a time when consumers are most likely to spend.
Gaining a New Customer Base
One of the most important advantages of marketing on Black Friday is the prospect of acquiring a new customer. During the event, people flock to stores looking for bargains which allows businesses to entice new clients by offering them products and services.
Good customer experiences can also help businesses retain their new clients. Offering rewards programs, exclusive post-purchase experiences, and customized discounts can entice customers to return for more purchases. With Black Friday marketing, businesses can expand their reach and drive more traffic to their online and physical stores. They can also use social media adverts, influencer partnerships, and email campaigns.
Small businesses thrive during Black Friday as it gives them an opportunity to exhibit their creativity and compete with bigger firms. They can highlight limited-edition products or offer personalized services to stand out from the crowd.
Through the data collected during this holiday shopping event, businesses can gain a deeper understanding of their customers' buying patterns and preferences. They can then improve their marketing efforts by analyzing how consumers behave. For instance, by monitoring which products are being sold the most, as well as when and where they are being bought, they can refine their approaches for future sales.
Understanding the sentiments of consumers is very important during Black Friday, which can help you determine which products and services are most appealing to them and which areas of your business are most likely to provide them with the best possible service.
Conducting surveys or monitoring social media can also help you gather valuable information.
Best Business Practices
It’s always important to create compelling offers that are designed to work for your business' profit margins and business model. You can also offer early-bird discounts and loyalty programs to encourage bigger purchases. Make shopping easier by implementing multiple payment methods and store layouts.
Before Black Friday, it's important that you start preparing for the event at least six weeks in advance. You should order your inventory and train your staff on how to handle promotions and other procedures, and update your website and add more features to accommodate more customers.
When it comes to Black Friday, consider strategically approaching it. Instead of focusing on price, focus on offering unique products and services that will make your customers feel valued. You can also track your profits and sales through multiple metrics. Spreading out holiday season-long promotions can help boost your sales.
For retailers and ecommerce businesses, the holiday season can be a great time to boost their bottom line by optimizing their pricing and promotions. Most businesses tend to focus on their specific products instead of offering deep discounts on all, and they can also increase their profits by bundling different products or launching cross-selling initiatives. Black Friday is a great time to build a strong customer base as it provides them with a positive shopping experience.
Small Business Saturday
Small Business Saturday is a day that's celebrated annually on the Saturday after Thanksgiving. It was first established in 2010 to recognize the importance of small businesses, which is an annual day that encourages Americans to support their local small businesses which supports vibrant communities and encourages financial contributions to local economies.
Why is Small Business Saturday so Impactful for a Small Business?
Small Business Saturday is a day that supports local businesses, which is not just about helping them, but it's also about giving back to the community. According to American Express, spending at small businesses can help boost the local economy by contributing over $0.67 to the local community. This spending is particularly important during the pandemic as many owners are still struggling to recover from the effects of the illness.
Small Business Saturday can also help boost the local economy by creating new jobs for residents and encouraging minority entrepreneurs. While it's important to focus on foot traffic, it's also important to consider the potential of online sales during Small Business Saturday. Having a well-designed website can help boost the sales of your business.
The two retail channels can reinforce each other as potential customers can discover your products and complete their purchases in person. Multi-channel marketing allows you to promote other products or services within your store.
Although special events can help attract new customers, it's important to remember that keeping them will require some effort. To keep them coming back, you should develop a marketing strategy that includes a follow-up email and social media platforms where photos can be posted.
You should also try to gather information about your customers, such as their phone numbers and email addresses. This will allow you to create marketing campaigns that can reach out to more potential customers. Image courtesy of BizSugar.
Rewards System
A rewards system can help boost customer retention and collect valuable contact information for subsequent marketing efforts. Customers can provide their contact details by filling out a form, which will allow you to send them offers and other promotional content.
If you're already using a rewards system, then create a marketing campaign that will coincide with Small Business Saturday. This can help you reach out to old customers and convince them to return.
During the weekends following Thanksgiving, it's important that you provide your customers with seasonal promotions that will allow them to sign up for a rewards system. For instance, you can give away gift cards or a reduced order amount to encourage them to join.
Partnering With Other Businesses
There are many advantages to partnering with other businesses, such as reaching out to new audiences and establishing a network of like-minded entrepreneurs. For instance, if you own a wine shop on Main Street, you can partner with a local brewery to offer special discounts to customers. Similarly, if you own a bookstore on the same street, you can work with a coffee shop to provide a warm and welcoming environment for visitors.
Small Business Saturday is a time to celebrate the local community and build strong relationships with other businesses. By showing that you are a part of it, you can help strengthen the loyalty of your customers and attract more potential clients.
Attracting Customers with Gift Cards
Small businesses can offer bonuses and rewards to entice customers during Small Business Saturday and Black Friday by bundling gift cards into a promotional bundle, sell discounted cards, or use them as an integral part of an ongoing sales campaign to encourage repeat business. These flexibility-enhancing methods can help boost foot traffic and engagement, and social media contests can make customers more engaged. Overall, gift cards have proven to be among the most effective business practices to make for successful sales around the holidays.
Giving a gift card can encourage customers to return to your website or store later to make a purchase, which can boost future sales. You can also promote digital gift cards by displaying QR codes, which allow customers to scan and redeem them conveniently. A gift card can make an individual feel valued and special, and it can help build a lasting relationship. For customers who are not ready to commit to a purchase, a gift card can be a flexible option that lets them continue to support your business.
A gift card can boost a merchant's revenue as it allows consumers to spend more than the card's face value. According to studies, around 60-70% of consumers buy more than the card's face value, which can increase a merchant's sales and overall profits. During the holiday season, people tend to make additional purchases after purchasing a gift card.
Through gift cards, your brand can introduce itself to a new audience. Individuals who give a gift card are endorsing your business and giving it as a present to somebody else, which can result in new customers who may not have considered using your services or visiting your store. As more people give your cards, your reach expands and your brand becomes more prominent.
A gift card is an ideal present for the holidays as it provides shoppers with a convenient and flexible way to purchase a gift. It eliminates the need for shoppers to search for the perfect present and makes the buying process more enjoyable, and happy customers are more inclined to return and your store will also be more successful.
Businesses can take advantage of gift cards as they offer cash flow and inventory advantages. Unlike physical items, gift cards don't require any additional storage space. The purchase of a gift card can free up your inventory and reduce the time spent managing it. It also provides a cash flow boost as it allows your business to receive revenue immediately, even if the item or service you offer has not yet been redeemed.
One of the most important advantages of gift cards is their ability to bring people back into your store after the holidays. This can be a great way to turn regular customers into loyal customers. When people redeem their gift cards at your store, they can re-engage with you and possibly take advantage of some of your special offers.
Physical vs. Digital Gift Cards
When it comes to the data that gift-card recipients provide, there should be a balance between the required and optional information. Since many people prefer to use their cards anonymously, it’s important that retailers strike the right balance. During the holiday season, retailers can use the last few shopping days to reach out to potential customers and explain how much they can share with them during the process of redemption.
The 21st annual survey of consumers conducted by Fiserv revealed that it’s a 50/50 split regarding whether customers prefer to use digital or physical gift cards. While retailers should be cognizant of their customers' preferences, they should also continue to accommodate the needs of both the online and physical card.
In order to accommodate the needs of both the online and physical card recipients, retailers should strategically place both in various locations. For instance, if a gift card is placed in a physical store, it should be placed in areas where there are popular products. This will make the recipient more likely to notice the card and purchase the item.
To ensure that their gift-card options are prominent online, retailers should regularly promote their digital card programs through various mediums. For instance, they can use banner ads or promotional emails.
Although many retailers start preparing gift cards for the holiday season around Small Business Saturday and Black Friday, it's not the last chance for them to do so. As more businesses integrate their digital and omnichannel strategies, the remaining time of the year is an ideal time to enhance the experience for consumers.
Through Gift Card Granny, a retailer can reach out to customers during Small Business Saturday or Black Friday by letting them purchase gift cards at discounted rates. This can help them attract budget-conscious individuals looking for deals and increase their cash flow.
To help foster a local community feel, Gift Card Granny can help you create custom-branded gift cards for Small Business Saturday. During Black Friday, focus more on online purchases and bulk orders for corporations.