BLACK FRIDAY...Why Many Retailers Leave Money On the Table!
While there are always die-hard people who will line up days in advance the fact of the matter is the overwhelming majority of people simply just say "not me, not worth my time" and unfortunately that is the end of it!
But wait, seems like a missed opportunity don't you think? If as a retailer your strategy is to deliver a message that anyone looking for a TV, Computer, DVD player or any other electronics would be crazy to shop anywhere else you need a Black Friday strategy that motivates the masses!
So, how do you do this? Well you need to think differently...not just promotional marketing but traffic driving marketing that rings the registers!
Here's my thoughts...develop a simple multi-layered product strategy that is designed to atrract the most customers between (Black) friday and Sunday. For instance if your TV deal is $199 for a 42" LCD TV and you only have ten per store (to satisfy the 50 or 100 people lined up outside your store) how about an additional $150 of any other TV on the floor for the next 6 hrs, then $100 off the following 12 hours then $50 off any TV through Sunday! Limit it to in stock only and no rain checks. Then do the same think in the computer dept and the DVD department.
Don't you think that would bring the largest number of customers over the 3-day Black Friday weekend, result in the highest sales volume and cement the message that the best TV, Computer, DVD deals in towm are at......well you get the idea. Linked with a well thought out and timed omni channel communications strategy including web, social media, mobile, store, print, direct and TV would be immersive and engaging and MAKE IT MATTER to the bottom line!