Provided that SMEs prepare ahead of Black Friday and Cyber Monday, there is an opportunity to leverage off the global hype, where some simple alignment to the theme can result in big benefit without much investment into promotion.
In the midst of low consumer and business confidence, tapping into the opportunities presented by these two days could contribute significantly to boosting the cashflow of SMEs.
“To benefit from Black Friday and Cyber Monday, the two big focus points would be the thinking around what the business will offer to customers and how it will promote the offerings ahead of the days. This allows customers to plan their purchases ahead of time, which also ensures traffic for the SME,” says Jesse Weinberg, Head of the SME Customer Segment at FNB Business.
Weinberg provides useful tips for small businesses to help SMEs take full advantage of Black Friday and Cyber Monday:
· Use social media – Businesses should make full use of social media as a tool to support their offers on these days. A powerful tactic seen recently is for businesses to actually ask customers what they might like to see as a special offering by the businesses to assess the potential demand from the market.
· Gauge customer appetite – A simple poll survey offers great insights into what customers want. The real trick for business on these two days is to ensure that the special deals on offer will actually be desired by customers, especially if the business plans on taking-on extra stock in for these specials.
· Pre-promotion of specials – Another powerful example of using social media would be to communicate the specials that you plan on running on these days to create sufficient awareness and demand by persuading customers to plan their wish lists, with the idea that the special the business wants to run will be on their list.
· Stock management – Businesses should avoid over-buying with the hopes of profiting from the additional demand. Getting in touch with customers may help the business buy the most desirable stock to ensure it sells.
“SME’s should take full advantage of special global trade days like Black Friday and Cyber Monday – it’s like being able to plug your specials into someone else’s marketing campaign for no extra charge,” concludes Weinberg.