Are black Friday deals online really worth it? Are black Friday days just hoax? This is a common chain of thoughts that we get to experience while shopping during the Black Friday. In fact, around 68% of shoppers tend to believe that Blackfriday was established solely as a marketing gimmick.
The marketing promotion “Black Friday” has become a transatlantic marketing phenomenon. But just because something gets a lot of hype, doesn’t necessarily mean it is right for your business. In this article, we take a look at the marketing monster that is Black Friday. Here we give you some ways to evaluate whether it may be right for you.
Before everything else let us first get into the black Friday history of marketing commotion on the whole:
What is Blackfriday marketing?
The shopping extravaganza following Thanksgiving, as with numerous occasions in the limited time schedule, began in the States, as ahead of schedule as 1952. This is astounding on the grounds that, on UK shores, it has just truly arrived at noticeable quality over the most recent 10 years. The day after Thanksgiving has consistently been held the day in the wake of Thanksgiving (which is consistently the fourth Thursday of November) to formally commend the principal day of the Christmas shopping season (which likewise appears to get prior consistently). This was on the grounds that in the US numerous individuals generally had this Friday off work.
On one hand, it would be great for a marketer and customers due to the following:
Creates a relative buzz in store
Creates promotional traction online
Pull newer customers in
Make an increase in sales of the slower shifting items
Get profitably rid of the excessive inventory
However, we have laid some solid groundwork on why it would not be on the most adventurous side of things and be nothing more than a marketing gimmick in many cases. Following are some valid points to throw light on the same:
Discounting to Damage
Discounting to damage to the brand name is one journey between the two D’s that I am sure no brand would like to take. This will to a great extent rely upon your market situating. On the off chance that you are in the stack them high, sell the modest volume model, at that point, it might be ideal for you.
Regardless of whether you hold a mid-showcase position in your specific field, it could, in any case, bring a large number of advantages. However, if your market position is in the quality, premium or extravagance end of the market, at that point a Black Friday style advancement may just degrade the brand value you have developed throughout the years. Those ordinarily viewed as the most excellent brand in their field never run value rebate advancements, since they don’t have to.
The negative impact of bad customer service
What Black Friday day has figured out how to make is 24 hours of disarray for those organizations running such crusades. Except if you have the ability to manage an emotional inspire in clients and inquiries at that point maintain a strategic distance from it. Many famous broadly ventured away from running genuine Black Friday advancements because of the negative effect that brought about its campaigns as far as in-store understanding. In this way, before you hop in and focus on it, think about the more extensive effect on the organization, the brand and your client experience.
Major Impact on profit margins
Any special promotional campaign revolved around a “restricted time “offer is giving up the edge, for volume. Normally one would counterbalance the other. In any case, be cautious with Black Friday vacation deals on the grounds that there is a client desire that the value markdown during a Black Friday advertising advancement is critical. In this way, a 10% or 20% decrease won’t cut it with clients. They will expect half + on a Black Friday discount, else it is simply not newsworthy, and their consideration will be somewhere else. In view of this, you have to guarantee that there is sufficient edge in the item, or you can strategically pitch different items at an extensively higher edge to make the campaign in this regard work from arrival on a venture point of view. You additionally need to consider the lifetime estimation of any new customer pulled in.
Being really heard beyond the marketing commotion
It used to be a one-day showcasing advancement. Presently it is getting expanded, beginning mid-week and running for seven days. However, in spite of the fact that this loosening up of Black Friday has assisted with the window of promoting channels, it is as yet a significant issue. For what reason would you need to run one of your greatest value limiting advancements at the very same time as the entirety of your rivals. Will your advancement even be heard among the entirety of the showcasing commotion? Why not center your crusade at an alternate season when there is much lesser action and your media reach would be much more economical and effective.
In this way, we have attempted to give a reasonable view here of the upsides and downsides of Black Friday. It ought to have given you a few interesting points while assessing whether Black Friday is the correct advertising advancement for your business or a mere marketing gimmick that gets wrapped under the commotion of marketers.
ABOUT THE AUTHOR
Chandrima is a Content management executive with a flair for creating high quality content irrespective of genre. She believes in crafting stories irrespective of genre and bringing them to a creative form. Prior to working for MartechCube she was a Business Analyst with Capgemini.