Black Friday Tips for Resellers!
Ah, it’s Black Friday season again. This is by far busiest season for shoppers and sellers alike because of the massive influx of deals that sellers are giving to their customers. In fact, according to blackfriday.com, more people shopped online rather than in stores, totaling to 142.2 million versus 124 million respectively in the year 2019. But when exactly did this event originate?
Based on several online sources, Black Friday started when gold spectators tried to corner the gold market which then caused the gold and stock market to plunge.
But as a seller, here are some tips to help you take advantage of this event.
1. Prepare weeks ahead.
Even though you might think that you have lots of time in your hands to prepare for a sale, chances are you will still be constrained to do some tedious preparations before the big day. First, you will have to scan through your accounting to see if you are actually able to afford the sales that you are planning to do. Having a sale means slashing off the prices of your goods, which means your overall projections will definitely decrease. Can you handle this change? Also, you will have to check your inventory. What items are you willing to put up on sale? Does these products present high sellability? These are just some things that you have to consider before joining the black Friday sale.
2. Develop irresistible deals.
Let’s say you’ve decided that you will indeed be having a sale on Black Friday. Next thing you have to think about is how you will attract people into buying your products. What cross selling tactics will you be doing? Buy 1 Get 1? 75% off? 30% off the entire selection? To come up with this, you’ll have to study your target market’s persona and familiarize yourself with their buying habits. You’re not the only one who’s doing this, there are lots of deals in the market. Your promotion will have to stand out in order for people to buy what you are offering. This leads us to the next one.
3. Up your marketing and promotions.
A good deal is not complete without the proper marketing efforts to come along with it. You need people to see, hear, and learn that you are having this awesome sale! Days before Black Friday, you have to think of ways to promote your business to let people know what discounts are available for them. Maybe try posting and advertising on Facebook if that’s where your target market is. You can send out an email campaign or hand out flyers if you have a brick and mortar store.
4. Watch your competition.
As mentioned above, you are not the only one that’s having this massive deal spree. Almost all businesses across all industries will be joining, so you need to watch your competition and observe what strategies they are doing to entice consumers.
5. Tap loyal customers.
While it’s good to gain new customers all the time, you can’t forget your loyal ones. As a reseller, you need to take care of your customers by nurturing them first before anyone else. You can have some exclusive discounts for them. Let them be the first to know about your sale offering. Make them feel like they are important because that’s the way you can keep and retain them in the future.