Black Friday is one of the biggest shopping days of the year and you can bet that many of your competitors are already taking advantage of this popular shopping occasion by launching their campaigns. But what exactly is Black Friday and why is it such a big deal for marketers? Let’s explore.
The History Of Black Friday
The origins of Black Friday go back a long way and it has been around since the 1800s. In its earliest days, Black Friday was solely an agricultural occurrence where retailers would give their farm hands special discounts to encourage them to purchase supplies for the coming year. These special discounts were called “blacklists” and they gave the original “black” shoppers the ability to get a better deal during certain times of the year.
Even in those days, the practice of giving special deals to encourage shoppers to come back continued. At first, these deals would be in the form of discounts, but over time, they transitioned to free trials and giveaways.
It wasn’t until the early 1900s that Black Friday really took off as a retail phenomenon. This was largely due to the fact that the United States was in the midst of a textile shortage during that time period and many retailers scrambled to find ways to encourage shoppers to come back. You might call these efforts “modern day Black Fridays.”
Why Do We Celebrate Black Friday?
Nowadays, most people know exactly what Black Friday is and why it’s a special day. The American Association of Advertising Agencies (4A’s) even produced a video to educate consumers about the significance of this shopping day.
According to the 4A’s, Black Friday is “the annual event that occurs on the day after Thanksgiving (the fourth Thursday of November in 2019), when retailers offer deeply-discounted items to encourage holiday shoppers.”
With the rise of online shopping in the 21st century, the 4A’s claim that Black Friday is “the annual event that occurs on the day after Thanksgiving (the fourth Thursday of November in 2019)” might not ring true. But regardless, Black Friday is still a special day for retailers and marketers.
The Rise Of Online Black Friday Deals
If you own a retail store or operate a website that offers products for sale, you know that the rise of online shopping has made it a lot easier to stay one step ahead of your competitors during the holiday shopping season. This is especially important for those retailers that offer discounts during the holiday season.
In the past, it was necessary for retailers to go from store to store in search of bargain-hunters. With the advent of the internet and social media, savvy retailers can now post Black Friday deals online and attract shoppers from all over the world. This level of marketing and selling complexity is called “digital marketing.”
If you’re a retailer that offers discounts during the holiday season, you might consider putting up a special deal on your website as soon as possible. Doing this now will give you the opportunity to attract potential customers on a global scale. You can also consider using online discount codes that allow customers to get the discounts offered by your competitors.
The Impact Of Black Friday On Retail
The holiday season can be a stressful time for retailers and their employees, especially when they have to work on a holiday that is already known for its cutthroat competition. But the stress that comes with the holidays is nothing compared to the stress that comes with Black Friday. This is mainly because the day after Thanksgiving is already known for its massive rush and its long hours. But the holiday season is also a time when retailers can make good money, thanks in part to the rise of online shopping and the increased popularity of mobile shopping.
If you’re a retailer, it’s imperative that you prepare for Black Friday. The holiday season will likely be more stressful than usual due to the nature of Black Friday. But as long as you do your homework and understand the significance of this day, you’ll be able to prepare and have a good time.
So How Do I Prepare For Black Friday?
You might be wondering how exactly to prepare for Black Friday. As a marketer that often works with retailers, I get this question a lot and I’m often humbled by the fact that people think that I have the answer. But in reality, I don’t. So here are some of the things that you might consider doing to prepare for Black Friday:
One of the most important things that you can do to prepare for Black Friday is to do your research. It might seem like common sense to you but, unfortunately, a lot of people forget this step. When you do your research, you will understand what your competitors are doing and you will be able to plan your strategy accordingly. If you’re finding that your competitors are offering special deals during the holiday season, then it might be a good idea to do the same.
As a marketer, you have a unique advantage over other marketers. You already have access to all of the necessary information about your competitors. All you need to do is analyze this information and put it to good use. If you do this, you will be able to prepare for Black Friday confidently knowing that you’re covering all of the bases.
Get A Team Together
Even if you’re an expert at doing marketing, you will likely still need help from other individuals. If you’re planning on participating in Black Friday, then it might be a good idea to get a few friends and family members together and form a team. People that know more about retail than you do will be able to bring valuable insights to the table and you will be able to rely on their knowledge when making important decisions. As someone that regularly works with retailers, I can tell you that having a few friends and family members on your side can make all of the difference. The more people that you have that know about retail, the better. This might seem obvious but it’s amazing how many people forget about this step. Having teammates that are knowledgeable about your industry will give you a leg up on the competition and allow you to prepare for Black Friday confidently.
Don’t Forget The Mechanics Of Running A Business
In addition to doing your research, it’s also important to make sure that you’re aware of all of the legal and regulatory requirements that you might face. This comes with knowing what sales tax you’ll need to pay and any special rules and regulations that might exist for your industry. Not being aware of these things can make or break your business. Regardless of what type of business you have, you will likely need to register with the government and file quarterly taxes. A small business filing status doesn’t come with any special benefits but you do need to understand the legal and financial obligations that you might face. Just like the rest of your business, taking care of your taxes will be very stressful if you don’t plan for it properly. So don’t forget about this step and make sure that you have all the necessary documentation in order.
Make Sure You’re Ready
Last but not least, we have the most important step. Once you’ve done your research and gotten a few friends together to form a team, it’s time to put into practice what you’ve learned. Before you go all in and participate in Black Friday, it’s important to make sure that you’re completely ready and willing to commit to the long haul. This means that, as a business owner, you need to make sure that you’ve researched the competition and know what you’re doing. As a marketing expert, you need to make sure that you’ve got a clear plan in place and that you’re willing to put in the necessary hours to make it work. As a leader, it’s important that you’re demonstrating the right behavior and setting a good example for your employees. Being ready is a lot of hard work but it will be worth it in the end. If you’ve prepared everything correctly, there’s no reason to worry because you will be able to have a good time during a very important time for retailers.