From inflation rates reaching a 13-year high, to the devastating effects of riots and the crippling experience of load shedding on the workforce, we’ve seen it all.
However, as the past few years have shown us, there is nothing we can’t overcome.
True to form, SMEs aren’t waiting for the storm to pass. With industrial UPS and inverter sales soaring, it’s clear SMEs are turning a sour situation into an opportunity to realign, reinvent and reclaim. There are gaps in the market emerging and many industries are taking advantage.
But will this optimism be enough to see the resurgence of Black Friday? With the future far from certain, and many South Africans opting to remain financially sensible rather than splurge, how can SMEs adapt and optimize their businesses for a successful Black Friday, Cyber Monday and the festive season that is just around the corner?
Black Friday and the retail events that surround it are key consumer shopping events for you and your competitors, but how can SMEs like yours make the most of the period? What follows are some key insights and ideas to help keep your business one step ahead.
Black Friday deal ideas for small businesses
It goes without saying that at this time of year, consumers are on the lookout for deals or value adds to their purchases, so don’t make them have to look too hard for what you are offering.
Gift cards or coupon codes: Provide shoppers with a gift card or coupon code with every purchase. This will help customers feel rewarded, while also ensuring a repeat purchase.
Partner with a good cause: Donate a portion of the proceeds to a charity of your choice. Now more than ever, customers want to know that their money is going to a good place and their purchase is making a difference.
Offer daily deals: Offer a different deal every day leading up to Black Friday. This creates a sense of time-sensitive urgency and will prompt shoppers to buy, while also encouraging them to continuously check for new deals.
Black Friday deal ideas for the retail industry
The retail sector is the frontrunner in all Black Friday sales. Many use this as an opportunity to get ahead with their festive season shopping. Therefore, offering promotions is a great way to encourage a purchase.
Start early: Prolong the shopping period and start early. Black Friday is no longer limited to the last Friday of November. Many retailers now offer month-long specials, with promotional material dropping as early as October.
Gift guides: Curate a group of products and discounts into different categories to help shoppers find the ideal gift, while also promoting similar products or products with the same discount value.
Offer free shipping: With more and more stores moving online, free shipping is a great way to stand out. However, you need to manage customer expectations on when packages will be delivered as customers might not be aware of a potential delay due to order volumes.
Black Friday deal ideas for restaurants
Why should Black Friday only be limited to retail? After all, everyone needs to eat. Take advantage of the Black Friday spirit and offer one or more deals.
Collaborate with a local business: Offer a discount or voucher with the purchase of any meal. This will not only promote your business to your existing customers but also promote your business to their customers.
The good ol’ lunch special: Increase lunchtime traffic with a special discounted lunch menu that customers cannot resist.
Leave a review and get a discount: Offer a discount to patrons who can show that they have left a review on a reputable platform (TripAdvisor, Facebook or Google My Business). Reviews are a great way to establish a good reputation and boost sales in the long run.
Black Friday deal ideas for the hospitality industry
The year is winding to an end and the holiday season is on the horizon. What better time to entice customers to plan their next getaway?
Complimentary gifts: Who doesn’t love a free gift? Provide a complimentary bottle of bubbles and cheese board or chocolate upon check-in for all guests who book your Black Friday Offer.
Activity offer: Partner with a company and include a complimentary local tour or excursion per stay. This will promote your business to their existing customer base.
Stay For two get one free: Offer guests the opportunity to stay an extra night when they book for two or more nights. This can be advertised as “Your First Night Free!”.
Black Friday deal ideas for the wellness industry
Take advantage of the warmer weather and upcoming holiday season, and encourage some much-needed pamper time.
Spa combo: Offer discounted spa packages such as summer combos, de-stress days and full day packages.
One month free: If you are a health club offer customers a one-month free trial when they sign up on Black Friday.
Free plans: Include a customised meal or workout plan with the purchase of goods over a certain amount.
Black Friday deal ideas for the e-commerce Industry
A while ago, Black Friday and Cyber Monday were separate events. With the increase in online shopping and the trend not slowing down, the two have merged to create one mega weekend sale. Here are some ways your business can capitalise with a digital model.
Referral rewards: When users make a purchase, automate a unique coupon code that they can share with their friends to receive a discount on their next purchase.
Influencer coupon codes: Influencers are a great way to reach a wider audience. Provide influencers with a unique coupon code to promote to their audience. Keep in mind, they may require payment or free products or services to participate.
Social commerce only deals: Various social media platforms have introduced some great in-house shopping features. Provide your social commerce shoppers with deals unique to them, boosting your followers and engagement.
What do you want from Black Friday?
You’re a small business so you need to sell to make the most of Black Friday, right? Well yes, but Black Friday is also a great chance to get those tech or office products you might have been waiting for to help move your business forward. You’re a business, but don’t forget you are also a consumer.
Make a list: Identify the business collateral you need, it might be long, but prioritize your essentials and the products most likely to be on sale
Decide a budget: It’s easy to get carried away when products go on sale but be realistic about what you are willing to spend and with what you actually need.
Watch, watch, watch: This isn’t your first Black Friday, use what you know about your suppliers and the market to identify those most likely to deep discount what you need, and watch your targets closely in the run up to Black Friday.
Now that you’ve got some new and exciting ideas, it’s time to increase your brand awareness and revenue. We wish you a lucrative Black Friday season and hope these ideas have geared your business for greatness.
Retail Capital is a proud Partner of the NSBC