5 Black Friday last minute ideas to win back COVID19 lost revenue
The entire experience economy has been forced to transition. Many attractions and venues have faced a very challenging shift from selling mostly offline to selling up to 90% of ...
These are not easy times for the world of leisure, specially if we take into account the level of uncertainty that the industry is confronting, making the future of every venue unforeseeable and unclear. Luckily, a great opportunity to recover part of your lost revenue is right around the corner: Black Friday.
Did you know that according to a report by Rakuten, 70% of consumers do not plan on reducing spending during this peak shopping season in 2020? This means that despite the tumultuous global situation, the 27th of this month our customers will be more than ready to enjoy any discounts and sales that you can offer them.
An investigation carried out by the association for consumer research, showed that buying something at a price that is lower than what you are willing to pay, or lower than the standard price, is satisfying, and even if it is something you do not really need, the value of the deal itself is very pleasing. Therefore, it is far-reaching to think about different and original ideas to boost the sales of this day.
Not to mention that, it is common for people to buy the majority of their Christmas shopping during this sales event, rather than spreading it out over a few months. In fact, did you know that, according to the National Retail Federation, 69% of the money spent on Black Friday typically goes toward gifts?
So, for anyone out there wondering if Black Friday is dead, let me tell you, that nothing could be further from the truth! Black Friday will still be coming strong this year, which is why we are sharing some last-minute ideas, in order to help you make the most out of this popular shopping event.
Especially now, when running streams of revenue are very much needed in order to make up for the year’s losses. So if you want to find out about these great last minute Black Friday ideas to make up for your lost revenue, keep on reading!
1. Generate curiosity and craving
Do not be fooled by thinking you should only leverage this event one single day per year. Black Friday sales generally start days or weeks in advance of the actual shopping event and continue until Cyber Monday. Better yet, some retailers hold their deals until well after both events are over, to further boost the entire December shopping season. For this reason, people start looking for deals and comparing sales weeks before the big day arrives, which is why we want to make sure that our customers and prospects know in advance that they will be able to benefit from great discounts and sales in your offering too.
Offering them a sneak peek about what they might find on that special Friday is a great way of grabbing their attention and making them take your brand into account when comparing with other early discounts or deals. For instance, if they buy a family package, why not give them an extra voucher that they could use as a present for someone else in this year’s Christmas?
Furthermore, let your buyers know that the tickets they are buying are undated and that they will be able to use them once the leisure venues reopen even if they are buying them now.
2. Generate urgency
Urgency gives your prospects a reason to move forward and overcome inertia. In fact, the longer someone deliberates over whether to buy your product or service, the more likely they are to talk themselves out of it. But if you can create a sense of urgency in your audience with the idea that your product or service might not be available in the future, people will be much more likely to take quick action and make a purchase. Prepare some pop ups with a countdown timer or some other deal that is going to expire soon such as a “deal ends in an hour” offer.
Even if it might sound a little unconventional, interrupting shoppers with this kind of messages can actually drive more sales. Your customers will not easily resist the temptation to secure tickets at amazing prices; they are getting them at a bargain price that is not usually available otherwise, and they will want to make sure they have them before they are sold out. Even if you are momentarily closed, this will encourage immediate bookings.
3. Pay attention to shifting consumer behaviors and trends
The pandemic has changed the habits and priorities of consumers, as well as the channels through which they like to buy. Therefore, it's crucial to be aware of the latest trends and shifts that your regulars might have adopted, and make sure to push or promote those experiences that your shoppers are more interested in at the moment.
Following up on the previous tip, a great way to implement this strategy is by featuring a different product or service each day. Make each day of the week distinctly different and keep your customers coming back for more to find out what the next deal is. To do this, you will need to plan out your schedule and decide on the order your products will feature.
Perhaps start and finish with your best products to create the most impact. Why don't you start by offering some discount tickets early on Monday? Then, offer some discount upsells on Wednesday, and end up by presenting the most wanted discounts for season passes on Friday. Your customers will not stop checking your website during the entire week!
Be mindful of the importance of having control over your pricing and discounting, because this will give you a broader margin when it comes to making good offers for those kind of shopping events. Many leisure venues are still very dependant on external marketing channels like SocialDeal, Groupon, and some other platforms for ticket sales. Being able to boost conversion from your own website will strengthen your marketing power and allow you to sell more at lower costs. Check the related read "The problem with channels in leisure" in order to “make sure you have full control over your own sales in this year’s Black Friday.
4. Reward loyal customers
The whole point in rewarding people is to get them to repeat a positive behaviour, which in this case translates as providing you with more business. If done correctly, increasing customer loyalty through a variety of programs will not only boost your company's brand awareness but will have a direct impact on your bottom line.
This can be achieved by using “a members-only discount”, for example; you can send an email to your best customers and provide them with a bigger discount or even give them the priority option to choose from different products and get a discount or a promotion for the chosen one.
Have you thought about giving them some discount codes that they could use in the future? This can be a highly appreciated reward for your best customers due to the current situation, and also helps you ensure future sales. It is about making them feel special and rewarding them for their time, attention, and money; you certainly want them to be back in your venue as soon as it's possible!
5. Have a Social Media party!
Social media plays a huge role in bringing customers to online stores for big shopping days like Black Friday, and due to the rise of the social commerce era, shoppers are spending more on Black Friday than ever before.
In fact, another report from Rakuten, found that 73% of consumers globally prefer online shopping to offline shopping! In that sense, social Media can act as an important pilar for the success of your eCommerce brand. The idea would be to give shoppers an additional discount or a coupon they can use later if they share the product or a certain hashtag in their social network (with the purpose of boosting user-generated content and promotion).
You could also organize a raffle and promote coupons, vouchers, and gift cards with a long validity for the ones who have shared a message or a post that you would like to be spread. This is a great way to increase your brand’s visibility and name across the different social media channels.
So go on, have a big social media party full of creative events and incentives for your audience and be sure that more people are going to get to know your brand and your business!
By and large, as we have mentioned before, the COVID-19 pandemic has not only made the companies rethink their business models and the different distribution and communication channels, but has also resulted in many significant changes in consumer behaviour trends. Remember however, that there is one thing that this global pandemic has not changed: the fact that consumers do not plan on reducing their spending during the forthcoming Black Friday 2020.
We know that these are difficult times for the industry, but this is truly the best reason why you should take this great opportunity and thrive in this upcoming and popular shopping day of the year.
Still, be sure to provide people with the guarantee and safety of refunding their order if things do not change as quickly as expected. In addition, keep in mind that besides from selling, Black Friday is also an extraordinary time to get original with your campaigns and to put forward different initiatives that will help you increase your brand awareness and spread the word, which will be beneficial for both your current and future income.
We hope these 5 ideas we have brought forth have added something new to your Black Friday campaign and that they will help you make your customers curious about how you are going to surprise them this year.
What other ideas and initiatives have you got in store for them? Let us know in the comments below!