5 Clever Black Friday Marketing Strategies
Unlock Success on Black Friday: 5 Clever CRM Strategies
Ah, Black Friday… This polarising event has cemented its place in the UK marketing calendar. In 2021, the UK spent a staggering £9.42 billion, and £8.71 billion in 2022. The cost-of-living crisis is relentlessly squeezing household budgets and brands are anticipating a dip in revenue, whilst others are staying optimistic and going all in to promote their Black Friday/Cyber Monday deals. Whilst there is an expected dip in spending, the anticipated amount is around £8 billion in the UK alone. This is no meagre sum, and marketers will need to roll up their sleeves to secure their share.
In this challenging landscape, the value of existing customer relationships cannot be overstated. Rather than haemorrhaging funds on attracting new customers, the smart play is to enhance your existing deals.
Here are five savvy Black Friday marketing strategies to help you seize the opportunity in 2023:
1. Be an Early Bird
More than usual, shoppers will be on the hunt for bargains this year, eager to maximise their budgets and outpace inflation. Release your deals early to catch the attention of shrewd shoppers and be ahead of the curve. Work to build awareness and generate demand through social media and email marketing. Then, identify interest and expand your pool of prospects through ‘sign ups’ for Black Friday deals.
2. Precision Targeting
Ditch the scattershot approach and allocate your marketing resources strategically. Segmenting your customer database will ensure that each deal reaches the most receptive audience. Gender, age, location, interests. What customer information do you have that you can tailor your marketing to?
Using customer data on past purchase behaviour and click patterns will gauge product or category preferences. This means you can target customers with products they’ve shown interest in and increase the chance of sales. Recent interactions signal heightened interest, making those who’ve signed up for Black Friday deals your prime targets.
3. Reward Loyalty
Recognise the importance of your existing customers. Black Friday can sometimes alienate those who already make regular purchases from your brand. Turn this event into an opportunity to make loyal customers feel special. Offer them ‘first dibs’ with exclusive early access to your deals or provide a unique discount code for deeper savings.
4. Strategic Offers
Rather than simply slashing prices, consider a more calculated approach. Encourage early purchases by gradually reducing the percentage discount as time passes. This rewards early birds with the best deals and introduces an element of urgency. Take a page from the playbook of younger customers. Product ‘drops’ and unveil deals at random intervals with limited availability, sometimes just a few hours. Creating the feeling of an event with a sense of immediacy is key. Boost perceived value and individual spend by bundling popular products with related items.
5. A Holistic Perspective
Black Friday may be synonymous with sales, but it’s important to view it as part of your broader customer communications cycle. In this light, data collection becomes a valuable measure of success. Even if a customer doesn’t make a purchase, capturing their email address or securing a ‘follow’ establishes a marketing pool. In future, you can re-engage individuals with year-round marketing campaigns and continuous activity. It’s more cost-effective to maintain contact with prospects than to acquire entirely new customers.
This year, grabbing a slice of your customers’ wallets will be challenging, especially in the tough economic climate. The key to success lies in minimising marketing expenditures and optimising your existing data to target campaigns.
Impressed with our Black Friday marketing strategies and need help with your CRO and promotional activity for the coming year? Get in touch or send an email directly to aimee.blakem[email protected] to request a chat with our expert team.