Black Friday and Cyber Monday are big business on the global market. Here’s how to make the most of it for your business.

What is Black Friday?

Black Friday is an American concept whereby companies slash their prices to make the most of the holiday shopping that takes place after Thanksgiving. It was christened 'Black Friday' as it often sends retailers ‘into the black’ with their profits soaring, and the concept is now popular across the globe. This year Black Friday falls on November 25th 2016.

How could your company benefit?

Many businesses have been known to record some of their highest profits on Black Friday and it’s also a very high search term globally, so participating could be beneficial to your company’s sales. It’s a time to be clever with your marketing and offer unique benefits to your customers.

What are the downsides?

Some of the bigger companies can cut their prices right down, but it may not be viable for a smaller business to do so. If you cannot compete on price, then it may be better not to participate. However, a new term has been coined called ‘Small Business Saturday’ to be more inclusive. Some small businesses have been known to team up with other local businesses to offer something different and exciting.

Strategies to manage a successful Black Friday

There are many strategies you can implement to make Black Friday work for you. Start your marketing early and make the most of the search term Black Friday by releasing early newsletters and blog posts. Following Black Friday is Cyber Monday and online gift vouchers with a future expiry date are a great way of using this time to your benefit.

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