Mon - Fri: 9:00 - 17:00

Mon - Fri: 9:00 - 17:00

We are open to visit

Student Village Academy Forums Student Businesses 12 Steps to Prepare Your Business for Black Friday 

  • This topic is empty.
Viewing 0 reply threads
  • Author
    • #59554

      12 Steps to Prepare Your Business for Black Friday

      Black Friday, the shopping extravaganza known for its irresistible deals, has gained immense popularity in Nigeria, with consumers spending an estimated ₦3.93 trillion in 2022. This annual shopping bonanza not only excites shoppers but also offers businesses the chance to attract new customers and significantly boost their revenue.

      Here are 12 strategies to help your Nigerian business get ready for Black Friday.

      1. Study Larger Companies’ Strategies: Your business may not be as big as global giants, but learning from their promotional strategies can provide valuable insights. Observe how companies like Jumia or Konga market their Black Friday deals and identify effective tactics to implement in your own campaign.
      2. Develop a Promotional Plan: Start crafting a detailed promotional plan to ensure your Black Friday success. Determine which products and services to promote, where to advertise, and the types of discounts to offer. This comprehensive marketing plan will keep you focused and organized.
      3. Offer Generous Discounts: To attract new customers, consider offering substantial discounts. The exact percentage will depend on your industry and competitors, but be prepared to be competitive in your pricing.
      4. Check Your Inventory: Given supply chain and delivery challenges, assess your inventory levels well in advance. Ensure you have sufficient stock of your most popular items to capitalize on Black Friday. If you have both online and physical stores, incentivize in-store shopping to ease the delivery burden.
      5. Start Recruiting Extra Staff: If your business requires additional staff for Black Friday, initiate the hiring process early. Determine the number of team members needed and provide training to prepare them adequately. Offering a bonus to temporary employees who stay for the entire holiday season can help attract talent.
      6. Keep It Simple: While learning from bigger retailers is essential, avoid trying to mimic their efforts. Focus on one or two key sales and execute them exceptionally well. Simplicity ensures a positive customer experience and minimizes errors, making it easier to sustain these efforts through Small Business Saturday and Cyber Monday.
      7. Utilize Email Marketing: Leverage email marketing campaigns to inform your customer base about your Black Friday deals. Show appreciation to existing customers and foster loyalty by sending personalized, informative, and valuable emails. Consider offering loyalty discounts and exclusive offers to increase customer satisfaction and boost sales.
      8. Plan Shipping Strategies: Shipping costs can be a significant factor for customers during Black Friday. Offering free shipping for orders above a certain threshold can be a winning strategy. Alternatively, entice customers to pick up their orders in-store if free shipping is not possible, potentially leading to additional sales as they browse your store.
      9. Prioritize SEO: Boost your online presence and target organic customers by prioritizing search engine optimization (SEO). Start early, as SEO results may take time to materialize. Optimize landing and product pages, improve website security and speed, and ensure accurate company information, including store hours, policies, contact details, and location.
      10. Review the Checkout Process: A streamlined checkout process is crucial to prevent cart abandonment. Use your point-of-sale software’s embedded payment provider instead of third-party applications to enhance the customer experience. This also helps in collecting valuable consumer data and insights for decision-making.
      11. Strengthen Customer Support: Expect an increase in customer inquiries during the Black Friday season. Ensure you have enough staff in place to address these queries promptly, offering support through multiple channels, including in-store, telephone, live chat, email, and social media. Update your website’s FAQs to address common questions and reduce the need for additional support.
      12. Harness the Power of Social Media: Leverage social media to influence consumers’ purchasing decisions effectively. Experiment with targeted ads and consider using platforms like Instagram Shopping and TikTok Shop to expand your reach and boost your bottom line while connecting with new audiences.

      With these strategies tailored to the Nigerian market, your small business can thrive during the Black Friday shopping frenzy.

Viewing 0 reply threads
  • You must be logged in to reply to this topic.