Monday, November 22, 2010

Black Friday Deals - A How To

Okay, you're gonna venture into the murky waters of Black Friday with some doorbuster specials at your retail store. You better know what you're getting into. Do it right and you'll see your registers ring. Do it wrong and you just might be borrowing trouble.

Here are some tips to help you navigate the seas of this retail extravaganza.

First answer this... Why are you having Black Friday doorbusters? Is it to draw traffic? Grow market share? Move out some slow sellers? Because your shopping center makes you?

Knowing this makes all the difference in the world.

Going After Market Share
If you're trying to grow market share and draw in new traffic, you have to have a really good deal on a whole lot of good stuff. And you need to share that info with the whole marketplace, not just your fan base. Email and Facebook won't help you grow traffic and market share. They are only preaching to the choir. You're going to need a flier in the newspaper or an ad on radio or TV. And that deal better be a killer deal because you're up against a whole bunch of killer deals from a whole bunch of deep-pocketed retailers.

Still not afraid? Good.

Now you need to make sure you have enough product to keep the momentum going. Run out of your best deals in the first few minutes and the rest of the day is sunk. You need to have enough merchandise to last the first couple of hours minimum, otherwise you'll send away far more unhappy people than happy ones - not a good marketing plan this close to Christmas.

And lastly, you have to make sure your staff is ready for the challenge. Do you have traffic flow under control? Is everybody up to speed on the deals and how to ring them up? Is everybody okay with the new hours? (especially if you're opening up extra early) Are they trained for dealing with unhappy customers, unruly customers? It's a given that you'll have at least one or two.

That's a minimum of what it will take to attempt to grow market share on Black Friday. (And there's no guarantee it will work. The competition is pretty savvy.)

Moving Out the Dogs
Maybe all you need to do is get some slow movers off the shelf, make those dogs bark. You can give the appearance of having a Black Friday type event without all the expense and risk, just by marking down some merchandise that you were probably going to mark down anyway.

First, this is a good day to start those markdowns. The Transactional Shoppers are out in force and looking for a deal. Second, you won't have as many unhappy customers, seeing that it was older, closeout merchandise in the first place.

Plus, you can advertise that kind of sale purely to your fan base and make them feel even more special because they knew what was happening before the general public who has to show up Friday to see what is on sale.

Doing Nothing At All
Then again, you don't have to do much of anything to make Black Friday special. Put out a pot of coffee for those early risers. Dress up the store in your best Christmas spirit. Make sure your shelves are fully stocked & straightened. Put your happiest smiling faces on the sales floor and let them do their magic.

The day after Thanksgiving has always been a strong shopping day, and it wasn't the discounts that always drove the traffic. Only in the last couple decades have we seen this day become the who-can-open-earlier-and-sell-it-cheaper event that it is. You don't have to join that fray to be successful.

In fact, if you take the hands-off approach, make sure you staff your store stronger in the afternoon and evening, and be ready for another big rush Saturday. There are a lot of customers choosing not to fight the long lines Friday. To them, no deal is worth the hassles of long lines, unhappy people and early mornings. They'll be out in force later and don't want to deal with those been-up-since-three-don't-bother-me sales people.

This Black Friday, whatever you decide to do, do it consciously and do it right!

Happy Thanksgiving!

-Phil

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