It’s that time of the year again! With Black Friday and Cyber Monday rapidly approaching, we’ve planned a major sale for you to reap the savings. Whether you’re new to WiseStamp or are an existing user, this guide will help you take advantage of the best deals available to you, so that you can save money this holiday season.
You should brush up on the best Black Friday tips for small businesses to increase your sales this holiday season and get great deals on things you need to run your small business. First, let’s go over what the benefits of Black Friday are so you understand just how important this holiday is to your bottom line.
What Are the Benefits of Black Friday?
If you’re an entrepreneur or small business, you are definitely going to benefit from holding a sale on this day, as well as buying inventory and things you need for running your business operations. After all, pretty much everyone will be having their own sales, so you want to make sure you’re taking advantage of that. Here are some of the benefits of Black Friday you will enjoy when you participate.
Shoppers plan ahead of time to have a budget big enough to get a lot of their holiday shopping done during Black Friday and Cyber Monday. In fact, US shoppers are expecting to dish out over $500 this Black Friday. That’s some serious coin, and you’re going to want to get a slice of that pie.
Incentivizing your customers by holding exclusive offers and sales will encourage more people to buy something from you.
Get Great Deals
Any business that understands the shopping season will be holding sales, exclusive offers, and discounts of all kinds. That means getting some fantastic deals on what you need or want to improve your business.
Introduce a New Product
Since people will be looking for something to buy in increased numbers, this is a great time to introduce a new product you may have. Generate more buzz with a more receptive audience to receive widespread acclaim and increase sales.
Maximize Your Returns
When you run ads and promote your brand or products for Black Friday, you are stretching your advertising dollars further than they would have gone at any other point of the year. This goes back to the increased receptivity of consumers during the Black Friday shopping holiday.
How to Plan for Black Friday
Now that you know about the benefits of Black Friday sales, it’s time to learn a little about how to plan for Black Friday. Online shopping will be at its peak this year, which means you stand to gain a lot from this year’s Black Friday holiday. Over 227 million people shop online in the US, making it the largest online shopping season to date. That’s why you should consider following our advice below.
Top 10 Black Friday Tips for Small Businesses
Behold, 10 of the most vital tips to having an outstanding Black Friday for your small business. If you want to make sure you dotted your i’s and crossed your t’s, then you should consider the following Black Friday shopping tips:
1. Do Some Research
Do quite a bit of research before Black Friday rolls around. This should include picking out things that you already know you want. Having a wishlist can significantly reduce the amount of time spent researching once it’s Black Friday. This is important since the sales will only be around for a limited period, making any time spent on product research being time that is wasted.
Some details to consider jotting down are the product codes. Make a note of these before you head into the physical storefront, go onto their online shop, or however you decide to go shopping. There are several different ways you can go about this. One way is to head over to a retailer’s website or download their app (if they have one).
Overall, the key here is to do your research beforehand so that you know what you want before Black Friday comes around.
2. Sign Up for Newsletters
Sign up for as many store newsletters as possible! You may want to find out ahead of time if they are holding a Black Friday sale. However, the chances are very high that most shops will be taking advantage of this high holy day of the consumer holidays.
There are also special newsletters, like the one from BlackFriday.com, that you can subscribe to that include deals from many different retailers, where you can receive alerts for new deals hitting the web. They will update you and let you know when the best deals are announced by sending you an email.
Learn about the latest deals before others do so that you can take action quickly. Some items will sell out very fast, which means the sooner you know about a deal, the better chance you have at getting the product on sale.
3. Download the Coupons App
The Coupons App is available on both Google Play and the Apple App Store. This great app notifies you when coupons are about to expire. It helps you catch those great deals before they are gone for good.
It can also automatically apply promo codes to your items when you’re checking out at one of the thousands of participating online retailers. You also get a chance to win free item giveaways near you. Amazon price drop alerts and produce price history are also available to you, so you only pay the price you want for products available on Amazon.
4. Take Advantage of Loyalty Card Programs
Loyalty card programs have been around for a long time. That’s because they are still one of the most effective ways to get customers to keep spending their money at the same stores. Companies in a wide array of industries offer loyalty cards that also usually come with extra perks and rewards.
- Flipp – Add coupons directly to your loyalty cards. When you use Flipp, you no longer have to carry all of those bulky loyalty cards around with you. Flipp acts like a digital wallet for your loyalty cards. Add your favorite cards to the app and clip coupons digitally so you can save when you’re in the store.
- Phyre is a fintech company that has an app that lets you digitize your loyalty cards to use them directly from your smartphone. As with Flipp, you no longer need to carry around all of those plastic cards with you. There are also other features of the Phyre app that include the tracking of spending, offers from retailers, and the ability to use vouchers and coupons when you are buying something.
5. Get a Retailer Credit Card
Retailers have increasingly been offering credit cards that offer perks like cashback services. Rakuten is a massive online retailer that now offers its own cashback Visa credit card. Whenever you buy something, you will get some money back. Now, that’s a great offer!
6. Use Price Comparison Sites
Comparing prices before buying something will help you avoid paying more than you should be. Scanbuy is an online tool that helps you compare prices between different retailers to get the best deals out there. Don’t be afraid to bargain! There’s plenty of competition out there, so you can find the best deals and snag them.
7. Read Return Policies
Before purchasing anything, double-check the store return policy. After all, you wouldn’t want to buy something you weren’t sure you could return if you didn’t want for some reason, especially if you spent a whole lot of money on it. Thankfully, in the spirit of trying to beat out their competitors, some stores have been extending their returns until the end of January, like Amazon.
8. Keep All Receipts
Make sure you are always getting a receipt for your Black Friday purchases. When you buy from an only store, this is easy, but you really need to stay on top of the physical receipts. If you end up wanting to exchange something or deducting an item from your business tax returns, you will need to have the receipts.
9. Head to Social Media
One of the last Black Friday tips for small businesses we have is to head over to the social media pages of your favorite retailers and see if they are offering any exclusive deals or are running special promotions. When you like/follow a retailer’s social media page, you may sometimes get alerted to Black Friday discounts and offers and know about them before others do.
10. Maintain a Black Friday Budget
It’s easy to get carried away in the Black Friday frenzy of deals everywhere. That’s why our last tip for how to plan for Black Friday is to create and maintain a budget for Black Friday. Decide ahead of time how much you are willing to spend and avoid going over it. Avoid those impulse buys that can add up really fast.
When you keep these Black Friday shopping tips in mind, you are making sure you spend as little money, for as many quality products, as possible. If you have a small business, you will want to get shopping right now so you can still benefit from these Black Friday shopping tips. The more you are exposed to the marketing tactics that other businesses use, the more you know about what potential persuasive advertising techniques you can use for your own business.
Happy Black Friday shopping!