Black Friday and What It Means For Small Business

Black Friday is the most anticipated shopping day of the year. From planning to executing, getting the best deal is not as easy, as you have to take care of several aspects. For small businesses, it comes with a huge opportunity to generate a massive increase in sales and to capitalize on the frenzy. Every year, Black Friday happens a day after thanksgiving. Since 2005, according to the International Council of Shopping Centers, Black Friday has routinely been the busiest day for shopping, and small businesses have a significant share to contribute to it.

So, what is Black Friday and what it means for small business? Let’s have a look.

What is Black Friday?

The term was first coined in 1961 by Philadelphia Police to describe the heavy traffic and crazy crowds in and outside stores. Over time, the meaning of Black Friday has shifted. It marks when retailers begin to turn a profit for the year. The books go from red to black. It is an excellent day for budget-conscious shoppers. At its core, Black Friday is about retailers offering discounts and deals to bring in customers.

Black Friday Means for Small Business

If you own a small business and wondering how it can make huge profits during Black Friday, then have a look at the following points.

Use Social Media to Listen to Your Customers

Instead of forcing your Black Friday sale times and schedule it, why not ask your potential customers what they want? It’s the holiday sale of the year, and your customers are excited about it. Social media is going to be abuzz with customers sharing and talking about sales. They will talk about their holiday shopping list with friends and family and what they liked about the last Black Friday sale. So, as a small business owner, make sure to use social media platforms like Facebook, Instagram, and Twitter to know what people are looking for. When you understand what your potential customers needs, you can offer them exactly what they want.

Start Planning Early

When you start the planning process early, you have enough time to focus on your needs. Once you decide to participate in the Black Friday sale, you need to start thinking about discounts to offer. Remember, just like you; your shoppers are also preparing for the weekend, so make sure to keep them in the loop. You’ll need to prepare your employees for the sale and think of how you’ll share the news of the sale with your customers.

Social Media Sales

Social media is your biggest weapon when it comes to Black Friday sales. Head over social media platforms and check other business similar to yours. Plan and give special, enticing discounts to your followers, so they feel special and head straight for your store.

Study the Big Boys in the Market

The idea is to follow the “big boys” and study their Black Friday plans to replicate it on a smaller scale. Checking out plans of Amazon or Walmart gives you an insight into the customer’s mind. The study might help you devise your holiday sales plan.

Takeaway

There are pretty simple ways to make the best of the biggest shopping day of the year. While huge discounts will get people run to your store, fantastic customer service will bring them back after Black Friday. Don’t let the thought of small businesses deter you from making the most of this day.

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