BLACK FRIDAY SALES, Q&A with Founder RUDY HEYWOOD
It's black Friday eve, and if you haven't seen the plethora of sales posts across social media and online platform screens then WHERE have you been hiding?
The biggest sale of the year, Black Friday sales can offer a huge opportunity for brands to increase their sales figures. In 2020 the UK's figures peaked at £6 billion, with each individual spending £189.59 each.
With 58% of Gen Z and 54% of millennials buying on Black Friday, are you offering the opportunity to buy in the places where these younger generations are spending most of their time? Does your business have a Tiktok shop or an Instagram store? With 20% of Gen Z admitting to Spending More Than 5 Hours Every Day on TikTok, social media campaigns have the potential to get your adverts in front of these audiences in a way that no other sales platform can.
We Interviewed Famous Wolf founder Rudy Heywood to get the scoop about how brands can get the very best out of Black Friday.
First of all, WHAT is Black Friday?
Black Friday is the term for the Friday after Thanksgiving in the United States that traditionally marks the start of the Christmas shopping season. The reference to the colour of 'Black' has various origin stories, from police dubbing it as a darkly horrific day due to the chaotic behaviour of frantic shoppers, to sales pulling struggling businesses out of 'the red' and back into the 'black' as shoppers spent so much money in the weeks leading up to Christmas.
Q. Why is Black Friday important to businesses?
RH: "Black Friday is important for businesses because it's a great opportunity for them to boost their sales to new customers and to create such a great shopping experience that they become loyal repeat customers."
According to a survey, millennials are the most prominent buyers in black Friday sales. And the underlying fact that the highest percentage of social media users are millennials demonstrates the relevance of taking advantage of social media channels to exhibit the brand and its products.
RH:" -Capitalise on FOMO; offer such good deals that people feel as though they will miss out on such a great price if they don't purchase. Exclusive and time-limited deals will motivate customers to buy.
-Offer deals to long-term clients or customers. Show them that their loyalty means to your business, and it doesn't always need to be a financial discount, it could be a gift or discounted delivery.
-Sell directly on Instagram or TikTok via their in-app shopping functionalities.
-Use referral codes. These are codes that can be applied at the checkout. These are also very effective when used during influencer campaigns."
26% of males shopping in the Black Friday and Cyber Monday sales are planning to purchase gaming consoles such as Playstations or Xboxes, making this the most popular product category for men. The most popular option for females shopping in the sales is set to be home decorations, with 24% of women planning to purchase items in this category.
Q: What are Instagram/Tiktok shops and why are they useful?
RH:"These in-app shops are an easy way for your following to be able to convert, and purchase items. Selling on TikTok Shop allows you to reach a much wider audience than if you just stuck to selling through your own website or other retailers. This is thanks to TikTok's one billion active users, most of whom are aged 18-24– the age demographic that is most likely to purchase products online.
In-app purchasing platforms reduce the journey from social media to converting, with purchases occurring in as little as four taps. This is an extremely useful feature year0-round and not just for Black Friday."
Predominantly, consumers be shopping for deals on electricals (51%) and fashion (32%) Desktop computers tend to have the highest conversion rate (6.9%) when compared to tablets (4.8%) and smartphones (2.9%)
Q: Is it too late to start marketing for Black Friday right now?
RH: "Campaigns need careful consideration, planning, and strategy building to ensure that they target the correct demographic and are maximising on ROI. Planning ahead will always pay off, and your marketing strategy should reflect methodical and meticulous organisation ahead of time. "
If you left it too late this year, then get in touch with Famous Wolf now to learn more about how you can plan your yearly campaigns around big seasonal dates such as this one, so that in the future, you never miss out on a single date.