Black Friday and Cyber Monday are the two biggest shopping days of the year, but theyre also two of the most exhausting. Nevertheless, they are a fantastic opportunity to make a company profitable for the whole year.
Leveraging Black Friday and Cyber Monday are sales strategies that can make or break a business, which is why it’s vital to constantly expand your academic knowledge, especially if you teach or train business leaders.
Fortunately, in todays world, any academic or business trainer can upskill or retrain. At a time of rapid change, its one of the most vital things you can do to ensure you know how to optimize sales and profitability. Taking online courses or, if you have an MBA, moving toward a Doctor of Business Administration at a school such as Aston University, one of the global elite business schools is vital. Doing so allows you to understand the big concepts and practicalities of days such as Black Friday.
Lets take a look at why days like Black Friday matter so much for businesses.
What is Black Friday?
Black Friday is the busiest shopping day of the year. It falls on the Friday after Thanksgiving each year. Some businesses run in the red all year and then become profitable again on this day, hence the name Black Friday.
Although Black Friday is an occasion created by American retailers, it has become a global phenomenon. Its a day when retailers offer special discounts and promotions to attract customers. In recent years, the trend caused controversy as people debated the appropriateness of opening as early as Thanksgiving Day for Black Friday sales.
Why is Black Friday so important?
Black Friday is the biggest shopping day of the year and the most profitable day for many retailers. It’s crucial for businesses because the Black Friday and Cyber Monday period is the time of year when many people choose to shop from companies of all sizes. As a result, smaller companies have the chance to make up for a whole year’s worth of sales in just a few days. These two days allow companies to ensure their profitability for the year, so its serious business.
How can businesses succeed on Black Friday?
A business can succeed on Black Friday by offering unique products that people want. Black Friday and Cyber Monday are not a time to rest; its a time to show customers that a business will go out of its way to make a great sale. Its a time of discounts and also providing things no one else does.
One of the best ways companies make the most of this is by using the Black Friday and Cyber Monday crowds to their advantage by offering products to purchase in-store and online. If businesses can find ways to make shopping from websites as easy as shopping in a store, they can leverage the crowds in the store to make more sales online.
What is Cyber Monday?
Cyber Monday is also big business news. It’s the most important online sales day of the year and happens on the first Monday after Thanksgiving Day. It’s a day when online shops tend to note their most significant sales figures of the entire year. It’s also a day when online shops have an advantage over their in-person competitors. From the comfort of their homes or offices, people can snag big discounts without braving the crowds. It’s become a crucially important day for deals that rival Black Friday.
Why is Cyber Monday so important?
Cyber Monday is one of online businesses’ most important days of the year. Taken together, customers spend more money online on Black Friday and Cyber Monday than on any other day. Cyber Monday also has some great benefits for consumers. Shopping online is ideal for people who are too busy to drive to a store, go through security, find a parking space, and spend time looking for what they want. Moreover, savvy businesses start Cyber Monday sales early – as early as Thanksgiving Day. So, once the leftovers get put away, people can start their online shopping.
How can a company succeed on Cyber Monday?
Any company can succeed on Cyber Monday by understanding that its a day driven by emotions. People are too busy to spend time researching their purchases. Moreover, many don’t want to read reviews. All they want to do is buy something and get a great deal. In short, customers don’t want to have to think too long and hard about purchases, so a company can succeed on Cyber Monday by ensuring everything on its site is clean, easy and has the lowest possible price. If businesses can help people shop without having to think too hard, they’ll have happy customers and huge sales.
How to innovate on these crucial shopping days
One of the best ways to innovate on Black Friday and Cyber Monday is to do what no one else does. Retailers and e-commerce stores have promoted these two days for years, and they’ve gotten very good at it. So, companies have to get creative to stand out.
Furthermore, they must come up with new and fresh ideas. One of the best things any business can do is to think about Black Friday and Cyber Monday several months in advance. They should consider what products people want to buy and plan accordingly, including deciding how to build great sales and discounts.
Preparation is essential
Black Friday and Cyber Monday are great opportunities for small businesses, but these opportunities come with a lot of pressure. As a result, businesses need academics, coaches and trainers to help them make strategic but also tactical decisions. The reality is that every business has to prepare for these massive sales days. These two days mark a business’s two most prominent opportunities of the year. If companies can prepare ahead of time with expert advice, they can make the most of these two days and make their businesses even more profitable.