Black Friday is one of the most competitive times of the year for retailers, with every brand vying for a share of the consumer’s attention and wallet. For CMOs, the pressure to make this Black Friday the best one yet is always top-of-mind. While it’s easy to get swept up in the frenzy of discounts and promotions, the key to a successful Black Friday lies in strategic differentiation and understanding what truly matters to your customers.
Here are some expert insights on how to navigate the season effectively and set your brand apart.
- Focus on Your Value Proposition, Not Just Discounts
In the lead-up to Black Friday, many brands fall into the trap of thinking that bigger discounts automatically lead to better results. But in reality, it’s the value proposition that sets your brand apart, not just the lowest price tag. This year, more than ever, consumers are feeling the pinch of rising costs due to inflation and economic uncertainty. They’re not just looking for cheap—they’re looking for value.
A well-defined value proposition goes beyond the discount; it communicates why your product or service is the best choice. Consider what additional benefits or unique offerings you can highlight to make your brand memorable. It might be the quality of your product, exceptional customer service, or even a sustainable brand story that resonates with your audience.
- Timing Is Everything: Be Strategic About Your Promotions
One often overlooked aspect of Black Friday planning is the timing of your promotions. This year, timing could be even more critical with events like elections or other significant happenings that can distract consumers from shopping. For example, during election years, consumer focus can shift, making them less receptive to marketing messages. Avoid launching major campaigns or promotions around these distractions. Instead, plan your big pushes for times when you know your audience is more likely to engage.
- Adapt Your Channel Mix for Maximum Impact
To cut through the noise of Black Friday, it’s crucial to utilize a balanced mix of marketing channels. While digital channels like email, social media, and pay-per-click ads are popular, it’s important not to overlook traditional channels like print, which can still be incredibly effective.
In today’s multichannel world, consumers interact with brands in various ways, often making purchase decisions long after their initial engagement. For example, while a consumer might see an ad on social media, the final purchase could be prompted by a print catalog or an email reminder. This highlights the need for a balanced approach that considers both digital and traditional touchpoints.
- Measure Incrementality, Not Just Direct Sales Attribution
It’s easy to focus solely on immediate sales results, especially when analyzing Black Friday performance. However, understanding the true impact of each marketing channel means looking beyond direct attribution. Incrementality is a concept that measures the additional value a marketing action provides beyond what would have occurred without that action.
For instance, while your digital ads may seem to drive significant traffic and sales, they might only be capturing demand created by other channels, such as print or email. By focusing on incrementality, you can better understand the true contribution of each channel and allocate your budget more effectively.
- Prepare for the Discount Wild West
Every year, the Black Friday environment becomes more of a “discount wild west,” with brands slashing prices to attract consumers. While deep discounts can drive volume, they can also erode brand value and hurt margins. This year, expect heavy discounting across the board, but be strategic about how you participate.
Rather than engaging in a race to the bottom, consider offering tiered discounts, bundling products, or providing exclusive deals for loyal customers. These tactics can help you maintain brand integrity and profitability while still appealing to deal-seeking consumers.
Black Friday is a high-stakes event for any retailer, but with the right strategies, you can rise above the competition and drive meaningful results. Focus on delivering value, be strategic with your timing, and ensure a balanced channel mix. By paying attention to incrementality and preparing for the inevitable discount frenzy, you’ll be well-positioned to make this Black Friday your best yet.
Remember, it’s not just about making the sale—it’s about building long-term relationships with your customers that last well beyond the holiday season. With careful planning and a clear focus on what sets your brand apart, you can turn Black Friday from a chaotic sales event into a powerful opportunity for growth and customer engagement.
About the Author:
Tom Blake is a seasoned direct marketing strategist with a career that spans decades in the industry. He began his journey in the marketing world with LL Bean, where he learned the fundamentals of catalog marketing and data-driven strategy. Over the years, Tom has become a recognized expert in integrating print and digital marketing channels, helping businesses navigate the evolving landscape of consumer behavior. Known for his forward-thinking approach, Tom has successfully guided brands through the complex world of multichannel marketing, always emphasizing the importance of data analytics and customer-centric strategies. Currently at CohereOne, Tom leverages his extensive experience to advise clients on making efficient use of their marketing dollars, focusing on the blend of print and digital mediums that best resonates with today’s consumers.