Is Black Friday Good for Business?

With Black Friday around the corner, are you still on the fence about whether it's a good idea to offer a deal or not? Well, research shows South Africans are still very much invested in hitting the online and physical stores on Black Friday. According to a report by Finder, around 74% of South African adults will shop on Black Friday if the price is right. What does that mean? Well, it will have to be a good enough deal! We break down some of the main pros and cons of participating in Black Friday, as well as share some insights from Hellopeter Business success stories.

Some Pros of Having a Deal on Black Friday

There's a reason why many businesses jump at the chance of participating in Black Friday every year. Here are some of the main benefits you can enjoy if you approach it correctly.

1. The Opportunity to Clear Out Old Stock

Out with the old, in with the new! If you want to start the new year fresh, offer deals on your older stock you'd like to clear out.

2. You Can Get a Wider Reach 

If you run a well-thought-out campaign, you could potentially get access to a wider audience as more people are online and in store trying to hunt down the best deals.

3. You Could Dramatically Increase Sales 

If you price your sale correctly, you could be looking at more profits in November to end the year with a bang.

4. You Could Get More Repeat Customers

Whereas before a customer might've shopped elsewhere, if you give them a great experience, they might just convert to being a loyal customer. 

Some Cons of Having a Black Friday Deal

Black Friday is not all moonshine and roses. If you don't approach it correctly, these are some of the downsides of participating.

1. You Might Make a Loss

Remember that more sales does not automatically equal more profit, and you should get the profit margin right.

2. You Could Disappear in the Deals

Big businesses will have more budget and staff to outcompete you. However, it's all about how you position your deals to stand out from the crowd.

3. The Month Leading Up to Your Deal Could be Very Quiet

South Africans will more than likely save up so they can splurge on Black Friday.

4. You Might Have to Spend More 

If you have a deal, you might have to get extra staff to handle the demand, for example. 

Tips for Participating in Black Friday 

Interested in getting your deal out there this Black Friday? Here are some things to consider.

1. Check Your Stock 

Always make sure you have enough of the stock that will go on sale to avoid frustrated customers or the opportunity to make more profit. Just don't go too crazy in case customers don't bite. 

2. Train Your Teams

You really don't want to overwhelm your staff, which could also lead to unhappy customers. So, ensure everyone has a battle plan and the help they need to make it successfully through Black Friday.

3. Offer an Omnichannel Experience 

Some customers will want to shop online. Other will still want to come in to your store. Ensure you cater for all types, and always test your online store on all devices to ensure you don't lose sales.

4. Get an Start Early and Make it Worth Their While

Why not get a head-start on other businesses by offering deals for the entire month of November? Also, make it worth their while. Customers won't necessarily buy from you if your discounts are only up to 10% off. 

5. Get The Right Tools 

With so many things to prepare for, it's often easy to let your most important Black Friday success indicator — your online reputation — slip through the cracks. After all, up to 90% of your customers will check you out online before making a purchase this Black Friday.

We've helped countless businesses of all sizes take control of their online reputation and orient themselves towards sustainable success. 

Some Examples

Check out the below Customer Success stories to learn how Hellopeter can help you take full control of your online reputation this Black Friday shopping season.

1. The Company: Zinia Telecommunications

Industry: Telecommunications

The Challenge: How to Achieve Excellent Customer Service

Zinia's main challenge was to ensure their customers enjoyed the level of personalised care and attention necessary to fulfil their customer goals.

The Solution: Customer-centric Business Model

Zinia soon realised that committing to a customer-centric model meant rethinking its culture and internal systems to create experiences that exceeded customer expectations at every turn.

So, Zinia partnered with Hellopeter Business, the review and reputation management leader, to define its end goal. Zinia and Hellopeter quickly inputted an automated survey and review mechanism, allowing them real-time access to the conversations relevant to their brand.

You can read the full story here.

2. The Company: Mobicred Credit Solutions

Industry: Financial Services

The Challenge: It's All About 'Trust'!

The financial services industry — more than any other — is built on trust. So, when it comes to managing people's money and credit, one's reputation is everything. For Mobicred especially, their customers' Hellopeter opinions are central to what they do.

The Solution: The Hellopeter Personal Touch

By working closely with Rochelle Thompson, their dedicated Hellopeter Business Customer Success Manager, Mobicred were able to easily start collecting more positive reviews. They even improved their timing so that customers were asked to review their services straight after their interaction with Mobicred, while the experience is still top of mind. 

Read the full story here. 

Start Managing Your Online Reputation Today 

Taking control of your customer service and online reputation does not have to be a headache. We make it our business to make it as easy as possible for you and your team with a host of tools.

Sign up for one of our Hellopeter Business acounts, starting at free, today to get started.