Tips for Winning on Black Friday: How Suppliers Can Prepare
Black Friday is fast approaching again, and with it comes the opportunity for suppliers to make a significant impact. Many large brands have taken advantage of Black Friday over the last few years and want to help our smaller suppliers with their game plans. These deals are often some of the most lucrative that suppliers can get, but only if they have done their prep work. While you shouldn’t discount any potential sales, there are several things you can do as a supplier to increase your chances of winning on Black Friday. Read on for tips for succeeding on Black Friday as a supplier:
Know your audience and what they want
First and foremost, you need to know your audience. You need to understand how they shop, their online shopping behaviors, and how they engage with your brand. This is critical because it will significantly impact your promotion strategy. Understanding your audience will help you determine when to launch your deals and your pricing strategy. For example, if you know that a large portion of your audience has a propensity to shop around Black Friday but also has a higher tendency to buy online, you may want to launch your deals on Black Friday. Although in-store will be more competitive and you may lose out on some potential revenue, online, you may be able to maximize the exposure and volume of orders.
Be ready with the product on time and in-stock
Black Friday is a very competitive time. You will want to be sure that you are ready with your product on time and in stock. You don’t want to miss out on orders because you cannot meet demand. This can be a problem if you don’t have enough product to meet the expected volume. You’ll want to ensure you have enough inventory and that it’s been tested, packed, and ready to ship long before Black Friday arrives. This will help you avoid any common problems that suppliers often face during this busy time, such as being unable to ship on time or even having to tell customers that you don’t have enough product to fill all the orders. Having your logistics and operations teams ready for the volume of orders is critical. If you have an e-commerce platform, you may have access to some tools to help automate and speed up the order fulfillment process.
Be transparent with your prices.
One of the best tips for winning on Black Friday as a supplier is to be transparent with your prices. If you advertise a specific price, ensure you are selling at that price. You don’t want to risk losing customers if they think they’re getting a great deal and then find out it’s not actually at that price. If you offer a coupon or a promotion code, make sure it is clear to customers what the final price will be. Keep in mind that consumers are more savvy and vigilant than ever before. If a deal looks too good to be true, it probably is. If it sounds too good to be true, it probably is. Consumers are always on the lookout for potential scams, and if you’re not transparent with your pricing, you risk customers thinking you’re trying to pull a fast one.
Leverage technology and automation
Black Friday will be a very competitive time, and you’ll want to leverage technology and automation wherever possible to give yourself an advantage. You can do this in many ways, such as by using technology to respond to customer questions and interact on social media quickly. You can also use technology to help automate your operations so that you’re not manually handling each order. At the same time, you’ll want to be careful not to automate too much, as this can lead to mistakes. Most importantly, you’ll want to make sure your online store is optimized for this high-volume time. You can do this by leveraging technology, such as real-time logistics, to ensure you can handle the expected volume.
Make sure consumers review your product
Another excellent tip for winning on Black Friday as a supplier is to ensure consumers review your product. While this might seem obvious, many suppliers don’t take advantage of the opportunity to get their products reviewed. Why? Because they are too focused on quantity and not quality. You can’t just ask for reviews; you have to incentivize them. For example, you can offer a coupon for anyone who leaves a review on your product. Another option is to provide an additional discount or gift card to customers who write reviews on your product. The key is to encourage customers to leave reviews on your product. You can then use those reviews to drive additional sales and traffic to your listing.
The best way to win on Black Friday is to be prepared, transparent, and use technology. Make sure you know your audience and their shopping habits, get your products stocked and ready for shipping, and offer a great deal at a fair price. Ensure that consumers review your product so that even when the sales are over, customers can still find your products online.