How to Maximise Your ROI During Summer
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Black Friday and Cyber Monday – the most wonderful time of the year, and in recent years taking away from Boxing Day sales. Last year, Australians spent a staggering $7.1b across the sales weekend, but what you might not have known – a lot of shoppers are holding back their spending in the lead up. According to new research, 2 of 3 shoppers play the waiting game, anticipating some great discounts. And who can blame them?
What does this mean for retailers? You guessed it: in the weeks before Black Friday and Cyber Monday, sales tend to dip. It’s the calm before the storm – the quiet eye in the retail hurricane. So, how do you weather this storm and come out of the other side with a cart full of sales? Let’s dive in.
People are Plotting their Purchases
New research from CommBank reveals that over 2 in 5 Australians are gearing up for the Black Friday-Cyber Monday sales, with the figure skyrocketing to 6 in 10 among Aussies under 40. If you’re targeting a younger crowd, these stats should be music to your ears (or cash register). Of those planning to shop, 78% are after essentials, and over half are scouting for gits – so yes, you’ll want to place those bargains right where consumers can see them.
Oh, and younger shoppers are leading the charge. A whopping 58% of under-30s are hitting these sales hard, compared to just 10% of the over 60s. The lesson? Know your audience, and if you’re gunning for those digital-savvy millennials and Gen Z, it’s time to get your strategy sorted.
“The best time to start advertising was yesterday, the second best time is now”
How to Get Shoppers to Notice You – and Spend!
So we know people are preparing to spend, but how do you turn their browsing into buying? Here are a few tips to get you ahead of the pack.
Start Early (Because They Are)
Your customers are already researching, even if they’re not buying anything yet. In the lead up to Black Friday, you might see a lot of window shopping and abandoned carts. Why not build the anticipation by offering early access sign ups? It’s a win -win: customers get excited, and you get their email addresses for future marketing campaigns. Plus, who knows – those ‘abandoned’ carts may not stay abandoned for long.
If you’re holding out until the big day to unleash discounts, a countdown on your website can keep the anticipation alive. Nothing says “don’t miss out” like a ticking clock, after all.
Craft Irresistible Offers
Want to reel them in? Create offers that are just too good to pass up. Retailers often run massive deals on popular items – think of it as the shiny lure on your fishing line. Customers may come for the big-ticket item but end up adding a few more things to their cart before checking out. The best part? That “loss leader” product might actually lead to more profit than you expected.
Don’t forget the power of bundling, limited time offers, or even gamifying your discounts.
Hype it Up!
Black Friday may be predictable, but that doesn’t mean it shouldn’t be exciting. Build buzz around your sale by teasing your top deals, introducing new products, and getting your followers engaged on social media. A little FOMO (fear of missing out) can go a long way in driving your customers to your site.
Don’t Let Them Get Away
Getting someone to your website is one thing, getting them to buy is another. For those who are this close to hitting purchase but haven’t committed yet, re-engagement is key. Abandoned cart emails, urgent offers, and follow-up marketing can help seal the deal.
Email marketing is a great way to convert those browsers into buyers, but don’t forget about SMS and social media ads. It’s also worth tracking your website visitors, so you can follow them around the internet like a helpful (and not at all creepy) digital guide, nudging them back toward your sale.
It’s Not Just Black Friday
While Black Friday – Cyber Monday is a big event, don’t forget that summer is right around the corner. In August, Australian retail saw a rise of 0.7% and this trend is likely to continue into summer as people stock up for the holidays, outdoor activities, and all things festive. From summer clothing to gardening gear, there’s plenty to look forward too.
So, whether customers are gearing up for Black Friday, summer shopping, or both, it’s all about meeting them where they are. With more eyes on screens (and billboards) during the holiday months, make sure your products and services are front and centre – because if they’re not, someone else’s will be.
Black Friday and Cyber Monday are prime opportunities to boost your sales, but preparation is key. Start building excitement early, craft offers that shoppers can’t resist and keep them engaged throughout the process. With a little foresight and strategy, your business can thrive during these shopping events – and beyond.
