The holidays are coming, and with that comes some of the biggest days of the year for retailers. Black Friday and the days leading up to and following Christmas are some of the craziest times for those who own a business. However, with the way that some major companies are already starting to advertise and run promotions, many business owners are asking themselves if it is even worth it to participate in the big pre-holiday festivities.
Many consumers have some complaints as of late related to Black Friday deals. They feel that the deals aren’t really worth it, they become extremely disappointed and frustrated when something they want is out of stock, and they’re upset that many retailers are open on Thanksgiving.
Forbes says that Black Friday can be good for those looking to purchase big-name items, but not for those impulse purchases. This is in opposition to the fact that on a normal, non-Black Friday day, between six and 10 purchasesmade in store can be referred to as impulse purchases. For small business owners, those looking to compete with major retailers by lowering their prices can drastically hurt the business itself.
However, even though there may be a growing negative connotation revolving around the term “Black Friday,” it’s still one of the most popular shopping days of the year. Forbes says over 154 million people shopped the Black Friday weekend in 2016, which was up from 151 million in 2015.
Forbes saysthat if you own a small business and are deciding whether or not you should participate in the holiday shopping extravaganza this year, consider a few things. First, will participating help you achieve your business goals? Even if Black Friday is able to give you a one-time bump in sales, it’s not helping to create customers for life. Participating in a “shop local” event like Plaid Fridaycan help you establish your name in your community. After all, studies indicate that 85% of your customers either live or work within a five-mile radius of your business.
You should also ask yourself if there is a way you can make your business stand out. Instead of doing everything all at once, try rolling out your deals gradually throughout the weeks. You can also consider pairing your store with another local business. For example, if your company sells fishing equipment, working with a boating school may help you gain more customers.
When figuring out your plan-of-action, consider what you want from your business and figure out if you’re willing to take risks. If you are, Black Friday may be the perfect opportunity for you.