Brands Sound Off on When to Run a Black Friday Sale and How to Stand Out at Modern Retail’s Holiday Strategies Town Hall
As the holiday season approaches, businesses are increasingly strategizing on how to maximize their sales during one of the most lucrative shopping periods of the year. On Tuesday afternoon, industry insiders convened at Modern Retail’s Holiday Strategies Town Hall, hosted by Glossy and Modern Retail. This gathering brought together Glossy+ and Modern Retail+ subscribers to share insights and strategies about Black Friday sales, as well as methods to distinguish their brands in a crowded marketplace.
The discussion kicked off with a consensus on the timing of Black Friday promotions. Many brands expressed the need to start their sales earlier than the traditional day after Thanksgiving. This year, the trend appears to be shifting towards launching sales weeks in advance. For instance, several brands are considering starting their promotions by early November. The rationale behind this strategy is to capture consumer attention before the marketplace becomes oversaturated with discounts. By initiating sales earlier, brands can create a sense of urgency and exclusivity, enticing customers to shop sooner rather than waiting for the chaotic rush of Black Friday.
One of the most significant challenges brands face during this period is standing out amidst a sea of competitors. In today’s digital age, consumers are inundated with advertisements and promotions, making it essential for brands to craft unique and compelling narratives. One effective tactic discussed was the use of storytelling in marketing campaigns. Brands that can connect with their audience emotionally are more likely to drive engagement and conversions. For example, a clothing retailer might share the story behind their sustainable manufacturing process, appealing to the growing segment of environmentally-conscious consumers.
Another point of discussion revolved around the importance of personalization in marketing strategies. Brands are increasingly leveraging data analytics to tailor their offerings to individual consumers. By utilizing customer data to create personalized shopping experiences, brands are able to increase customer loyalty and boost sales. A beauty company, for example, could use data from previous purchases to recommend products specifically suited to a customer’s preferences, enhancing the overall shopping experience and encouraging repeat business.
Additionally, the conversation highlighted the significance of omnichannel retailing. With consumers shopping across various platforms—from online stores to social media—brands must ensure their presence is felt everywhere. An omnichannel approach allows customers to interact with a brand seamlessly, whether they are browsing on a mobile app, visiting a physical store, or engaging on social media. Brands that can create a cohesive experience across all channels are more likely to attract and retain customers during the holiday season.
Social media, in particular, was identified as a crucial tool for brands looking to stand out during Black Friday. Engaging content, particularly video, can capture attention and generate excitement. Brands should not only promote their sales but also create engaging content that showcases their products in action. For instance, a home goods company might create a series of videos demonstrating how their products can enhance holiday gatherings, providing inspiration and practical ideas for consumers.
Moreover, the panelists emphasized the importance of transparency in brand communication. Consumers today are more informed and skeptical than ever. Brands that are open about their pricing, product sourcing, and business practices are likely to foster trust and loyalty among their customer base. For example, a brand that transparently discusses its efforts to reduce carbon footprints or support local artisans can resonate deeply with consumers, setting itself apart from competitors that may not prioritize such values.
The discussion also touched on the necessity of creating a sense of urgency through limited-time offers and exclusive deals. Highlighting scarcity can motivate consumers to act quickly, reducing the risk of cart abandonment. Brands should consider offering exclusive products or bundles only available during the Black Friday period, providing customers with a unique incentive to shop.
In conclusion, the Modern Retail’s Holiday Strategies Town Hall provided valuable insights into the evolving landscape of Black Friday sales. Brands are rethinking their strategies, recognizing the importance of starting promotions earlier, crafting compelling narratives, personalizing experiences, and leveraging omnichannel and social media tactics to stand out. By adopting these strategies, brands can not only increase their sales during the holiday season but also build lasting relationships with their customers. The key takeaway is clear: in a competitive marketplace, innovation and connection with consumers remain paramount.
retailstrategy, blackfriday2023, branding, holidayseason, consumerinsights