What to expect from Black Friday: 5 predictions and 5 tips

Black Friday is posed to look different from previous years: tightened wallets, high energy bills and food price increases are all changing consumers’ priorities, and a day that is typically associated with high spending and consumerism might not be appreciated by all.

As consumers become more selective and discerning with their purchases, they will seek value not only for the price but also for the long-term utility and experience.

 

Spending behaviours are set to change, but the current economic landscape might also provide a unique opportunity to reshape Black Friday in a more sustainable manner.

Is Black Friday important for B2B too?

Black Friday has its roots in retail, so special offers and deals have traditionally been directed at consumers.

 

Luckily, the very idea that consumers expect to find a selection of limited-time deals during this period is exactly what can work for B2B industries too.

 

First of all, business buyers are still consumers: they will react to deals on their business purchases in the same way you would react to a special offer on a pair of shoes or on a new computer.

 

By the way, did you know that 73% of B2B buyers today are millennials? Statistics show that this generation of digital natives prefers buying online, and they expect a B2C-like shopping experience in B2B e-commerce.

 

Buyers, both B2C and B2B alike, are already anticipating a day of exclusive deals in their personal lives and have the motivation to buy more than usual for their businesses.

 

B2B businesses could use Black Friday campaigns to offer discounts or deals such as limited-time offers, hourly promos, extended warranty offers, free gifts, reactivation offers for dormant customers, and personalised offers.

 

While it might not be the right choice for every B2B seller, it’s certainly a strategy to consider.

 

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What are the predictions for Black Friday?

Let’s see in detail what are the predictions for Black Friday and a few of the trends we expect to see this year.

1

Black Friday Creep

In the past, companies and brands have launched deals earlier and earlier in order to secure sales ahead of their rivals.

 

In 2017, holiday deals started around the second week of November, by 2018, they had jumped a week earlier to the first days of the month. In the past couple years, brands started posting their Black Friday deals before Halloween.

 

The name of this specific trend is Black Friday Creep, and we don’t see it ending anywhere soon.

2

Green Friday Initiatives

Green Friday is a movement started in 2015 to create awareness about the negative impacts of society’s shopping habits. Since environmental concerns are increasingly influencing consumer and business behaviour, more companies are expected to launch 'Green Friday' initiatives this year.

 

A key part of the movement is encouraging consumers to adopt an ethical and mindful shopping approach by purchasing from ethical, sustainable brands or by not buying anything at all, but it could also mean promoting eco-friendly products, second-hand, carbon-neutral shipping options, and donations to environmental causes.

3

Online Shopping Supremacy

Online shopping has been on a steady rise for years, with recent global events only amplifying this trend, and Black Friday 2023 won't be an exception to this.

 

We will likely witness an even bigger push towards online shopping, thanks to the convenience, speed, and ever-expanding range of products available online.

 

Brands will likely roll out promotions and rewards such as free shipping, bundle deals, and early access for newsletter subscribers.

4

Extended Sales Period

We’ve already talked about Black Friday Creep, but there’s a different side of the same phenomenon: while many retailers are expected to start offering discounts earlier in November, some will just turn Black Friday into a month-long shopping experience.

 

Skincare brand Deciem, for example, has been doing something like this for the past few years: instead of having one day of discounts, which can spur panic buying and impulse purchases, the company encourages its customers to shop slowly, with 23% off everything for the whole month of November.

5

Personalised Deals

Artificial intelligence and data analytics have enabled businesses to better understand their customers. As a result, we're expecting more personalised deals in 2023.

 

This means your past purchases, browsing behaviour, and preferences will be used to create more tailored emails and targeted advertisements.

 

We know that personalisation is key: that’s why White Label Loyalty's AI module lets you personalise the incentives you offer based on customers’ actions - so you can be sure each customer gets a relevant, personalised and rewarding experience.

How can you run a successful Black Friday campaign? 5 tips to help you

The question you might be asking yourself right now is: are there ways for brands and companies to take advantage of Black Friday?

1. Keep these first-time Black Friday customers coming back

Acquisition costs are higher than ever, with the increased competition and rising ad prices, so attracting new customers isn’t enough. You need to keep them around for longer.

 

According to Gorgias data, returning customers make up only 21% of the average brand’s customer base but generate 44% of that brand’s revenue because they shop more often and place higher-value orders.

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Instead of making it a one-and-done event, try to continue driving revenue from new customers coming from Black Friday, even after the holiday season is over.

 

Implement an effective post-purchase experience and think of it as an onboarding flow for repeat customers. Make them excited to return to your brand, offer discounts and deals via loyalty programs to lure them back, and launch strategic retention campaigns.

 

Make getting help faster and more convenient for customers: 90% of customers say an “immediate” response is important, and 78% of customers prefer a variety of support channels to get in contact with customer support.

2. Plan your Black Friday campaigns in advance

You might be wondering why we’re talking about Black Friday in September… well, to be quite honest with you, we might even be late!

 

Thousands of brands compete to get their ads and products in front of the same consumers on Black Friday. It’s imperative to plan your campaign early.

 

Choose your target audience(s), ad formats, and placements based on what you want your campaign to achieve. It’s vital that you target your ads to the precise people who are most likely to be interested in your products or services.

3. Use a loyalty program to your advantage

Most consumers shopping online do some research first before making a buying decision, and this is particularly true on Black Friday since the entire point of this holiday is value.

 

Use your loyalty program to offer your potential buyers just that, by promoting additional incentives to buy, on top of any discount you might have. Incentives could be something like double points for any purchase made in that period, or a voucher for a discount on their next purchase.

 

Check out our monthly newsletter to see even more ideas for the upcoming autumn season!

4. Track your results

Tied to the previous point, make sure you’re tracking the results of your Black Friday campaign, so you can understand what’s working and what’s not. You can then use the data you gather to optimise your campaign.

 

Our system provides you with meaningful insights at your fingertips, enabling you to optimise your loyalty program with advanced customer insights. You can see real-time statistics, referral and retention analytics, and more within our in-built dashboard.

 

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5 tips to help you nail your Black Friday strategy.

5. Focus on sustainability and social responsibility

We’ve already mentioned how an increasing number of consumers, especially those belonging to younger generations, are becoming conscious of environmental and social issues.

 

Consumers expect brands to support social and environmental issues – and they are choosing to support businesses that make these issues a priority.

 

So it’s worth highlighting your sustainable credentials in your Black Friday marketing.

Conclusion

Black Friday will be an amazing opportunity to acquire new clients, grow your business long-term, and retain previous customers.

 

The best way to stay ahead of the brands that simply focus on discounts is to invest in loyalty mechanics and retention strategies.

 

Focus on planning in advance, sustainability, and tracking your results, making sure to use your loyalty program to keep customers coming back.

 

Don’t have a loyalty program yet? Don’t worry, it’s never too late! Did you know we were able to deploy the pilot Burger King loyalty app in just three months?

 

Get in touch with our experts to get started with your loyalty program!

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Sara Rabolini

Sara Rabolini

Content Marketing Executive

Sara is our Content Marketing Executive. She shares engaging and informative content, helping businesses stay up-to-date with the latest trends and best practices in loyalty...

Post Tags

Retail
Holiday
Consumer Trends
Marketing
B2B