Black Friday is important both in dollar terms and psychologically for those managing and working in retail. That is true, perhaps even more so, this year as many in the industry are seeking to scratch out ways to remain viable in an extremely difficult business environment. The good folks at Nielsen [a sponsor of RetailWire] have published a list of the 10 most common mistakes that retailers make on Black Friday with the hope that perhaps they can be avoided this year and in the future.
1. Fear of new categories
Nielsen wants to know,
who said grocers can't sell popular video game titles and why can't electronic
stores sell soft drinks and snacks?
2. What's the point?
Stores need to determine
what they want from Black Friday promotions. Are they looking to bring
in new shoppers, drive traffic to sell non-sale items, etc.?
3. Measure what you
treasure
It's important to have
measurable objectives and measure them.
4. Make friends and
influence purchases
It's time for everyone
to be on their best behavior and performing at a high level. Unhappy shoppers
don't come back for more and spread the unhappy experience with family,
friends and, in some instances, complete strangers. Unpleasant experiences
tend to be magnified when shoppers find they aren't just battling the crowds
but the retailer, as well.
5. Be true to your
best shoppers
Loyalty is a two-way
street that is open year-round. Retailers with loyalty programs need to
develop special rewards for the holidays for consumers who have spent the
most over the course of the year.
6. Black Friday is a state of mind
The uniqueness of Black
Friday should not be confined to a few morning hours after stores open.
Keep the excitement going throughout the holiday.
7. Out-of-stock and
out of business
Nothing is worse than
making a shopper wait for a hot holiday item for them to find out that
you're out-of-stock. Deliver on promises and keep shoppers informed to
the point of overdoing it if supplies of an item are limited.
8. Keep 'em moving
Shoppers are on a mission
and it's up to retailers to help speed them along on their shopping rounds.
Nobody likes to wait and no amount of holiday cheer will change that.
9. Discounts go deep
The savings better be
serious if you want shoppers to seriously consider shopping in your stores.
10. Corporate espionage pays
You need to know what
the competition is doing. Put agents in the field to check prices and talk
to consumers shopping the competition. Use that information to respond
this year and in the future.
Discussion Questions: What is your list of positive steps that retailers should take to succeed on this and future Black Fridays?