It’s almost that time of year again when every business needs to consider whether to take part in Black Friday / Cyber Monday deals. There are pros and cons to getting involved and not getting involved – whether this is the right option for you will depend on your business and the challenges and objectives that you have. If these pros and cons make you want to go ahead then make sure you’ve got plenty of time to get organised.

The cons of Black Friday / Cyber Monday

• Losing money instead of making it. If you’re going to get involved in these annual sales then you need to know exactly how much stock you have and how much you can discount it without losing money. Without that essential information you might find yourself at a loss when all the orders have gone out.
• It may not do your reputation much good. Have a careful think about whether the message of Black Friday / Cyber Monday aligns with your brand values. If it’s something that would surprise your customers to see – and potentially erode their trust in what your business stands for – then it may simply not be worth it.
• Sometimes it’s just not for smaller businesses. Black Friday / Cyber Monday really appeals to big retailers that are under pressure to meet sales targets and have more scope for movement on prices. If you are operating on tight margins and you can drive sales in another way then it may not be for you.

The pros of Black Friday / Cyber Monday

• It’s a way to raise awareness of your business. There are lots of consumers out there who will be looking to take advantage of as many Black Friday / Cyber Monday sales as they can. So, if you’ve done your marketing well, your discounts could attract a whole new audience to the business.
• Online businesses benefit the most. If you’re a bricks and mortar store then Black Friday / Cyber Monday can either be a very festive occasion or an absolute nightmare. For businesses that are operating online it tends to be much easier to organise and operate – as long as you have effective packing and logistics in place then you’ll be able to meet customer expectations and not get overwhelmed.
• It’s a great moment to reward your customers. If you’ve had a profitable year or you feel like your customers really deserve a little reward for their loyalty, a super attractive Black Friday / Cyber Monday discount is an effective way to do this. Plus, you can convert existing customers into brand ambassadors if you make them feel valued in this way.
• It can be a fun opportunity for your brand. Take Black Friday / Cyber Monday seriously but also have some fun with it. This is the ideal time to try out new forms of marketing, get bold with your messaging and see who else your business can attract in this atmosphere of festive consumption.

Black Friday / Cyber Monday can be a great time to connect with customers and drive up sales – but it’s not the only way for your business to thrive so don’t force it if it doesn’t work for you.