40% of Generation Z consumers begin preparing for Black Friday a minimum of two weeks before (Doofinder). So, It is time to set your plan as a business decision-maker to be ready.
On this day, businesses typically hone their focus on short-term objectives which are mainly:
- Clearing stock
- Quick sales boosts
However, the real potential lies in long-term strategies, often overlooked in the frenzy. Therefore, we’ll explore how you can leverage data analytics to shift from immediate gains to sustainable growth, embracing the enduring opportunities Black Friday offers.
Now, let’s delve into the long-term objectives businesses should focus on during Black Friday, leveraging the power of data analytics:
Encouraging Product Exploration
- Promote premium items that, once tried, could become the added item in their next shopping carts.
- Moreover, entice them with larger sizes, subtly influencing their consumption patterns.
Data analytics unveils patterns in consumer behavior which helps you identify which products have the potential to become customer favorites, aiding in strategic promotional decisions.
Attracting New Customers
Conducting competitor analysis during the Black Friday promotions through data analytics can help you identify gaps and opportunities in the market which ease the selection of products and promotions that are likely to captivate this untapped market. Therefore, by offering promoted products that resonate with potential customers for the first time, you can attract consumers who are exploring beyond their usual brand choices.
Focusing on Sustainable Growth
Move beyond the transient nature of Black Friday. With the insights provided by data analytics, craft promotions that not only rake in profits during the event but also establish a foundation for continuous growth. By understanding customer preferences and market dynamics, you can build a loyal customer base, ensuring enduring success beyond the immediate sales surge.
On Black Friday, data analytics is the key for growth. By understanding customer preferences and strategic product selection, you can transform your promotional strategies into pathways for sustained growth and strategic success.
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