For most retailers and service providers, the run-up to Christmas means a surge in demand and increased sales.
In recent years, Black Friday has concentrated this period; into a single day and also across the weekend (through to Cyber Monday).
If you are part of a business seeking to capitalise on the Christmas countdown, we’ve pulled together three key tips below:
1) Make Black Friday part of your business strategy:
Question how the phenomena aligns with organisational goals. From a strategic perspective, this involves conducting an audit of the company you work for, as Dr Roshan Boojihawon, Director, Online MSc International Business, explains;
“The business landscape is rapidly changing and it’s pushing companies to continuously evaluate and redefine their strategies at shorter intervals. Well articulated and organised strategic audits are essential tools to keep track, re-evaluate and foresee the future of an organisation’s business proposition. They can be a source of important information that impacts upon strategic planning and implementation.”
The ability to see your business as part of a wider industry - understanding its’ strengths and weaknesses - is a vital ingredient of further growth and sustainability. Therefore, think about what you want to achieve and how seasonal events (including Black Friday) can help you move towards it.
2) Consider your competitive environment:
If Christmas is a golden opportunity for your business, it will be for your competitors too. Maximising your return from the festive season relies heavily on pitching your approach at just the right level; competitive enough to help you stand out from the crowd yet lucrative enough to give you a healthy revenue.
It’s worth remembering that being competitive doesn’t necessarily mean in terms of your pricing. You can offer your customers or clients added value in relation to the services you provide, which can make all the difference to them. In particular, prompt delivery guaranteed in time for Christmas is something that could help to secure your share of business:
“A robust audit would help your business go beyond basic competitor information, to keeping track of key resources and capabilities related to the value chain,” Dr Boojihawon explains.
He continues, “This would help define distinctive ways to advance against your competitors and directly affect your business’ ability to outperform them.”
3) Identify the best strategies for effective marketing reach:
You need to also ensure that your target market knows about your plans. A sound grasp of analytical frameworks and contemporary marketing theory would give you significant advantage and a strong foundation from which to formulate a comprehensive campaign.
Make sure you understand your customer’s decision-making processes as well as what leads them to such decision-making, so you can provide a customer journey that guides them through to conversion.
It’s possible to view your preparations for Christmas and Black Friday as more focused, micro versions of your main business strategies and methodologies, so make sure you are well prepared as the season commences.
Extensive online postgraduate degrees, such as our Online MSc International Business and Online MBA, delve into the fundamental elements of business management, including the impacts of seasonality upon strategy and marketing. They offer a flexible way to expand your business knowledge and help drive your career forward.
Get in touch with our Admissions team for more information and how to apply.