Black Friday is one of the key promotional events of the year. This week on Start Scale Succeed Nicole is joined by Catherine Erdly, founder of the Resilient Retail Club. Find out all about how to prepare for Black Friday and what you need to think about in the lead up to the event itself. 

KEY TAKEAWAYS

• Interest in Black Friday is on the decline a little with a lot of deals not actually being the best deals of the year and the lack of a connection from the UK market to the American tradition. 
• Don’t get caught up in the rush of Black Friday, it should be part of your entire Christmas season strategy. What do you need to do for your business, don’t get caught up in what everyone else is doing. 
• Look at what stock you have left and if the stock is seasonal. If you have a lot of brown bananas (items with little shelf life remaining) then those are the things you should be offering large discounts on. If you have large amounts of stock that are poor sellers, consider promoting those items. 
• Let your customers know in advance if you’re having a Black Friday sale or not. If you’re not then people won’t be waiting around for the day to buy something hoping for a discount. 
• Be clear with what your aims are and be clear with your customers about what’s on offer and when. Make sure all online sales are achievable in terms of packing and delivery times, again, be clear about delivery times. Update delivery times on your FAQs.
• Make sure your team is big enough in the Christmas period to fulfill your orders. Look at how you performed in previous years to gauge sales levels. 

 

BEST MOMENTS

‘Promotions look like they’re there for the customers, but actually they’re for the business’ 

‘Take advantage of those opportunities’ 

‘Why would you buy something on a Tuesday when you could get it cheaper on Friday’

ABOUT THE GUEST 

Catherine Erdly has 20 years' experience in all areas of the industry from ecommerce to the high street, with retailers such as Coast and Laura Ashley. She is also the founder of the Resilient Retail Club.

VALUABLE RESOURCES

The Resilient Retail Club

The Resilient Retail Game Plan Podcast

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ABOUT THE HOST

Buying & retail expert Nicole Higgins spent the last 18 years working for companies such as Primark, M&S, Debenhams and Asda, sourcing & developing products from all over the world, building strategies for blue chip businesses, and increasing bottom line sales and profit, adding over £40 million in incremental business to the bottom line. 

Nicole now uses that experience and works as a consultant and coach for entrepreneurs and small to medium sized business owners, helping them start and scale their product businesses as The Buyer And Retail Coach (TM) 

Join the start scale succeed waitlist. How to start & scale a product business. A 12 Week programme:  thebuyerandretailcoach.com/startscalesucceedwaitlist

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