How to Stand Out in the Wild West of Discounts
Black Friday is one of the most competitive times of the year for retailers, with every brand vying for a share of the consumer’s attention and wallet. For CMOs, the pressure to make this Black Friday strategy the best one yet is always top-of-mind. While it’s easy to get swept up in the frenzy of discounts and promotions, the key to a successful Black Friday strategy lies in strategic differentiation and understanding what truly matters to your customers.
Here are some expert insights on how to navigate the season effectively and set your brand apart.
1. Focus on Your Value Proposition, Not Just Discounts
In the lead-up to Black Friday, many brands fall into the trap of thinking that bigger discounts automatically lead to better results. But in reality, it’s the value proposition that sets your brand apart, not just the lowest price tag. This year, more than ever, consumers are feeling the pinch of rising costs due to inflation and economic uncertainty. They’re not just looking for cheap—they’re looking for value.
A well-defined value proposition goes beyond the discount; it communicates why your product or service is the best choice. Consider what additional benefits or unique offerings you can highlight to make your brand memorable. It might be the quality of your product, exceptional customer service, or even a sustainable brand story that resonates with your audience.
2. Timing Is Everything: Be Strategic About Your Promotions
One often overlooked aspect of Black Friday strategy planning is the timing of your promotions. This year, timing could be even more critical with events like elections or other significant happenings that can distract consumers from shopping. For example, during election years, consumer focus can shift, making them less receptive to marketing messages. Avoid launching major campaigns or promotions around these distractions. Instead, plan your big pushes for times when you know your audience is more likely to engage.
Read the full article at CohereOne.com.
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