By John Packham
Your Black Friday has come and gone. Now, you are left sitting on a mountain of product you pre-ordered thinking that your Black Friday was going to be epic and provide you with all the revenue you needed to make it well into the second quarter of next year. If you are feeling a little broken and bruised from your Black Friday sales, you are not alone. Small and medium-sized businesses bank on Black Friday to help bring money in the door and when it doesn’t happen, it can feel like a slap in the face. So how can you recover from a bad Black Friday event? We’ve put together a list of things you can do to make sure that morale doesn’t suffer and that your customers come back in short order.
Talk to the Team
Once the sticker shock has worn off and you realize that you now have to make up for funds you were counting on in your Black Friday event, talk to the team about how you can rally together to ensure that morale doesn’t fall into a slump. As a business owner, you might be tempted to try to put on a brave face, but there’s nothing wrong with sharing candid conversations with your team about where you are and where you want to go. The more you hide from your team, the more you have to negotiate everything yourself and in today’s business world, there’s no need to go it alone.
Turn Your Worries into Wins
Rather than sit around and wonder how you’ll recover from a less-than-profitable Black Friday, consider that you have an opportunity here to teach your staff about how to get back up when you’ve been knocked down. It might feel like a stretch, but when you are on the ground looking up, there only place to go is up and focusing on those wins is really important to your bottom line and the longevity of your employees. Moreover, you’ll want to make sure that you focus on learning from what went wrong instead of just pointing fingers and blaming the usual suspects.
Who Says Black Friday Has to End on Friday?
If you feel like your Black Friday sales left you feeling like you’d been on a cheap date, consider running another promotion to get your customers paying attention. Running email campaigns with exclusive offers, reaching out to key stakeholders to get them involved, and promoting a sale at the end of the month–when more people are likely to have money anyway–might help you turn things around. With Black Friday always falling just before payday for millions of North Americans, you might not be wrong to run another sale just after people get paid. More people spend money at the end of the month than any other time of the month, so keep that in mind.
Run Your Due Diligence
If you feel like you hit the mark but missed the target, then you might need to sit down and re-evaluate your approach. When it comes down to it, timing, money, product, launch, and interaction all play key roles in the success of a Black Friday event and if you felt that you did enough and still came up short, it might be time to go back to the drawing board and be honest with yourself about what that looks like. Ask your team to critique the process and question what has been done in the past – what used to work before, might not work now. Be ready to change things up and make a plan for the future.
Don’t Dwell on the Past
Whether you like it or not, Black Friday has come and gone and you can’t sit around wondering why things didn’t work out. If your Black Friday event was a flop, then call a spade a spade and start the recovery process as soon as possible. The more time you spend worrying about it, the less time you’ll have to move forward. If you have a lot of stored stock, find out if you can return some of the stock to the warehouse or consider how you can offer the product in a new way for your customers. Focus on what you can do instead of focusing on what is out of your hands. The sale flopped, but the next one doesn’t have to.
John Packham–Having grown up in a family owned business, and now working as the Content Director for Karrass, a company specializing in negotiation training for businesses.