Financial Balance in the Midst of Black Friday, Cyber Monday and Giving Tuesday

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Had no clue what any of these were? Lets begin with a breakdown –

Black Friday – the day after Thanksgiving, the official first day of Christmas shopping season and THE most successful retail shopping day for the holiday season ever

Cyber Monday – the Monday following Black Friday when people who were too busy to head to physical stores shop for deals online from their home/office – this has now become Cyber week to maximize profits

Giving Tuesday – An antidote to the consumer culture exhibited on the above mentioned Friday and Monday, it promotes giving back to charities, nonprofits and local community as well as national do-good organizations – especially considering the holidays are the one time of the year that people freely donate in cash and kind. Large brand names tie-up with nonprofits on this since it is still part of the cyber week!

If reading that hasn’t already made it clear, then here’s the deal – as a business owner, these days are very important for you and learning how to leverage them to your advantage is in your best interest. So what should your strategy be?

Black Friday

Remember that this is a limited time offer. Showcasing new products that your clientele do not know much about is never a good move. Customers are on a time constraint here so they know exactly what they want. If you offer them a good price on it, you will see a substantial increase in revenue. Look at your sales and see what the crowd favorites are. Or even better, host a survey and get feedback from your regulars. Offer those services or products at a reduced price and your loyal customers will recognize a good deal when they see it. Of course, make sure your customer service and tech support is on par – you don’t want angry customers not being assisted or your website/inventory systems crashing from the spurt in activity. Do what you can to make this a pleasant experience for harried shoppers. Can you have clear signs, extra staff to help, staff to direct or man cash registers, helplines for people with questions? Your sales systems and follow through need to be in the best shape possible. Start promoting early and in every manner you can think of. Every single detail counts towards your ultimate goal – balancing out your finances to show a nice profit margin.

Cyber Monday

Considered a sister holiday to Black Friday and strongly focusing on online retail, your one big concern here should be your web operations and getting your act together for all your electronic transactions. Many a business has lost out on customers and profits simply because owners did not take the necessary steps to ensure they were prepared for the intense retail experience that Cyber Monday signifies. If Black Friday is for brick and mortar stores then Cyber Monday is for web outlets – do everything you can to ensure the customer that did not shop Friday is positively shopping on this day, especially considering that waiting in long lines, rushing to find their product of choice and fighting with other customers isn’t part of the equation. Is your website easy to use, is it optimized for a convenient mobile user experience and does it have targeted calls to action on offers and deals? Have you spread the word through social media and what is your plan B if your site crashes, or you run out of inventory and cannot fulfill orders?

Giving Tuesday

To make shoppers feel better about all the purchasing they did on Black Friday and Cyber Monday, Giving Tuesday promotes donating in cash or through your time or other resources to nonprofits that could not participate in the two big retail phenomena of the year. While most folks will opt to give directly on those charitable sites, many are still willing to purchase a good deal from a for-profit that is associating with a non-profit so that part of the proceeds from sales can benefit the latter. If you offer a good enough hook, customers are bound to catch on! So what’s your plan for the holiday season?

 
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AboutDr. Roshawnna Novellus, aka "The Wealthy Yogi" is a finance expert,author, investor, and yoga enthusiast on a mission to help people achieve their goals through wealth building, entrepreneurship, and staying balanced while juggling it all.  You can learn 5 Ways to Multiply Wealth in 90 Days without Giving Up the Things you Love for free, and enter her contest to win a $50 Amazon Card.

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