As the holiday season approaches, many of us begin to feel the annual pressure of holiday shopping. Whether searching for the perfect gift or trying to stay within a budget, holiday shopping can be stressful. Thankfully, Black Friday sales offer some respite from the holiday spending frenzy. For those of us who love a good bargain, Black Friday is a holiday in itself. We scour the Black Friday ads, make our lists and plan our route to ensure we hit the best sales. The anticipation of Black Friday makes even the most diehard shoppers a little giddy. And when the big day arrives, it's a mad dash to find what you’re looking for at an “unbeatable” price. For business owners, Black Friday is a huge opportunity to bring in a lot of revenue. Businesses can draw in huge crowds of shoppers using bold, enticing doorbuster ads. Whether you love or hate it, Black Friday is a big part of the holiday shopping season. Seasoned businesses such as Best Buy, Walmart, and Target have perfected the art of the Black Friday sale. What's the secret to their success?Let's begin by looking at the origin of our beloved Thanksgiving weekend.
How “Black Friday” Got Its Name
"Black Friday" was first used in the 1960s to describe Philadelphia's heavy traffic and congestion after Thanksgiving. During that time, police officers used the term to describe the chaos of large crowds of shoppers and sports fans. Many traffic jams, accidents, shoplifting, and other issues gave the name Black Friday a negative connotation. To bring positive attention to the day, retailers attempted to use "Big Friday" to describe the annual shopping day. However, it wasn't until the mid-1980s that retailers fully embraced the name Black Friday. Embracing the name and its chaotic nature, retailers began using it as an opportunity to advertise discounts and doorbuster deals.
Black Friday and the Wall Street
You may be mistaken if you think Black Friday is only renowned for its shopping deals and chaotic past. The term “Black Friday” also has a storied history on Wall Street. While the day after Thanksgiving is one of the busiest days for retailers, it's also a big day for stocks. In 1869, two financiers, Jay Gould and Jim Fisk, tried to corner the gold market to increase prices significantly. As part of their plan, the two men purchased as much metal as they could at the New York Gold Exchange. In an intervening move, President Ulysses S. Grant caused their plan to crumble on Friday, September 24. In an instant, the stock market plummeted, causing thousands of Americans to declare bankruptcy. This event also became known as "Black Friday."Today, Black Friday is considered one of the busiest shopping days of the year. And as the holidays continue to grow closer, many retailers are already fueling the hype around their Black Friday deals. If you're not as prepared, that's okay! You've come to the right place. At Wizard of Ads™, we've helped clients create successful Black Friday ads to drive traffic and sales. Backed by years of experience in the home services industry, we know what it takes to create ads that work. To get the most out of Black Friday this year, book a call with Ryan Chute of Wizard of Ads™ today.
Small Business Saturday
Now, if you think that your small business can't possibly compete with big box stores on Black Friday, you're wrong. While Target Ads and Walmart Black Friday deals seem to get the attention, Small Business Saturday is designed for you. Founded by American Express in 2010, Small Business Saturday has become an annual tradition for many shoppers to support small businesses. Designed to encourage holiday shoppers to patronize small businesses, Small Business Saturday is a great way to join the fun. In fact, last year, American Express reported that consumers spent an [estimated $23.3 billion](https://about.americanexpress.com/newsroom/press-releases/news-details/2021/American-Express-12th-Annual-Small-Business-Saturday-Reaches-an-All-Time-High-with-an-Estimated-23.3-Billion-in-U. S.-Consumer-Reported-Spending-11-28-2021/default.aspx) at small businesses on Small Business Saturday. That's a lot of dough!What's more, cardholders can be rewarded with cashback while shopping at small businesses with American Express. Recognized nationwide, Small Business Saturday offers the perfect opportunity to let your community know why small businesses matter. Advertising your small business throughout the holiday weekend is a brilliant marketing move to increase foot traffic and sales. And if you have extra time, don't forget to support other small businesses by shopping at them too!
Is Thanksgiving on a Thursday?
Historically established in 1621, the Pilgrims first celebrated Thanksgiving after their first harvest. The feast lasted three days and was attended by 90 Native Americans and 53 Pilgrims. Since then, the holiday has evolved quite a bit. In fact, George Washington was the first president to declare Thanksgiving a national holiday in 1789. At the time, it was celebrated on November 26th. This date, however, was later changed to the fourth Thursday of November by Abraham Lincoln in 1863. Interestingly enough, Thanksgiving was almost not celebrated in 1939. Due to the Great Depression, Franklin Roosevelt moved the holiday up a week to boost retail sales and the economy. This was dubbed "Franksgiving" and wasn't very popular. Because of this, in 1941, congress passed a law that solidified the fourth Thursday of November as the official holiday. But why is the history of Thanksgiving so important?The timeline of Thanksgiving and holiday shopping has changed a lot over the years. In fact, there is controversy over when Christmas shopping should begin, as some feel it takes away from Thanksgiving. In years past, stores would even open their doors on Thanksgiving Day. This would allow shoppers to get a head start on their Christmas shopping. Recently, however, many stores have begun to close on Thanksgiving Day to allow employees to spend time with their families. As a business owner, it is crucial to be aware of the changing landscape of holiday shopping. By understanding the history of Thanksgiving and holiday shopping, you can make informed decisions about your holiday deals and operations.
Turning Dust Into Gold
When it comes to Black Friday, consumers nationwide flock to stores hoping to find the best deals on holiday gifts. But why do we all fall subject to the frenzy?A large part of it has to do with the way stores market Black Friday deals. Using psychological tactics, retailers make the common belief that we cannot miss out on these fantastic opportunities. But what are we really missing out on?To get rid of this inventory, stores deeply discount these items to provide the illusion of a great deal. But is it really a great deal?To the ordinary consumer, yes. This is crucial to business owners because it helps them unload inventory that would have otherwise gone to waste. So how can you turn dust into gold this holiday season?Here are six psychological tricks expert marketers use to get us to open our wallets on Black Friday:
The “Shopping Momentum” phenomenon
During Black Friday sales, shoppers are in a frenzy – and you can get caught up in the momentum. When we buy a discounted item, we are more likely to continue spending, even if we don’t need it. It’s the same reason why casinos are designed the way they are – to keep you gambling. The reason this momentum works is that it creates a sense of convenience. When we are in the buying mindset, we are more likely to say yes to things we wouldn’t usually buy. This is because they are in front of us and are easy to add to our cart. For shoppers, this can quickly add up to hundreds of dollars on unneeded items. For business owners, however, this can be a goldmine. Thus, when crafting your Black Friday ads for 2022, don't be afraid to leave some items off the sale. The shopping momentum will likely make the sale for you.
“The love for coupons”
Let's face it. Everyone likes saving money. While some people are more frugal than others, there is a general sense of appreciation that comes with a deal. This is especially true when it comes to big-ticket items. Black Friday is the perfect time to offer coupons and discounts on your products and services. Not only will this entice people to buy from you, but it will also psychologically make consumers purchase more. This is because people feel like they are getting a good deal and want to take advantage of savings. If you want to make the most of Black Friday, consider offering coupons and discounts on your products and services. This will not only help you boost sales, but it will also make consumers feel good about their purchases. Win-win!
“The “Fear” of missing out”
Fear of missing out, or FOMO, is a powerful emotion that can drive people to make snap decisions. FOMO will be in full effect on Black Friday as people scramble to get their hands on the best deals. For example, Best Buy Black Friday ads always feature doorbusters – deeply discounted items that are available for a limited time. Using words that create a sense of urgency, like “doorbuster” or “limited time only,” effectively creates the feeling of FOMO. FOMO can be a powerful motivator for people to buy when coupled with a great deal. Think about it – if you see a fantastic deal on something you want, you’re more likely to buy it then, especially if everyone else is after the same thing. That’s why it’s so important for retailers to use language that will trigger FOMO in their customers. Even if you own a service-based business, use words and phrases that create a sense of urgency. With a bit of speed and some fantastic deals, you can create Black Friday ads that will drive huge profits.
Your customers are going to be under a lot of pressure during the holidays. They’re trying to find the perfect gifts for their loved ones, deal with family drama, and stay within their budget. Black Friday shopping provides a much-needed outlet for all of that stress. After all, who doesn’t love shopping for good deals?To ensure that you add to the holiday cheer, make sure your Black Friday ads are clear and concise. Your customers should be able to easily see what deals you’re offering and how they can take advantage of them. If your ad is confusing or overwhelming, they will likely click away and find something else. To sound more enticing, you may even choose to market as a “one-stop shop” for Black Friday shopping. For example, Target's 2022 Black Friday ad features the tagline “Finish your list for less.” This tells shoppers about their deals and promises an easy and convenient experience. Avoid being too “sales-y” in your language, as this can turn people off. Instead, focus on how your products or services can benefit the shopper and make their life easier. Your goal is to get them excited about what you have to offer without coming across as pushy. Once you've created a stress-free atmosphere, then you can start pushing the sales.
“Buy-one-get-one offer (BOGO)”
Buy-one-get-one offers are a great way to get people to buy more than they originally intended. With these deals, shoppers feel like they're getting tremendous value, making them more likely to purchase. Other taglines you can use for these offers include:“Two for the price of one!”“One for you and one for a friend!”“Get double the savings!”And more!Using these types of deals can increase your sales and boost your bottom line. You can also make holiday shopping easier for your customers, which they'll appreciate. I mean, who doesn't love “free” stuff?Again, this can apply to home services such as HVAC, plumbing or even electrical. For example, you could offer a BOGO deal for furnace tune-ups, heating and cooling systems, and more. This would be a great way to get new customers in the door and make them aware of your services. Additionally, it would demonstrate your generosity and care about their needs, two things that are sure to win them over.
In psychology, the Diderot Effect refers to the need to buy more items to match a new item we purchase. For example, let's say you buy a new pair of shoes. Once you have them, you may feel the need to buy a new shirt and pants to go with them. And then, once you have those items, you may need to buy a new bag and jacket. And so on. Named after 18th-century French philosopher Denis Diderot, the Diderot Effect can have many positive and negative uses. For business owners, the Diderot Effect can be a great way to market products to consumers. And, of course, retailers use the Diderot Effect to get us to spend more money during sales like Black Friday. So, how can you utilize the Diderot Effect to your advantage?If you want to increase your bottom line, consider complementary advertising products alongside your main product. For example, if you're selling a new winter coat, advertise gloves, hats, and scarves along with it. For service-based businesses, offer your clients additional services that complement what they're already paying for. By offering complementary products and services, you can increase the amount each customer spends with you, boosting your bottom line. This works especially alongside BOGO offers, doorbusters, and other sales strategies that are popular during Black Friday shopping. At Wizard of Ads™, we house the strategies any business needs to increase its bottom line this holiday season. Equipped with knowledge and experience, we'll put your business on the right path for Black Friday success. Are you ready to make the most of your Black Friday? Book a call with Ryan Chute of Wizard of Ads™ today to get started!