Does Black Friday Encourage You to Engage with Different Brands?
20th November 2023
Written by Tom Peace
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As Black Friday and Cyber Monday are quickly approaching, The Loyalty People want to talk about how effective this period is for business acquiring more customers and asking our community....
"Does Black Friday Encourage You to Engage with Different Brands?
We are nearing the end of the year, and many businesses make a significant portion of their revenue during this time. This is due to the Christmas vacations, as well as the widely recognised Black Friday and Cyber Monday sales. Many businesses have taken advantage of this chance to broaden their client base by offering big discounts as an incentive to gain customers over the holiday season.
However, it is unknown if this contributes to consistent customer retention when compared to other traditional loyalty measures such as programs, exclusive offers, and gamification.
As an event that began in America, it has swiftly been embraced by different businesses all around the world. Starting as a one-day sale, it has expanded to a couple of weeks with the goal to showcase the great discounts to both returning and new customers. Because of the strong demand, several businesses advise clients to have their things ready in their basket the night before the sale!
In some ways, much of the marketing around Black Friday and Cyber Monday has converted the period leading up to Christmas into a cultural phenomenon, with many customers becoming more open-minded about their shopping habits. Not only do they stay with companies they trust, but they also look for alternatives they would never explore before the sale.
This shift in consumer thinking can help organisations establish long-term relationships with these new customers, but will the high discounts be enough to keep loyal customers in 2024?