With the holiday season now upon us, retailers are scrambling to make sure they make the right impression on their customers. With Black Friday expected to top £11billion (approximately $16.8billion) in sales this year, marketers are looking for a way to capitalise on this lucrative shopping period. One way is through email marketing.
According to HubSpot Blogs analysis of Openmailingclient’s 2018 Black Friday report, email was identified as the most effective digital marketing channel for Black Friday promotions, receiving an average of 3.5 emails per person compared to 2.4 SMS messages and 2.2 social media posts per person.
Retailers should therefore consider investing in email marketing, which is cheaper to run and more effective than many other channels. But before you run off and upgrade your email marketing software, you need to understand a few things about Black Friday email marketing.
What is Black Friday?
Black Friday is the day after Thanksgiving, the unofficial start of the holiday shopping season in the U.S. The day after Thanksgiving was actually established in 1881 as a day of thanksgiving and holiday sales to help small businesses. But in recent years, the day has become synonymous with big discounts and bargain hunting.
Thanksgiving is a time for families to come together and celebrate the end of the year, which this year will mark the 100th anniversary of the end of World War II. The day before Thanksgiving is known as Black Wednesday, and is traditionally the day when many retailers offer huge discounts in an attempt to make up for the lost sales during the previous week.
The shopping frenzy that follows is known as Black Friday, and the term has now been adopted by other countries as well, including Canada and the U.K. The shopping frenzy that follows is known as Black Friday, and the term has now been adopted by other countries as well, including Canada and the U.K.
Why Should You Try And Develop An Email Marketing Strategy In 2021?
Developing an email marketing strategy is always a good idea, but in 2021 it is even more important. The COVID-19 pandemic caused many store closures and restricted consumer spending, meaning lost sales and ultimately, revenue for retailers.
Businesses which catered to a higher end market saw massive price fluctuations and stock shortages, with the result that customer acquisition costs skyrocketed.
This was especially problematic for retailers who specialised in selling expensive goods and luxury brands, as these businesses had the least resource flexibility. According to the Retail Essie Awards, the hardest-hit sectors included:
- Luxury Brand Retail – Retailers which specialise in selling luxury brands saw sales decline by 43%, with many business having to close down.
- High-end fashion – High-end fashion brands saw sales decline by 36%, with many businesses closing down.
- Beauty – The beauty industry saw a 38% decline in revenue, with many businesses suffering and many more set to close down.
- Home Furnishings – The home furnishing industry, which includes kitchenware, bathroomware and bed linen, saw a 27% decline in revenue.
- Fitness and Sports – The fitness and sports industry saw a 26% decline in revenue.
These businesses are now trying to rebuild, and with the economy gradually recovering, consumers are spending more freely. Developing an email marketing strategy will help you to capitalise on this spending and ultimately to generate revenue.
Develop A Clear Picture Of Who Your Audience Is
One of the first steps in the development of any marketing plan is to form a clear picture of your audience. Who are they? What do they want?
In the case of Black Friday email marketing, you need to consider your target audience closely. To begin with, you should be aiming to attract people who have an interest in buying cheap and discounted products. To do this, you can use various platforms and tools to determine the demographics, psychographics, and digital environments your target audience interacts with.
Your ideal buyer is somebody who:
- Has money to spend
- Loves to shop
- Is passionate about the products you sell
- Lacks trust in retail stores
- Is open to new ideas
- Interacts with affiliates, brands, and retailers through social media
- Likes receiving emails
As a general rule, you should aim to reach the most people with your email marketing. Although subject line optimization means you can target subjects based on what they’ve previously read or searched for, ultimately you want to reach everybody. A mass email campaign may not be the most effective way of reaching somebody if they don’t fit your ideal buyer profile.
Determine How Much You Need To Spend To Reach Your Target Audience
To determine how much you need to spend on Black Friday email marketing, you need to consider several factors. First off, how many people do you want to attract to your campaign? Secondly, how much do you want to spend on each email? Finally, how often do you want to send the email?
These questions will determine how much you need to spend per piece, and you then need to work out how many pieces you need to send to reach your target audience. You can find your ideal buyer’s email address in your list of subscribers (if you have one).
Once you know how much you need to spend per piece, you can work out how many pieces you need to send to reach your target audience. Remember, you can’t just go overboard and spend a fortune. You also need to consider your budget.
Retailers which specialise in selling luxury brands saw sales decline by 43%, with many businesses having to close down. These businesses are now trying to rebuild, and with the economy gradually recovering, consumers are spending more freely. So, if you’re looking to generate immediate revenue, consider focusing your resources on email marketing.
The best way to find the right marketing automation software for your business is to compare the various packages offered by a variety of providers. Once you’ve made your selection, set up a demo account with the software creator to get a feel for how it works. Finally, be sure to budget for the expected cost of setting up and running the campaign.