Your Black Friday Game Plan (Plus, A Free Calendar!)
Black Friday can quickly turn into a black hole for resellers if there isn't a game plan for preparation. Some businesses begin planning promotions months ahead, so it can be easy to feel overwhelmed if you're leaving your Black Friday business strategy until the last minute. Seeing as it is just a few short weeks away, you may be asking, "Is there a simple Black Friday strategy I can implement today?"
The answer is yes! We have an easy, three-pronged approach that can help guide your business practice during the busy season: "Stock Up. Sell Out. Restock." Manage your inventory, supply, and demand much more smoothly with this motto.
Read on to better understand this Black Friday strategy and how it can help you with your CBD inventory. Don't forget to download your free calendar to keep track of all the Black Friday CBD oil deals and discounts happening at Hemplucid Wholesale!
Black Friday Forecast
The first step in planning your Black Friday business strategy is to forecast shopper's behavior. For example, this year (2021) a shortage of packaging and manufacturing materials is predicted. Some companies have actually had Black Friday deals and doorbusters going on for weeks to account for this prediction!
No need to worry though, because there is still time to get in on the action. The sooner you can stock up, the better! Your customers will expect you to be prepared for Black Friday, so you want to make sure you shop early and have the necessary inventory to keep your shoppers happy.
Another important consideration to make is what kind of business you expect to bring in. If you've been in business for a few years, look back at records to answer the following questions:
- Do your sales increase during the holiday season?
- Are new or returning customers driving your sales?
- What sets you apart from your competitors?
The answers to these questions can help you to strategize your Black Friday sales in a way that makes sense for both you and your customers. If your business is new, be sure to keep track of details like these. Knowing your audience and what makes them select your products over others is key to planning an effective sales strategy.
Black Friday Game Plan
Your Black Friday game plan will be a bit different than your consumer's. For shoppers, Black Friday is a bit of a sprint. It's not about endurance or long-term deals. It's really just a short event that entices them to take advantage of sales.
In contrast, Black Friday for the reseller is more like a chess match. There are moves and countermoves you make to account for customer behavior. The more knowledge you have about how each piece interacts with the others, the more likely you are to win.
As mentioned above, we've got a killer, three-pronged approach that can work for your business. Black Friday requires an exceptional strategy to ensure results, but don't overthink it. Simply borrow this hard-working strategy: "Stock Up. Sell Out. Restock."
Step one of this strategy is pretty self-explanatory. You must have the inventory necessary to satisfy your customers! Stock up the best you can, keep track of your inventory, and forecast according to the sales you have planned.
We are offering our wholesale customers discounts before Black Friday deals go live on our retail site — so wholesale customers are getting the first pick on products for Black Friday. Stocking up during our wholesale promotions means you'll have access to deals before our retail promotions go live! Shopping early is your best bet to get popular products before they sell out.
One aspect of reselling that not all retailers understand is that it is perfectly okay to sell out! In fact, we included it as part of our strategy because we encourage you to take advantage of our great deals before they are gone.
We'll have a restock coming at the beginning of December, so selling out is actually a great way to invite customers back when you have the product in stock at a later date.
Keep in mind that you'll want to sell soon-to-expire products before new inventory. You can keep both on the shelves, but it's more efficient to get rid of expiring inventory (or inventory with a sooner expiration date) before new products. We've got some exciting products coming soon, so we want to make sure you make room for these new and improved products!
A successful restock allows you to efficiently store and sell inventory without making business chaotic during the busy season. Our restock will offer you the opportunity to restock popular products at a discounted price, with only a few new products excluded. Ultimately, we want to help you make sales by offering our products at a special discounted rate.
Keeping Track of It All
When it comes to being a retailer on Black Friday, we know there is nothing more accurate than the phrase, "easier said than done." That's why we want to offer you an easy, accessible way to preview our sales! Click the button below to download and print your own free calendar.
The Bottom Line On Black Friday
Black Friday events are an opportunity to learn, grow, and scale your business. We encourage you to "Stock Up. Sell Out. Restock." in order to satisfy your customers during the holiday season. Successful Black Friday strategies aren't about just one day of sales but rather aligning a short-term strategy with your long-term business goals.
Check back soon for more helpful wholesale tips and tricks!