Black Friday is a big deal to small businesses. Consumers in 2012 spent on average $423 during Thanksgiving weekend, or $59.1 billion total (a 13% increase from the previous year), according to the National Retail Federation (NRF).
This year, on Friday, November 29, retailers will open their doors early to attract Black Friday shoppers with attractive discounts and bundled services. Entire shopping communities are abuzz with ad-scan leaks, rumors, and analysis of Black Friday offers.
As a regular shopper on Black Friday myself, I can attest that for many consumers it's thrilling to find the best deal and to partake in people-watching while eager shoppers camp outside the doors the night before.
But what about small businesses?
It's not a fair fight for entrepreneurs to go toe to toe against large retailers that make Black Friday a success through steep discounting, aggressive marketing, and massive advertising budgets. Nevertheless, small businesses, too, can capitalize on Black Friday.
The core strategy to make Black Friday work for your smaller business is to position on the value of your products and services while marketing creatively to consumers.
It's likely customers won't spend Thanksgiving camping out at your front door, but you can increase sales and do it in a calculated, meaningful way.
1. Don't heavily discount your products or services