MARKETER GUIDE
ONE EVENT, SIX DIFFERENT OBJECTIVES:
UNDERSTANDING THE BLACK FRIDAY
RETAILER PERSONAS
PROOF. NOT PROMISES.™
Another year, another Black Friday. But change is in the air, and retailers are evolving their strategies for this crucial trading period. Traditionally used to sell off unsold stock, retailers are now taking a more nuanced approach to Black Friday, adopting different start points and strategies around their involvement.
Recognising these changes around Black Friday, Epsilon has identified six emerging retailer personas. Each has specific traits and objectives, and we have suggested potential marketing approaches that each group should consider to ensure a successful Black Friday.
Contents
The forecasting challenges
The importance of going early
What type of retailer are you?
The six Black Friday retailer personas
1. Black Friday Behemoths
2. Green Fridayers
3. Loyalty-conscious
4. Black Friday and Beyond
5. Stock Shifters
6. Business Builders
Conclusion and key takeaways
The rise of non-participants
About Epsilon
MARKETER GUIDE
EPSILON
Europe
DEFINING YOUR BLACK FRIDAY STRATEGY
The circumstances surrounding Black Friday 2021 make forecasting very difficult.
Store closures and shopping behaviours have permanently changed Black Friday.
So what are the challenges
impacting forecasting this year?
The changing retail landscape
Shortages of materials and employees are putting a strain on retailers.
Supply chain challenges
There is a reluctance for some people to spend.
The state of household finances
Last Christmas was a non-event, so people may focus more on the festive period.
The importance of Christmas 2021
Just like Christmas, Black Friday promotions are getting earlier. It has now become a season in its own right, with Black Friday morphing into ‘Black November’.
BLACK FRIDAY
YEAR-ON-YEAR GROWTH 2020.
OCT WK3
OCT WK4
NOV WK1
NOV WK2
NOV WK3
NOV WK4
XX
XX
XX
XX
XX
XX
%
%
%
%
%
%
Additional info +
Source +
Analysis by Epsilon also supports this, showing that customer website visits have increased year-on-year for the week leading up to Black Friday, resulting in four times as many customers on Black Friday compared with an average day.
Black Friday year-on-year growth 2020. Source: IMRG
So what is driving this ‘go early’ approach? Well,
going early has four benefits for retailers. It helps them:
By spreading promotions over an extended sales window, operational problems are minimised.
01. Address inefficiency issues
Going early makes marketing more effective.
02. Avoid being lost in the promotional noise
Consumers have a higher conversion rate when you communicate with them earlier.
04. Promoting earlier means more money
People are bringing forward their purchasing plans.
03. Reach customers when they’re making their buying decisions
six broad Black Friday retailer types
THE SIX BLACK FRIDAY RETAILERS
and highlighted
Based on how they measure success, we have identified
how each persona should approach its marketing strategy to ensure a successful trading period.
One thing each has in common is that to be successful, they should all start their promotions early.
LOYALTY-CONSCIOUS
GREEN FRIDAYERS
BLACK FRIDAY BEHEMOTHS
BUSINESS BUILDERS
STOCK SHIFTERS
BLACK FRIDAY AND BEYOND
ON SALE NOW
Recognising that extended periods of offering reductions are hitting margins and training customers to avoid paying full price for products, some retailers are questioning Black Friday and actively opting out of participating.
Some retailers are questioning Black Friday and actively opting out of participating. Instead, they are focusing on delivering value year-round. 2021 may see the eco message climb higher up the agenda, which could further change the nature of future Black Fridays.
Ease off promotions – and focus on incrementality
KEY
TAKEAWAYS
Think targeting and personalisation
MONITOR AND UNDERSTAND YOUR SITE TRAFFIC
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This group have Black Friday embedded in their annual plans. Focused on discounting, they offer deals over a vast selection of products across every site category. By heavily investing in digital technologies, they have established sophisticated omnichannel capabilities resulting in them becoming the big Black Friday winners.
BLACK FRIDAY BEHEMOTHS
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With a ‘planet not profit’ mindset, this group have a principled approach to Black Friday, focusing on their eco-friendly credentials. Although representing only a small group of retailers, there is a growing groundswell amongst consumers around supporting their aspirations.
Green Fridayers
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For this group, Black Friday is an opportunity to reward their existing customers. They recognise loyalty delivers long-term profitability and focus on their current customers to enhance their relationships. Black Friday is used to highlighting the value customers gain from this partnership by offering tailored deals to this core group.
Loyalty-conscious
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This group uses Black Friday to drive their customer acquisition strategy: gain customers at the end of the year and convert them into frequent buyers over the next 12 months to grow their businesses. For them, acquiring customers at this stage helps determine their success in the following year.
BUSINESS BUILDERS
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This group has a traditional approach to Black Friday, focusing on liquidating stock that has not sold over the year. Based on how the autumn season performs, additional sales lines will be added as necessary to liquidate stock. Although businesses may have a different strategic focus, this persona has an element in many retailers planning.
STOCK SHIFTERS
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They see Black Friday as part of an integrated Christmas strategy. Taking a broader trading perspective, they seek to shift consumer activity over the whole period, not just a few days. Black Friday helps raise their brand profiles in the critical run-up to Christmas, and they use customer sentiment to drive action.
BLACK FRIDAY AND BEYOND
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ON SALE NOW
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CONVERSION RATES 2019 AND 2020 BASED ON USERS FIRST MESSAGE DATE
NEW CUSTOMERS DOMINATE PEAK WEEK IN ORDER NUMBERS AND REVENUE
Source +
EPSILON INTERNATIONAL UK
Additional info +
All this is forcing retailers to reassess their strategies and evolve their plans to reflecttoday’s reality. As they adopt different objectives, approaches and participationlevels around Black Friday, this is leading to the emergence of a number of definedretailer types.
Source +
EPSILON INTERNATIONAL UK
CONVERSION RATE IN NOVEMBER
July
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
Year
2019
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2020
REVENUE GBP
-4
BEST CUSTOMERS
-3
-2
-1
1
BF
2
CM
4
5
DAYS TO BLACK FRIDAY
NEW CUSTOMERS
WORST CUSTOMERS
ALL OTHER CUSTOMERS
AOV
DAYS TO BLACK FRIDAY
-4
-3
-2
-1
BF
1
2
CM
4
5
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