How to Build Black Friday Frenzy into Your Online Business

As you may know, today is Black Friday in the US, usually the busiest retail shopping day of the year where many companies put up exclusive deals and sales. It’s not uncommon to see hordes of people lined up in front of malls and electronics stores to bust through doors and snatch up the latest gadgets and holiday gifts before it’s too late. Last year I experienced the mania first-hand when I camped outside a Circuit City to buy a new LCD HDTV. Sure it was a great deal, but was it really worth it? The line stretched hundreds of feet with crazy people who were willing to pull all-nighters waiting in the freezing cold up until the break of dawn. It was a great experience (although I’d never do it again) but if you think about it, it’s pretty insane. These rabid people wait in line for hours on end, just to save a few bucks on some new toys.

From a business standpoint, an event like this is simply amazing. Customers are basically waiting to hand you money! If you’re smart, you should be analyzing Black Friday deals and look to incorporate the same ideas that will create frenzied customers of your own.

Below are some of the main components of Black Friday shopping that make the event so profitable and successful.

• Value - Most importantly, what’s the value? Without eye-popping deals that people find worthwhile, no one will show up.
• Time-limited – Black Friday is just one day a year, so people have to be sure they show up. Otherwise they miss out on all the good deals and savings for the holiday season.
• Competition – Everyone knows that Black Friday attracts tons of shoppers to all stores. That kind of social proof attracts even more people because people in general are followers.
• Hype – Advertisers run tons of ads to build up hype and to get people talking about what’s happening on Black Friday. Shopping forums and blogs usually generate a lot of buzz around this time of year.
• Scarcity - Stores only have so much inventory – which encourages shoppers to get in early and seal the deal.
• Anticipation - Most stores open earlier on Black Friday to increase sales. Not only that, but advertising launch time and featured deals builds anticipation that will attract customers.
• Exclusivity - Everyone wants to be “cool” and getting a good deal brings exclusivity to customers. In some cases, my guess is that “leaked ads” are intentional to build exclusivity and anticipation.

Will you be shopping this Black Friday? How can you incorporate the above components into your business to attract rabid buyers to your business?

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