As the holiday season approaches, businesses globally are gearing up for the much-anticipated shopping frenzy that is Black Friday. Once an American tradition, Black Friday has become a global event where retailers offer jaw-dropping discounts to attract consumers, leading to a surge in spending.
And as we head into the event in 2024, the question persists: Is Black Friday still the golden goose for businesses it once was?
With shifting consumer behaviours, digital transformation and year-round sales, it’s reasonable to question whether participating in Black Friday delivers the same value as before. In this comprehensive blog, we’ll explore the benefits of Black Friday for businesses, highlight key Black Friday statistics business owners, outline an effective action plan, recommend the best platforms for advertising, and discuss common advertising mistakes to avoid.
Where Does Black Friday Stand in 2024?
While the Black Friday frenzy began in the US, Australian businesses and consumers have welcomed the event enthusiastically. From clothing to electronics, furniture and even travel, nothing is off-limits. Recent figures indicate that holiday shopping shows no signs of slowing down.
In 2023, research from a Google-commissioned Ipsos Consumer Continuous study revealed that global holiday sales hit an unprecedented $1.17 trillion during November and December. The same study showed that across 25 countries, 38% of shoppers globally wished they had started their holiday shopping even earlier.
In Australia, the peak shopping season continues to grow each year. Google’s monitoring of search volumes and traffic consistently shows an upward trend during peak periods, supported by data from the Australian Bureau of Statistics (ABS) on online retail spending.
However, Black Friday 2024 will start five days later than in 2023, leaving five fewer days for post-Cyber sales, making this year’s timing more critical than ever.
Five Key Benefits of Participating in Black Friday 2024
With the history of Black Friday dating back to the early 1990s, the value it delivers to businesses, particularly in a digital age, has evolved. Whether you’re a new or established business, participating in Black Friday 2024 offers the following benefits:
- Increased Brand Exposure: One of the most significant advantages of participating in Black Friday is the exposure it offers. With millions actively seeking deals during this period, your brand can reach a vast audience, many of whom may not have encountered your business otherwise.
- Revenue Boost: Black Friday can give businesses a significant revenue spike in a short time. With effective marketing, attractive discounts, and strong product positioning, businesses can see sales multiply over the weekend, setting them up for a robust end-of-year performance.
- Clearing Out Older Inventory: For businesses looking to make room for new products, Black Friday is an ideal opportunity to clear out older stock. Offering discounts on older products attracts deal-hunters while freeing up space for future products.
- New Customer Acquisition: With so many shoppers browsing for deals, Black Friday is an excellent opportunity to attract first-time customers. Exceptional deals and a seamless shopping experience can convert these bargain hunters into long-term customers.
- Enhancing Customer Loyalty: By offering exclusive discounts and deals, businesses can reward their existing customers and strengthen brand loyalty. Black Friday can be positioned as a VIP event where repeat customers get first dibs or special discounts, encouraging future purchases beyond the holiday season.
A Bigger Playing Field — The New Challenges Businesses Face in 2024
As businesses gear up to launch their Black Friday offers, it’s important to acknowledge the hurdles online retailers face during the holiday shopping period.
During the recent OMG x Google Peak Roadshow, these dynamics were highlighted as essential factors shaping this year’s shopping landscape. While the peak season continues to expand annually, 2024 is expected to be more challenging due to two key factors:
- Increased Competition — Online retailers face heightened competition not only within the retail sector but also from other industries capitalising on the seasonal shopping frenzy. Black Friday has evolved into a broader consumer event, with industries like travel, telecommunications, and automotive seeing increased activity. In 2023, 35% of Australians reported spotted Black Friday deals outside of traditional retail, and 28% made purchases from non-traditional categories like flights, with “Travel Tuesday” searches surging by 700%.
- Greater Consumer Consideration — Economic pressures are making Australians more cautious with their spending. Recent surveys show that 30% of Australians are spending more time making purchase decisions compared to last year, 35% are conducting more research before buying, and 40% report fewer impulse purchases.
This shift in consumer behaviour — where more research is done, and impulse buys decline— poses a significant challenge for brands trying to convert browsers into buyers. Google’s “Messy Middle” framework highlights that one in three consumers will choose their second-choice brand just because it shows up when they’re searching, suggesting that brand loyalty may not play a major role in the final decision-making stage.
Moreover, the path to purchase is increasingly non-linear, especially for retail. While online shopping continues to grow, many transactions still happen in-store. In fact, 91% of Australian holiday shoppers use search before visiting a physical store, making an omnichannel approach essential for success.
Australians are also planning their holiday shopping earlier. In 2023, half of Australian consumers intended to start their shopping ahead of time, and 33% later wished they had begun even sooner. Additionally, 39% indicated plans to shop even earlier in 2024, with searches for Black Friday deals starting as early as mid-to-late September.
With that in mind, let’s explore some of the best platforms for capturing consumers’ attention during the holiday shopping season.
Four Platforms to Advertise on for Black Friday 2024
As mentioned, an omnichannel approach to Black Friday 2024 is key. To maximise your Black Friday campaigns, you’ll need to advertise on the right platforms. Here are some of the most effective channels for your 2024 campaigns:
1. Google Ads
Google remains the leader in search. Running a well-targeted Google Ads campaign can drive significant traffic during Black Friday. Utilise Google Shopping ads to showcase product images, pricing, and ratings directly on search engine results, making it easier for shoppers to click and buy.
2. Facebook and Instagram Ads
With Meta’s robust targeting options, Facebook and Instagram are ideal platforms for reaching specific audience segments. Use carousel ads to highlight multiple products or offers, and leverage Instagram Stories for time-sensitive deals.
3. TikTok Ads
If your target audience skews younger, TikTok is a must-use platform. Create engaging, short-form videos with popular trends or hashtags to increase visibility and participation. Partnering with influencers can also help you reach a larger audience, so explore this avenue well in advance.
4. Email Marketing
Don’t underestimate the power of email marketing for Black Friday. Email campaigns remain one of the most effective ways to engage your existing customer base. In fact, a 2023 survey by WooCommerce found that email marketing is the most important channel for e-commerce merchants during Black Friday. To drive conversions, create personalised, visually appealing emails with countdown timers and clear call-to-actions (CTAs).
Your Black Friday Action Plan — Creative Recommendations and Strategy
To make the most of Black Friday 2024, you need a solid action plan with well-thought-out advertising strategies and creative assets that stand out in the crowded digital marketplace. Here’s a blueprint to help you maximise your returns:
1. Plan Your Ad Campaign Early
The key to gsuccess is planning early. Many major Australian brands begin advertising as early as November 14th, ten days before the big day. It’s important to enter your “planning” phase at least 30-90 days before Black Friday, analysing inventory, growing your social channels, and finalising email lists.
Build a timeline that includes pre-launch campaigns to generate excitement. Use teasers to get people hyped for the upcoming deals and start capturing email addresses through early sign-ups.
2. Focus on Your Best-Selling Products
Instead of discounting your entire range, promote your best-selling or most popular products. Highlighting products with the highest demand can generate a buzz and maximise the return on your advertising spend.
3. Develop Eye-Catching Ad Creatives
Your ad creatives should be bold and engaging to capture attention amidst the Black Friday clutter. Use urgency-based language such as “Limited-Time Offer” or “Exclusive Black Friday Deal” to trigger a fear of missing out (FOMO). Visually, opt for clean designs with bold typography, vibrant colours, and enticing product images that clearly showcase the value of your offer.
4. Leverage Video Marketing
Video ads can effectively showcase your products in action and capture attention faster than static images. Consider creating short, impactful videos that highlight your products’ benefits or feature customer testimonials to build trust.
5. Use Dynamic Product Ads
If you’re running an e-commerce store, consider using dynamic product ads, which automatically display relevant products to users based on their browsing behaviour. This level of personalisation can significantly improve conversion rates, especially when shoppers are actively searching for deals.
So, Is Black Friday Still Worth It in 2024? The Answer Is Yes.
Despite the challenges of increased competition and more cautious consumers, Black Friday remains a valuable opportunity for brands. With heightened consumer interest and the potential to capture early holiday shoppers, this event continues to draw substantial attention. However, success in 2024 will hinge on a brand’s ability to adapt.
Black Friday is no longer just about offering steep discounts; it’s about reaching constumers early, engaging with them throughout their decision-making process, and staying top-of-mind through personalised marketing. With industries outside of retail also joining in, there’s more opportunity than ever to tap into broader consumer interest.
Black Friday 2024 remains a valuable opportunity for brands that prioritise demand generation, personalisation, and consistent visibility across multiple touchpoints. Those that excel in these areas will see a strong return as they capitalise on consumer interest and shopping momentum throughout the peak season.
As consumer consideration increases during this competitive season, building your brand and staying top-of-mind is more crucial than ever to ensure success this peak season.
What about Cyber Monday?
Cyber Monday can be viewed as an extension of Black Friday, with many deals running throught the weekend and into Monday. While Black Friday traditionally focuses on brick-and-mortar sales, Cyber Monday offers a second chance to capture digital shoppers who may have missed earlier deals.
For businesses with strong e-commerce capabilities, Cyber Monday is a crucial extension of Black Friday, allowing them to reach even more consumers and maximise sales throughout the weekend.
Common Mistakes to Avoid with Black Friday 2024 Advertising
Even the best-intentioned Black Friday campaigns can miss the mark. And if you’re in the thick of developing your eye-catching ads, here are some common pitfalls to steer clear of:
1. Starting Too Late: Waiting until the last minute to roll out your campaign can leave you scrambling to create effective ads. Begin your preparations early to allow ample time for testing and optimising your ads before the big day.
2. Ignoring Mobile Optimisation: With mobile shopping on the rise, ensuring your ads and website are mobile-friendly is critical. A slow-loading site or an unresponsive landing page can quickly turn off potential customers, pushing them to consider competitors.
3. Offering Generic Discounts: Avoid blanket discounts across all products. Instead, tailor your deals to meet your audience’s wants. Spotlight your best-selling items or create bundle deals that give shoppers more value for their money.
4. Neglecting Retargeting: Many shoppers will visit your site but leave without purchasing. Use retargeting ads to remind them of their interests and offer personalised deals that can bring them back to complete their purchase.
Let Online Marketing Gurus Guide You Beyond Black Friday
While Black Friday 2024 presents a valuable opportunity for businesses, a strategic digital marketing strategy is essential for driving results. Remember, your marketing efforts shouldn’t stop when Black Friday does. At Online Marketing Gurus, we specialise in creating impactful digital marketing campaigns that drive sustained growth beyond seasonal events like Black Friday.
Whether you need help with paid search, social media advertising or SEO, our team of digital marketing experts can guide you in reaching your marketing goals, no matter the season. Let’s discuss how we can elevate your digital marketing strategy. Learn more about our services at Online Marketing Gurus by getting in touch with us today!
