Itโs been a dire year for Australian SMEs: ongoing rate rises, ever-increasing inflation (and subsequent reduced consumer spending), tax hikes causing business closures, cost of goods — the list well and truly goes on.ย
And with the biggest annual global sales event just around the corner (or, more accurately, already underway), SMEs are now asking themselves if they should participate in the sales.ย
Heavily discounting products at a time like this may now seem like more of a loss than a potential for profit, so SmartCompany asked the marketing experts driving the global expansions of SMEs for their opinions.ย
Unidays โ Jordan Gamble
For Unidays strategic account manager Jordan Gamble, itโs a ‘yes’ as to whether Australian retail SMEs should participate in the BFCM sales โ but thereโs a caveat.ย
โThe consumer appetite for discounts during BFCM has transformed this period into a key shopping event, making it difficult for brands to ignore without potentially losing market relevance,โ he tells SmartCompany.ย
This is especially true for small and emerging local brands, as the retail landscape is becoming more and more competitive each year, leading consumers to โincreasingly expect significant deals and discounts during [the Black Friday sales] periodโ, Gamble says.ย
While he believes emerging Australian brands should participate in the sales in order to build visibility and establish customer relationships both locally and abroad, he does warn of the many challenges that brands face during BFCM.ย
Gamble says that for small Australian brands looking to make their mark on the market, a well crafted BFCM strategy is essentialโbut โbreaking into the global scene goes beyond the initial BCFM rushโ.ย
โTo maximise the BFCM opportunity, Australian brands should invest in a robust, data driven, year-round marketing strategy that cuts through the promotional noise.โ
Hero Packaging โ Anaita Sarkar
Anaita Sarkar, the founder of Hero Packaging, is also a marketing expert with decades of experience, and the author of the best-selling book Sell Anything Online.ย
Needless to say, Sarkar is no stranger to Black Friday, and believes that โbig sales weekends are great for SMEsโ.ย
After all, the BFCM sales have helped Hero Packaging scale internationally โ but perhaps not directly. What it comes down to is the exposure the global sale weekends provides SMEs, and the success of Hero Packagingโs Black Friday sales was (and still is) โcompletely dependent on our marketing activitiesโ.ย
โThe more content we create, the more our content is shared, and this invites new international consumers into our brand atmosphere,โ she says.ย
โThese consumers want to jump on our sales so they can test our products, so we see a spike in customers from places like the USA, New Zealand, and the UK, [and] a spike in email subscribers from other countries.โย
Sarkar advises other SMEs during this yearโs sales period to utilise their โowned media to cut through the noise of other brands onlineโ, and to not get caught up in the misconception of being seen as a โdiscount brandโ for offering discounts.ย
โA misconception is that going on sale will taint your reputation as a small business and will also make customers wait for your sales to purchaseโ, Sarkar says, โbut this is not trueโ.ย
โIn fact, these sales periods are a great time to activate audiences that have been sitting dormant waiting to purchase, but never have.ย
โThese audiences, also called mid-funnel audiences, may be email subscribers or social media followers who can finally try your brand with lower risk (as the price is lower).โย
Kic โ Nicole Maycroft
The powerhouse duo behind Kic are no strangers to the Black Friday sales period, especially since Steph Claire Smith and Laura Henshaw first went into business together in their early 20s.ย
The once only-two-woman team is now a much larger operation, and the business runs globally thanks to the Kic app being available to download across the globe.ย
So what does that mean for Black Friday sales in a business that is predominantly an app, especially after being named in Forbes Australiaโs inaugural 30 Under 30 list just last month?ย
Speaking to SmartCompany today, Kicโs long-running PR and communications manager Nicole Maycroft says that Black Friday is always a sales period where Kic is โnot just up against direct competitors โ weโre competing with brands from every corner of the marketplaceโ.ย
โAs a SaaS business, we are forced to think outside of the box to educate and empower consumers to invest in their health & wellness โ as our app is not your typical โadd to wishlist productโ,โ Maycroft explains.ย
In the global battle of consumer attention and wallet share, Maycroft says itโs essential for Kic to do something completely left of centre โ especially when it comes to this yearโs sales period.ย
For Aussie brands currently beginning their BCFM marketing in the lead up to the official weekend, Maycroft has timely advice.ย
โWhen planning your CRM strategy, consider the influx of โBlack Friday starts nowโ emails youโll personally receive,โ she suggests. โGet creative with your subject lines and think about what would entice you to open.โย
For Kic, affiliate PR has been a new tactic on its radar this year, and this BFCM season will be demonstrative of that from all aspects of the brand.ย
โIf youโre an e-commerce brand, I highly recommend looking into this as it could be the deciding factor as to whether your brand is included over your competitor,โ Maycroft says.
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