You are probably asking yourself "Another post about Black Friday? I've already read a lot about it", but don't worry, this blog won't just talk about Black Friday. We will answer some questions about the date, recommend best practices you can apply to your business, and later talk about a very special topic: Fintechs, what do they do on Black Friday?
The marketing and consumer data company Statista did a study on the average spend per person on Black Friday for Latin America in 2020, and you can see a pretty high per capita spend, especially in Argentina.
Average spending per person on Black Friday in selected Latin American countries in 2020
According to Appsflyer, in 2020 there was a record in e-commerce sales on Black Friday, and the trend is set to repeat itself in 2021 for both e-commerce spending and app growth. In their report, The State of eCommerce Apps Mexico & Latin America, it noted that in the first half of 2021 alone, installations increased by 48% compared to the same period last year.
5 Best Practices for Black Friday
Regardless of your company's vertical, here are the 5 most useful tips for you to increase your sales on this date:
1. Have your own app
In an increasingly mobile-first world, companies that have their own apps position themselves ahead of their competition. Apps are another channel of communication and contact with customers and can facilitate attention, service, and the user journey.
2. Create targeted campaigns and communicate them in advance
To strategically build your campaigns, you should consider: discounts, creative and event-aligned communication materials, among other things. It is ideal to start your Black Friday campaign a few weeks or even a month before the date, because it will make your customers look forward to it, and it will also attract the attention of potential customers who are looking for your products or services.
Landing pages can be created for "waiting lists" or offer early benefits for early bird customers to improve user engagement.
3. Seeing is believing (or buying, in this case)
According to the Business of Apps report, there are more than 1 million iOS apps and more than 2 million Android apps in the world, so the most important thing is to stand out to increase app downloads and sales.
Good design and branding increase brand identification and generate a feeling of seriousness and reliability for your company. It is not enough to change creatives on those special dates, you also have to reinforce the Growth strategy through different paid media channels to attract quality users to your app while lowering the cost per acquisition (CPA).
4. Security and good reviews
Security for the user is key since they tend to add their payment data and other private details to the apps. All users want to know if shopping with you or hiring your services is safe. To give them that feeling of security, it is essential to have excellent customer service, a good reputation and reviews, and very clear security and privacy policies.
5. Data Analysis
Analyzing user data is essential to understanding the performance of your campaigns, user behavior in the app, and the shopping experience. It is also critical to create expectations and plans for the next big sales date based on this data.
What about Fintechs? What strategies do they use to take advantage of Black Friday?
It's common to think that Black Friday and other special dates should only benefit e-commerce apps or delivery apps, but finance apps can also take advantage of these dates.
Mercado Pago, for example, gave many discounts and benefits to small businesses that sell online so that users could use its payment solution last Black Friday. For individual customers, it offered discounts at different stores and for customers who paid by QR Code, cash prize drawings, and special conditions for those who ordered the Mercado Pago card.
Other finance companies and banks opted for the investment side, for example, offering zero brokerage fees for buying and selling shares on the stock exchange, cashback for foreign currency exchange, as did some traditional banks in Brazil, such as Bradesco and Banco do Brasil itself.
Easynvest, which was bought by Nubank in late 2020, offered investment and social security opportunities with lower minimum fees, 50% of the original value, and higher returns.
Other strategies might also include reducing the minimum waiting time for the redemption of investments, offering customized investment portfolios for new investors, or raffling off low-risk stocks as prizes. Many financial research firms offered free or discounted courses for new students who wanted to learn about the financial market.
Another Fintech company that decided to start early this year with Black Friday was PicPay, which is offering up to 15% cashback with some partner companies like Nike, Carrefour, Netshoes, among others.
As we can see, the better the strategy, the more customers you can acquire during Black Friday and other special sales dates of the year. Furthermore, Fintechs do not stray from the rules we mentioned above to improve the user experience, security, and purchase intentions. Therefore, the power of promotions and good marketing cannot be underestimated.
Is your company ready for Black Friday? At Rocket Lab, we help you develop strategies for your app and get new users for the most important time of year! Contact us!