In the UK, Black Friday has emerged as an important event for retailers, capitalizing on the surge in consumer traffic and bargain hunters in the final weekend of November. In light of a relatively subdued consumer response in 2022, retailers are now strongly motivated to develop strategies for maximizing profits and building lasting customer relationships for Black Friday in 2023.
Objective
A global advertising and marketing technology company wanted to create a comprehensive guide to Black Friday to help its customers and prospects in the UK prepare for the upcoming season. Following a period of sluggish growth in the previous year, the company aimed to provide proactive insights into how Black Friday impacts businesses to help its audience make well-informed decisions regarding their strategies for this year’s event.
Our Solution
The company approached Phronesis to assist in conducting primary research to capture nuanced insights about the drivers, barriers, and opportunities associated with Black Friday across different sectors, for 2023 specifically. Phronesis collaborated closely with the company’s team to review and fine-tune the survey questionnaire, develop web scripts, and conduct the primary research which involved engaging with senior professionals in marketing, strategy, and customer experience, including C-suite executives, Vice Presidents, and Directors.
The survey gathered insights into the following key research areas:
- Black Friday’s impact: Significance for UK retailers, influence on sales, and sustainability
- Retailers’ strategies: Planning and promotion, customer relationships, and revenue maximization
- Customer dynamics: Influence on customer behaviour, purchasing, loyalty, and engagement
- Black Friday sentiments: Retailers’ attitudes and expectations for 2023
- Strategic insights: Factors shaping Black Friday’s success
Once the results had been gathered, we created a final report summarizing the key insights and sharing our recommendations.
Outcome
The final report provided comprehensive insights into how retailers could enhance the value of Black Friday, surmount a range of challenges, and foster more value-driven customer relationships that extend beyond the Black Friday season. The company utilized these insights to actively engage and educate both their existing customers and prospects within the retail sector.
