Black Friday and Cyber Monday are two of the largest consumer spending days of the year. Falling on 23rd and 25th November this year. Is your hotel prepared?
The popularity of the trend
Black Friday and Cyber Monday are taking the retail world by storm. Sales skyrocket at this time- across the board. Hence, everyone wants a discount!
As a result, Black Friday has placed every industry under pressure to get the discounts rolling. You would be foolish not to take advantage.
Good News, the hotel gift voucher market is in a fortunate position for both Black Friday and Cyber Monday. Selling discounted gift vouchers at location and online, hoteliers are sure to see a huge boost in sales if marketed correctly.
For easy Black Friday and Cyber Monday sales, hotels need to market their discounted gift vouchers correctly.
3 ways to market your discounted gift vouchers:
1. Offer premium discounts to hotel members only
Encourage loyalty and repeat business to your most cherished customers. People like to feel exclusive and special, especially if they are part of a club. This is a good time of the year to exclusively reward members for their loyalty and commitment. It may even convince more customers to become loyal members.
2. Limit the number of vouchers on offer
Putting a limit on the available discounted gift vouchers will add value to the experience. Creating a sense of urgency. Often consumers try to avoid consumer dissonance, by spending longer in the decision-making process. (This is the feeling of dissatisfaction with a purchase after consumption).
When creating a sense of urgency, consumers don’t have time to be careful with their purchase decision. Therefore, more likely to purchase on a whim. Especially when there’s a discount involved!
3. Set a minimum value to spend to claim the deals
Set a minimum checkout value with the deal promotion, to drive higher volume purchases.
With highly discounted products, consumers are more likely to purchase a higher volume of them. Due to the perceived value being saved on each item, consumers will stretch their budgets not to miss out on the sale. Therefore, having a minimum value in the basket that must be met is an easy way to ensure margins are protected.
E.g To claim your 20% discount on gift vouchers, the shopping basket must have a minimum order of £100.00 to be able to check out and complete the order.
Hotels must capitalise on their gift vouchers for Black Friday and Cyber Monday.
Under the Buy Now over Book Now theory, sales through gift vouchers over direct bookings prove much more lucrative. Considering that many gift vouchers go unredeemed, rewards of the high voucher sales will far outweigh any worries about lost profit margins.
For more information on how you can improve your gift voucher sales for Black Friday and Cyber Monday, contact us here.