We’ve all heard of Black Friday; the American consumer’s dream and/or nightmare. On this day, the thrill of incredible savings is paired with a fear of stampeding crowds resulting in equal parts excitement and anxiety. As shoppers work off their Thanksgiving calories, brands hold their breath awaiting the final ROI of their targeted marketing campaigns.
Before we move forward, do consumers even know the origin of the name Black Friday? Here’s a nugget of info to share at your holiday gathering:
“The term Black Friday comes from 1950’s Philadelphia to describe the barely controlled chaos of thousands who poured into the city for the Army-Navy [football] game the Saturday after Thanksgiving. In the 1980’s, retailers successfully rebranded that rather unflattering name into a cultural phenomenon.”
Historical sales data proves consumers are more than willing to open their wallets, but how do companies stand out from the oversaturation of sales and marketing efforts? Further, how do brands appropriately stock shelves to ensure the right items are available in the right quantity?
As with most sales and marketing efforts, success comes to those who best leverage Big Data. Ben Newton, Principal Product Manager at Sumo Logic, wrote and interesting piece on how data technology is supporting the marketing efforts of brands of all sizes as they look to capitalize on the Black Friday madness.
“According to research by Accenture Analytics, two-thirds of retailers consider Big Data ‘extremely important’ to their retail operations and more than three-quarters believe Big Data is changing the way they do business. So, what are the areas where we are seeing those technologies applied?”
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