From November 17th to 21st the seventh edition of El Buen Fin, a self-styled commercial movement in Mexico inspired by Black Friday in the United States, will take place throughout the country and like Black Friday, will mark the beginning of the Christmas shopping season.
It is true that throughout these years there has been a disenchantment with the initial expectations of El Buen Fin – as revealed by an El Universal online survey in which more than 60% of people reported normal or even inflated prices. However, according to data from the National Institute of Statistics and Geography (INEGI), over 58% of the participating retail companies said they had good results, 37% had regular results and only 4.5% rated them as bad.
However, taking advantage of the positioning of El Buen Fin is a great opportunity to increase the sales of your company and increase your brand recognition. There are more than 55 thousand companies and 86 thousand commercial establishments that have joined this initiative; and according to Asociación Mexicana de Venta Online (AMVO) during El Buen Fin 2016, 72% of internet users in the country ended up making a purchase on a site related to the program, which resulted in a 70% increase in the amount of purchases made online in respect to the 2015 campaign.
The information above reflects that there is a genuine interest in the public to know the offers of El Buen Fin, which in its 2017 edition expects to exceed 100 billion pesos in sales. That is why we share some points to make the most of this initiative.
Register your business on the official site. It is a very simple process in which you provide your company's data in order to make use of the graphic material, slogans and, in general, to be able to refer to the participation of your company in the program. If this registration is not made, the use of any material associated with El Buen Fin is considered illegal.
Plan your offers. Analyze your inventories and profit margins to be able to offer the best possible discounts. Take into account that during these initiatives people prefer considerable discounts on products with a higher cost. It also considers mixing promotions such as discounts with payments to months without interest or greater discounts if you choose between these two options.
Prepare the promotional material. Make sure all channels are aligned to a single objective: make yourself known as a participant in El Buen Fin. All communication channels must include references to your participation in the program, including the El Buen Fin logo and direct mention of the dates. Digital advertising offers an excellent opportunity to reach specific audiences, but keep in mind that the value of the bid for some segments of the public will rise during these dates as a natural consequence of the increase in competition.
Start the promotion. The ideal date to start promoting El Buen Fin offers is November 1st. It offers enough time to leverage the intentions of potential clients without being annoying because it is too early in the promotional cycle.
Online store. If you already have a store, this initiative is an excellent opportunity to increase sales through this channel. It presents the offers associated with El Buen Fin on the front page and uses the logo of the program so that users can quickly associate their visit with special promotions. It shows the original cost and highlights the cost after applying the promotion so that customers feel more inclined to take advantage of the offers. If possible, change the promotions offered during the days in which the program is active so that people feel a greater urgency to take advantage of the juicy discounts, always reminding them of the limited availability of an offer.
Temporality and availability. Although the validity dates of El Buen Fin are perfectly delimited, remember to mention it in your advertising material and include words that encourage the customer to make the purchase as soon as possible due to its limited availability.
At Mijo! Brands can help you build your online presence, so you can strengthen your business in the digital world and in the next big commercial event. Discover the benefits that an online store, social media campaigns, and other initiatives digital marketing offers to your business.
Guillermo Lamphar is Digital Strategist with Mijo! Brands, a leading creative digital agency in CDMX and Puerto Vallarta. Visit us at mijobrands.mijo.dev or contact us.