Going into Cyber Monday and Black Friday, the two biggest shopping days of the year, a report shows that men spend more money than women and tend to shop with a budget in mind.
New research from Mindshare North America , found men plan on spending approximately 69% more money than women on these two days. Sixty-eight percent of men have a specific budget in mind for Cyber Monday and Black Friday, compared with 55% of women. Men are also the most willing to camp outside for this shopping (56% versus 29% of female shoppers).
So how can marketers take advantage? Companies must have a good handle of their own data and insights to form the best media plan, which will come from having a view of the data and working with adaptive strategies throughout the holiday season. Marketers can also fight for shoppers via their smartphones.
Mindshare further states that 58% of shoppers will use their phones to check for prices while shopping in-stores. There’s an opportunity there for other brands and retailers to push out messages that day and draw attention to their own sales, even as someone’s in another store. Certain groups are more likely to post deals and what they bought on their social networks. Brands can engage with these posts on social and offer shoppers additional services, like future discounts or customer service.
Companies can use the consumers’ love of the deal to drive more sales. Shoppers have an expectation that there will be deals that put all other deals to shame, which means companies that theorize the holidays as a time to piggyback on the increased traffic to launch new products are mistaken. Planning for increased discounts and promotions during this time is critical to grabbing shoppers’ attention. In the future, Black Friday and Cyber Monday will merge into one promotional retail event.