Black Friday deals are almost here – the day when people camp out at 2am and push each other out of their way to obtain the best deals and bargains to fulfill their holiday shopping list.
But this year – assuming you’re not in a turkey coma – you can head to the retailers after thanksgiving dinner. From a business perspective – this makes sense. You can attract a new kind of shopper – one that enjoys sleeping in and not fighting the crowds before sunrise. Increasing your revenue…
Well…now that Black Friday is no longer a 1 day sales extravaganza (it’s now 3 days!) – the unique aspect that were Black Friday deals are now gone. It also takes away the most important aspect of a special sale – the sense of urgency.
That’s what makes special sales so significant to revenue growth. They have a short time limit. They end. And you have to act now to take advantage of that special offer. Otherwise – it’s gone. This short time limit to act now is what makes a special sale special. And makes your ROI look special, too.
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This year’s Black Friday deals lose the sense of urgency. You don’t have to be there at a certain time to take advantage of that special offer. You now have 3 days to do so, giving consumers the opportunity to forget about you.
So what can you take away from this year’s Black Friday strategy and keep your special sale special?
1. Make your special sale short in duration. And when it ends – don’t extend it. I’ve done this in the past in my career – “extended just one more day!!!!” But what I’ve learned is that if your special sale is no longer generating what it used to – it’s time to be innovative in your product and service offerings. That means people aren’t seeing value in what you have to offer. Or they’re bored with what you have to offer. So keep it short and evaluate afterwards compared to previous sales.
2. Make the offer something they can’t pass up. Whatever it is you sell (products or services) – make it something they can’t pass up. Typically it’s best to use a % discount over a $ amount discount. And make the % discount more than 25%. Why? Because a % discount appears larger in the consumers eyes. You’re not deceiving people – you’re making it sound more appealing. Plus – 10% or 20% offers aren’t really significant.
3. Make sure you market “one last chance” before the special ends. Consumers are procrastinators by nature. They’ll save that email or write a note – but most will forget to act. By offering “one last chance” you obtain those procrastinators – thereby increasing your revenue on the last day of the sale.
4. Don’t offer the same special sale again for a while. If you offer too many sales – you lose the sense of urgency. So give time in between offers. That’s how you make a special sale special. And before you offer that discount again – offer a smaller one in between. This helps make the special sale special.
To be clear – I’m not saying don’t offer a 3-day sale. But when the special is named after a day of the week – keep it to just that day. (See Apple.)
And be sure to market your special sale in a unique way. Use email marketing, social media, blogs, and keywords to help get the word out. Keep it short and sweet, too. Focus the act on buying and buying now. Don’t let the consumer get distracted by too many details.
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