Black Friday sales have been around since the 1960s. But it wasn’t until Amazon bought it to the UK in 2010, that it really took off. Although Black Friday (and Cyber Monday) sales do lead to an upsurge in sales, many online business owners are asking if they should run Black Friday discounts too.
Because a lot of smaller businesses tend to only take part in Black Friday, through a fear of missing out.
And personally, I don’t think you should run Black Friday discounts.
As a business owner, you’re not going to lose out on anything, by not having a Black Friday discount. And let’s face it, there’s no need to discount for the sake of it.
Black Friday discounts can work if you have something specific to promote. Your customers are primed to go shopping during Black Friday, and many will hold off until this day, to ensure they get the best deal.
And this is good news for you if you want to promote something specific and want that initial upsurge in orders. Just bear in mind that you may have more people on your books, but if they’re paying a lower price, you’re just diluting your revenue. And depending on what you’re selling, you’re also potentially working harder for less money.
Because the reality is, many of those buyers who have you on their radar, will have bought from you anyway. There are better ways to promote your business, without potentially devaluing what you have to offer.
Look to get smarter with your marketing throughout the year. Create a plan for 2021, so you’re clear on your pricing, your packages and your marketing plans, to help you reach your financial goals.
And if you still want to do something on Black Friday, bear in mind that it doesn’t have to involve a financial discount.
Create an irresistible offer. Your customers want to get maximum value for their money, not necessarily the biggest financial discount. You could look to create additional value by adding additional products or resources. These don’t have to eat into your profit if you think creatively. Access to an online course is a popular option, as it enables you to stay hands-off and it doesn’t matter how many people it’s being delivered to.
Black Friday does tend to create a lot of sales and hype. But you need to look past those initial first impressions and decide if taking part is the best option for your business. Often, it’s far better to have a smarter marketing plan in place, to help you sell at a price that better reflects the value you provide.
If you want help creating a plan to get clear on your package prices and earn more in 2021, you’ll want to join my 2021 Pricing + Profit masterclass! You’ll be able to get clarity on your package content and prices, so you’re no longer under or overpricing, and you’ll also have the year planned - ensuring you know what you need to do, to hit your revenue goals for 2021. You can find out all about my 2021 Pricing + Profit masterclass, here.