To Black Friday or Not to Black Friday – this is the question I’ve been constantly asked for the past week. Whether you’re an ecommerce, local or service business, chances are that your customers and clients are expecting a juicy, major-savings deal from you this weekend. And because of that, BFCM can shoot up your Q4 revenue – when done right.
I’d like to share some insights addressing a few conversation points I’ve had with business owners to help you decide if and what kind of BFCM is right for your business. To combat the LinkedIn status character limit I’m presenting a post in a blog article. Enjoy!
1. What kind of promotion should I do?
If you haven’t decided on a BFCM promotion yet, you can quickly whip one up. A few examples:
- % off site wide – this is widely popular and customers like it as it doesn’t restrict their purchase. Companies are offering anywhere between 10-40% off. For most of our clients and for our own store we’re offering 20% off. My personal suggestion is, if you choose this kind of promotion don’t run it for too long – one week max. A % off sitewide is a great deal and you want to maintain your brand’s value by letting shoppers know how special this is and how quickly it will go away
- BOGO ( buy one get one ) -This type of deal ensures a minimum $$ spent on your products or services. Your customers receive something discounted or for free with the condition of buying a specific amount or a specific product
- Extra % off on sale items – this type of promotion is perfect if you have extra stock you’re trying to sell. Consumers are generally drawn to great offers so flaunt the huge discount they end up receiving
- Bundles – similar to BOGO, a bundle deal insures a certain $$ amount spent. Put products/services together in a bundle and sell them at a price that makes buying just one of them a ridiculous concept
2. Where do I advertise this?
Everyone is fighting for inbox and social media space right now so pulling traffic to your website and brick & mortar location is tough. The good news: it’s completely acceptable to overpromote your deals during the next week. A few ways you can promote:
- Post on your own social media channels (and don’t forget Instagram/Facebook stories!)
- Send out email marketing campaigns
- Cross-promote your offer with complementing businesses that serve the same market
- Send a text marketing campaign if you have a list of numbers with permission to text
- Call your customers and clients
- Run a Facebook/Instagram paid promotion
- Threads in groups – most groups will erase your post if you self-promote on their feed but they will have a thread for promotions. Take advantage of that!
- Anywhere else where your clients and customers hang out
3. Do I really need a BFCM promotion? What if I don’t want to have one?
You don’t need a BFCM promotion but I do advise you make that decision based on data and not personal preference. You may want to run a BFCM promotion if:
- you notice that your website traffic is consistent with the beginning of your quarter but sales are dropping – it can mean your customers may expect a BFCM promotion from you
- you’re not happy with your email open rate – sending out an email campaign right now will most likely increase your email open rates and pave the road for future email sales. Because consumers are in a buying mood, they are not bothered by emails right now and they’re more likely to open them. We’re seeing consistent open rates of 30% and higher for most of our clients this month
- you have good digital assets, like a large email marketing list or a great engagement rate on Instagram and they are sitting there unused
- you have extra stock you want to get rid of
- you simply need more sales
I hope this helps and please let me know if you have any questions, comments, or want to share insights on what’s worked well for you.
For our ecommerce store and clients, we’ve been focusing on email marketing. The screenshot below belongs to one of our clients, a roughly USD $500 000/year ecommerce store. They have been building an email marketing list and never emailed before working with me last month. I sent one campaign yesterday to their subscribers and customers and brought in USD $6000 (just under CAD $8000) with email only, bringing them to their highest revenue day since they started at USD $8k or CAD $10 000.