Black Friday is just around the corner, and every eCommerce business owner knows that it’s the most thrilling time of the year to boost sales.
But here’s the secret sauce to Black Friday success: it’s all about your irresistible offer.
You can have the best campaign structure, ads, or bid strategy, but all of that is irrelevant if you have a subpar offer.
As Alex Hormozi aptly put it, “Make offers so good, people feel stupid saying no.”
So, let’s dive into three irresistible offers you can create to maximise profit around Black Friday.
1. Big Discounts: Go Bold or Go Home
Consumers anticipate jaw-dropping discounts on Black Friday, and it’s your chance to deliver. This is not the time for measly 5-10% discounts – aim for the 40-60% range if your profit margins can accommodate it.
Of course, it’s essential to calculate your profit margins and not dip below that threshold unless you have a clever upsell strategy in place. Here’s the magic of big discounts: people rarely buy just one thing on Black Friday.
Use your discounts strategically to achieve multiple goals.
Firstly, attract new customers with the irresistible allure of a major discount.
Second, increase your Average Order Value (AOV) by upselling complementary products or enticing customers to spend just a little more. Lastly, it’s a golden opportunity to clear out old stock, making room for new inventory.
The key is to balance generosity with profitability.
2. Buy More, Get More: Encourage Bigger Purchases
On Black Friday, consumers are ready and willing to open their wallets, so give them enticing reasons to spend more with you.
One effective approach is the “Buy More, Get More” strategy. For instance, offer customers a tiered discount based on their total purchase amount: Spend £50 and get 15% off, Spend £100 and enjoy 20% off, or splurge £200 and get a fantastic 25% off site-wide.
This type of offer provides shoppers with clear incentives to purchase more to unlock greater savings.
It’s an approach that is working wonders for one of my jewellery clients, as an early bird Facebook ads campaign.
It’s not just about giving discounts; it’s about making every purchase feel like a winning deal.
3. Limited Edition Bundles: Create Exclusive Value
Black Friday isn’t solely about single-item sales. It’s the perfect time to introduce limited edition bundles that drive up your Average Order Value.
The key here is to ensure the combined value of the bundled products significantly exceeds the bundle’s price. That way, it’s a no-brainer for shoppers to opt for the bundle rather than just buying individual items.
These bundles can cater to various consumer preferences and create a sense of urgency.
You can offer themed bundles, holiday gift sets, or even exclusive combinations of your best-sellers.
The exclusivity and value offered by these bundles make them irresistible to customers seeking an exceptional deal.
In conclusion, your Black Friday success hinges on the offers you present to your audience.
Big discounts, “Buy More, Get More” deals, and limited edition bundles are all potent strategies to maximise your profits during this retail frenzy.
Remember to strike a balance between capturing your customers’ attention and safeguarding your profitability. If as a small business, you cannot offer huge discounts, then don’t.
Below are some alternative offers you could try:
- free delivery when you spend over a certain amount or 1st order
- early access to secret sale
- free gift with purchase
- buy 2 get 3rd free
- discount on product of the week
- voucher off when you spend over a certain amount
With the right offers in place, you can make Black Friday a truly unforgettable and profitable event for your eCommerce business.