Five suggestions for running activities during the holiday season to avoid bringing down your profit
Small-scale businesses may participate in Black Friday and Cyber Monday and still not be able to lose money. Learn how to run holiday promotions without hurting the profits of your business.
What images come to mind when you hear the term "Black Friday"?
If you're me, it's massive lines starting during the Thanksgiving season, massive crowds fighting over TVs that are marked down to a minimum as well as frantic retail stores trying to keep pace (and ensure peace).
However, Black Friday -- and its online cousin, Cyber Monday -- has evolved over the past few years. A lot of people are seeking discounts from the comfort from their couches and "doorbusters" are now more symbolic and not literal.
Small-sized business owners and solopreneurs, though providing the usual Black Friday and Cyber Monday discount could be off the mark. If you cut your costs too low, and you may not be making it to the point of breaking even.
It doesn't mean the sales aren't available to small businesses. Just a bit imagination instead of depending upon the most expensive discounts in order to grow sales.
In this article, we'll offer five tips to help you maximize the value of Black Friday and Cyber Monday celebrations while not damaging your profits.
Do creators have to take part in the same way as the creators Black Friday and Cyber Monday?
The short answer: Yes.
The year of 2020 was most profitable for Black Friday sales. Black Friday sales averaged 9 billion dollars . The Cyber Monday sale was more remarkable by $10.8 billion, which makes it the most popular online shopping day to be observed within U.S. history.
This is a significant amount of work done in two days.
Holiday e-commerce sales are projected to exceed a record in the range of 207 billion bucks the U.S. between November and 2021. That's a 10 percentage increase from the sales of 2020. In addition, Cyber Weekend which runs from Thanksgiving through Cyber Monday -it is the biggest holiday.
The online shopping experience is becoming an element of the Cyber Weekend pie in recent period of. The year 2019 saw 93.2 million buyers bought something online during Black Friday, and 83.3 million made the same purchase on Cyber Monday.
Since the beginning of COVID-19, the amount of people who shop online has increased more than before. In 2020, the e-commerce spending totaled $791.70 billion, up 32.4 percent over the previous year.
Many are looking for bargains online.
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How can you make the most out Black Friday 2021 Make the most out of Black Friday with these dedicated guidelines, tricks and techniques to create the best year of sales.
And creators selling digital products including online courses, digital items, and memberships have advantages over stores that offer physical items.
This is because you're selling an intangible product, meaning there's no need to fret about ensuring you have enough inventory, or dealing with problems with the supply chain.
In addition, you could provide your customers with immediate access to their orders without having to stand in long lines, or wait waiting in line until their order is delivered.
You may not have coupons offering 75% off or buy-one-get-one free promotions like big box retailers, however, there are ways for small and creative businesses to take part in Cyber Weekend without breaking the budget. Find out 5 strategies to help you achieve this.
Five ways to promote your business during the holidays that won't kill your profits
#1: Offer discounts sparingly
The deep discounts are the major reason to shop Black Friday and Cyber Monday. Who wouldn't want a good deal?
Actually, coupons have been proven scientifically to create a sense of satisfaction in people. The research conducted by Dr. Paul J. Zak who is a professor in economics and neurology, found that shoppers who received coupons worth $10 experienced a jump of 38% on oxytocin levels, and 11percent happier than shoppers that did not receive coupon.
Smaller businesses are able to provide promo or coupon codes to celebrate the holidays. To avoid hurting the bottom line of your finances, you need take care to use it wisely and with care.
A way to accomplish this is by only offering coupons for special occasions, or to a certain amount of individuals.
Discounts on your merchandise constantly will damage your image and brand's importance . If you give discounts through the year customers won't be able to purchase your product at for the entire price, and will wait until the next time you sell.
If you have promotions that are offered a couple of times a year, as Reuven, shoppers will be more likely to take advantage of those deals.
If you offer those promotions available to a limited segment of your customers or subscribers and subscribers, you might be able to leverage the principle of scarcity through the use of FOMO (the worry of missing out).
FOMO can be an highly efficient instrument
60% of consumers make purchases because of FOMO.
90 percent of Americans think that an exclusive offer will make them more likely to look for a particular brand.
48% believe this exclusive offer can help buyers buy more quickly.
In the above example from Reuven the businessman reminds his customers "Hurry to get this deal, and it is only available until Cyber Monday." The customers only have just a few days to avail the 40% percent discount, which makes them more likely to redeem it.
It's not necessary to have to provide 40% discount, however.
If your margins for profit aren't great, look for less expensive discounts. says Mike Moloney who is the co-founder of FilterGrade :
"If you have a few margins to consider, I would suggest using a lower discount, somewhere in the range of 10% to 20 percent. These are highly effective in getting new customers to sign up."
The Rule of 100 says that for items that are under $100, people typically prefer to see discounts in percentages. For things that are more than $100, customers prefer to see the amount actually saved.
In the end discounts and coupons could be an excellent way to increase the sales of big holiday sales But they're by no by any means the only option. This tip is focused on improving value, without cutting price.
#2: Create bundles of products
Whoever believed that "less means more" didn't know the worth of your Cyber Weekend deals.
If you're unable or do not want to offer discount coupons, then product bundles are the perfect option to boost the perceived value of your product and increase the average value of your order (AOV) without offering a discount.
Patrick Campbell, Founder and the CEO of ProfitWell, explains: ProfitWell Patrick Campbell, ProfitWell's founder and CEO, talks about:
"Price Bundling" is which allows companies to bundle multiple items or services in one package at a single cost. They are generally offered at lower prices than when they are bought separately.
Each product in the bundle is offered at a reduced price, this is an approach to boost the average amount of revenue per user (ARPU) and also the engagement of your users."
In the case of digital products, it's not so logical to run traditional sales such as buy-one-get-one since you're usually selling access to something like an ebook or membership -which buyers only have to buy once.
Justin used the Bundling of Product feature to provide all his most popular content and classes to digital marketers for a much lower price that what it would cost for each of the items each.
The method did not just increase the revenue of clients It also helped Justin by bringing into new customers. :
Check out the bundling choices -- along with a myriad of different. Register here . (No necessity to have a credit card!)
At the end of the day, bundles can prove to be an effective way to price holiday promotions. But what happens if your bundles only include a few of things? You're covered -- and your customers' lists of Christmas purchases addressed in the next piece of advice.
#3: Aid shoppers with their gift buying
Cyber Weekend is among the most popular period of the year to purchase presents for the holidays. For the year 2020 the average consumer spent the an average $311.75 on holiday purchases.
For creators (and your clients) Courses online are great gifts. This is why the technology and shop experts of Mashable ranked an annual membership to MasterClass as one of this year's top gifts for digital devices:
Guides to gifts can be a great option for those who want to tick off all of their Christmas list. If you've a site, create a gift guide such as this business owner gift guide written by the business mentor at Wandering Aimfully:
If you are listing your own products within the gift guide, make sure that you add other recommendations. If not, it's a marketing piece that you can use to promote your business.
Of course, there's always another option to give gift cards. If you're selling through the internet, you are able to create gift certificate products which you sell on your site. For examples, see the following example in Soul Food Talks :
It's not necessary to be stopped in this moment -- Cyber Weekend can be a wonderful time to present gifts to your customers, too.
#4: Sweeten it by giving away a reward
Promotions are likely to influence the vast majority of holiday consumers. price reductions or free shipping, as well as the free gift are considered to be one of the most attractive promotions.
Worksheets, checklists and worksheets provide great content for bonus items as they enable your clients to get more out of their purchase.
Marketing Showrunners achieved precisely the same thing, providing an unrestricted reward to anyone who signed up early for their Showrunners Sessions class :
By offering a no-cost pdf book written by co-founder Jay Acunzo, Marketing Showrunners gave value in exchange for early registration.
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It doesn't matter if the Black Friday promotion is a promotion for a free product in exchange for a discount or a product bundle There is no way for anyone to be aware of it unless you have informed the customers. Which brings us to the last point, which is to inform people of your sales for the holidays.
#5: Inform people about the promotion
The biggest holiday sales across the globe won't do you much good if people do not know about it. When planning for your sales during the holiday season, be sure you spread information and inform your customers of the Black Friday and Cyber Monday offers.
A drip-campaign -- the sending of a series of emailsin the lead towards Cyber Weekend can help build anticipation. Avoid sending out large amounts of emails or sending messages to your customers that contain spam However, be cautious.
It's likely that you've experienced it yourself that people receive a lot of marketing emails from businesses in the lead-up to Black Friday. The marketers of e-commerce sent more campaigns in the days leading up to Black Friday than on any other day of the year, in 2018.
Constant Contact recommends sending three emails at the very least one week prior to when the sale begins: "One that teases your sale, another that describes the offer and that concludes with a last chance reminder."
As for what to include in your email messages, Here are two guidelines:
Make sure to highlight your promotion in the title. Emails with percent-off discounts included in the subject line had a average conversion rate in the range of 18.1 percent when compared with 3.8 percent when subjects don't include particular deals.
Make users feel urgency. An experiment carried out by ConversionXL observed that the use of a countdown timer- as the one from DataCamp below resulted in an increase of 147% of conversions.
In addition to email, social media can be an excellent method to spread information about holidays-related events and special occasions during the season, especially when your audience is younger. 59 percent from Gen Z as well as 55% of the millennials find products through social media.
Similar to the drip email earlier, make use of a series of social posts to build anticipation around your Christmas deals. As an example a travel writer Nele The Navigatio The Navigatio sparked excitement ahead of the debut of a brand new product as well as the Black Friday sale with this tweet :
Then, a few days later Nele made it clear the much-anticipated ebook was now available.
One advantage of social media is that it's user-generated content (UGC). In all industries, prospective clients who look at UGC transform at a 161% higher rate . Provide testimonials from students, members, and satisfied customers to promote the Cyber Weekend deals.
If all else fails then you could utilize Black Friday as an excuse to tweet an absolutely adorable picture .
At the end of the day, if the Black Friday sale happens and no one is aware of it, then it didn't necessarily occur. You shouldn't only focus on providing the lowest price, make sure the right buyers are also aware.
Profit from Black Friday and Cyber Monday
More than ever before, Black Friday and Cyber Monday offer a fantastic opportunity for entrepreneurs, creators, as well as small-scale businesses that sell online. Even with a low margins of profit it is possible to participate in this year's shopping holidays.
Here's how:
Discounts should be offered sparingly and cautiously. More customers think about discounts and discounts, the less likely they are to spend the full cost.
Make bundles of products by putting related products, such as ebooks in a set and an online class, and similar guidebooks.
Let customers help in the process of shopping for Christmas by promoting your products as gift cards or gifts or even putting together an online Gift Guide.
Let buyers to be lured by freebies such as templates, printables and ebooks so that they can make the most of the purchase.
Promote your holiday deals. The two most popular channels are email and Facebook. two tested and tried ways to spread the word of sales and promos.
I hope this article has filled the arsenal of strategies you can employ to offer fantastic deals on the holiday season without hurting the bottom line of your business. And whether it's your first year in the role of creator and the 15th year this year, I wish you the best for Cyber Weekend and beyond.
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