Black Friday is one of the biggest revenue opportunities of the year for your online business. It’s your chance to reach more potential customers and boost your sales numbers before the end of the year.
So how do you make the most of this popular shopping day? You need a Black Friday sale strategy!
Specifically, you need to decide whether you want to build your Black Friday promotion around discounts, bonuses, or bundles. Is it better to offer a discount on your offers? Or will more people be willing to buy if you give them a bonus with their purchase?
There’s not an objective answer. Each approach offers pros and cons that make it better for certain types of businesses and customers.
Let’s take a look at the differences between discounts, bonuses, and bundles and some of the ways you can make your offer unique so it stands out in the hubbub of Black Friday.
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1 | The Classic Approach: A Black Friday Discount
The quintessential Black Friday sale strategy involves a hefty discount on some or all of your products. Although this tactic has its roots in brick-and-mortar businesses, it can still be an effective way for online businesses to attract customers and boost sales.
The discount approach offers several advantages:
- Popularity: Most consumers associate Black Friday with discounted prices, so your audience is already primed to appreciate lower prices.
- Volume: Discounting your offers can significantly boost your sales numbers, which helps grow your audience and offset the lower profits on each sale.
- Easy implementation: Setting up your website for Black Friday is fast and easy if you’re just offering a simple discount on one or more of your offers.
However, don’t ignore the potential cons of this option:
- Lower profit: Discounting your offers reduces their profitability, which can make it harder to reach your revenue goals.
- Setting expectations: If you offer frequent sales, customers may not be excited about your Black Friday deal.
Although a discount may be the default option for a Black Friday sale, it’s not always the best approach.
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2 | The Valuable Alternative: A Free Bonus
Instead of offering a discount on your products, you could center your Black Friday sale on a bonus instead. With this approach, your prices stay the same, but you give buyers one or more bonus products for free.
Here are some of the pros of offering a bonus:
- Customer satisfaction: Adding a bonus increases the value of your offer, which can attract more customers.
- Brand awareness: The bonus resource you give away is another chance for you to interact with your customers and show them the benefits of working with you.
- Marketing: It can be easier to make your Black Friday bonus offer stand out if most of your competitors are doing discounts instead.
There are a few disadvantages to consider:
- Overwhelm: If your bonus offer is something completely new to your audience, potential customers may get overwhelmed wading through all the details and leave before making a purchase.
- Pricing confusion: If your customers feel like the bonus resource is more valuable than your main offer, it may be more difficult to continue selling your main offer later on.
Offering a valuable bonus can attract customers who prefer to get more rather than spend less on Black Friday. However, it’s crucial to make sure your bonus product doesn’t overshadow your standard offers.
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3 | The Optimal Offer: A Limited-Edition Bundle
Another option is to offer an exclusive bundle of products on Black Friday. This approach essentially combines a discount with a bonus — your customers save money over purchasing products separately and end up with more items than they may have bought separately.
Here are some pros of a bundle offer:
- Increased revenue: In many cases, customers who choose a bundle end up spending more than they originally intended.
- Messaging: It can be easier to sell a bundle than to pitch your products individually because customers are focused on the idea that a bundle is a good deal.
- Audience: Adding your less-popular products to a bundle gets them in front of more people, which gives you the chance to collect testimonials and increase sales over time.
Don’t overlook these potential challenges:
- Setup time: Building a bundle specifically for Black Friday can be a lot of work during a busy time of year.
- Dissatisfaction: If your bundle is too complicated, potential customers may be disinclined to buy because they don’t want most of the products or feel like they aren’t valuable.
When designing a bundle, it’s crucial to choose the right products and price point. Adding too many products can make customers feel like they’re having to spend a lot on things they don’t even want.
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4 | Matching Your Black Friday Sale Strategy to Your Audience
So, which of these options should you choose for your Black Friday sale? The answer depends on your business, goals, and target audience.
Try to put yourself in your ideal client’s place — what would make you want to purchase something on Black Friday?
For example, if your target audience is extremely price-conscious, a discount might be the way to go. However, if your customers are more focused on value, a bundle or bonus might be a better choice.
Balance your customers’ wants with your business needs. Don’t discount your offers so much that you miss your revenue goals or lower the perceived value of your products.
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5 | How to Make Your Sale Stand Out
No matter which approach you choose, you need to find a way to make your offer stand out among the legion of Black Friday sales. Here are some tips:
- Build a runway: Start teasing your Black Friday offer ahead of time, so your audience is excited about it
- Simplify it: Black Friday can be overwhelming for shoppers. Make it as easy as possible for potential customers to make their purchases. For example, if you offer a discount, make it automatic instead of having buyers enter a coupon code.
- Focus on value: Customers want to save money on Black Friday, but most of them won’t just buy stuff because it’s discounted or comes with a bonus. Make sure your marketing and website copy highlights the benefits your customers can expect if they buy from you.
Most of all, ensure that your ideal customer is first and foremost when you’re planning your sale and designing the marketing plan for it.
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Final Thoughts
The right Black Friday sale strategy can grow your audience and significantly boost your sales. But planning a holiday sale requires more thought than just choosing a blanket discount for everything in your shop.
It might make more sense to offer a bonus resource instead of a discount. Or maybe your audience would prefer a limited-time bundle of your bestselling offers. As you plan your sale, consider which approach offers the most benefits for your business and potential customers.
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