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11/09/2023
It’s the beginning of November and I’ve been getting “Black Friday warm up sale” emails for the past two weeks. Companies are trying to reach their customer base with better sales before their competitors do. Most of them feel like a race to the bottom on price..
There are 3 main Black Friday tactics
-A Discount
-A Bonus
-Opting out (we see you REI)
Let’s Dive into Discounts
Let me be clear, I very much participate in Black Friday shopping, I love a good discount. The places I shop have trained me for the most part. I typically only buy kitchen gadgets and appliances on Black Friday. In fact, I have a product wishlist already that I will wait and see if certain stores mark them down on BF weekend.
If you offer discounts often, you might just be training your clients to only book you at a reduced price.
Most of the population will use a discount code, or opt for a discount at some point. With BF feeling like a race to the bottom, maybe save that savings for another time where it wont get so lost in the sea of marketing. A business or personal milestone, when you add a new booth or service, etc.
Offering a bonus
First I want to talk about the concept of perceived value: this refers to the subjective worth or benefit that a customer believes they will receive from a product or service. It is based on their perception of the product’s features, quality, and overall benefits relative to its price.
With a bonus you are adding more to your current offering: additional time, an upgraded backdrop, an audio guestbook, etc.
As a small business, Bonuses are my go to because they enhance the perceived value of your offer as the price increases (similar to discounts), but without the negative impact that discounts can have.
Bonuses are also great when paired with a sense of urgency, “today only” “limited spots” etc.
Some ideas for value adds you could offer this season:
Opting Out of the chaos
Within my own company we opt out of sales now. As a service based business, I want someone to work with us because they want to work with us, not because we had the best sale. In all honesty, I have learned over the years, the clients I have discounted tend to be some of my hardest clients. Companies like REI, I have driven massive campaigns around “opt outside” encourage people to skip black friday weekend, and get some fresh air. Sometimes going against the norm, leads to better advertisements and brand awareness!
With the ongoing Black Friday season, keep in mind that there are diverse strategies to explore beyond just discounts. Cheers to finding clients who genuinely value your brand, rather than those simply seeking the best deal,
Check out the booth stock membership for audio guestbook and flower wall content to showcase your bonuses.
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