Holiday sales are just around the corner, and we all need to be prepared. One of the most common questions asked is how to structure sales and discounts, and what are the most effective strategies to crush it leading up to and during this Black Friday.
In this second episode of the Black Friday series, Jordan West talks about what kinds of discounts to give and how those discounts should be executed. This episode has massive value, so buckle up and listen intently.
KEY TAKEAWAYS FROM THIS EPISODE
- Tried and tested strategies should be implemented, whether it’s Black Friday or not.
- Apply the Rule of 100. If the average order value is under 100, promote your discounts as a percentage off. If the AOV is over 100, promote your discounts in dollar amounts.
- Don’t make your customers do extra work of remembering a code for their discount.
- Sitewide discounts always win versus the use of coupon codes, but combining these strategies works even better.
- Make sure your margins are set up to always be profitable while discounting.
- Bundling products results in a higher average order value (AOV) which equals higher profits.
- Give your VIPs something special like exclusive discounts or gated launches. Don’t do this by email. You can use SMS or announce it in the community.
- Gated launches are when you password-protect your site, and only allow VIPs the password to access the site.
- Your relationship with your customers should be balanced.
Today’s Sponsor
HelpFlow provides 24/7 live chat and customer service teams to 100+ eCommerce stores. HelpFlow's team of agents maximize conversion by recovering checkout abandons, integrating with cart recovery emails, and helping engaged website visitors overcome what's stopping them from entering the checkout process.
Website: HelpFlow.com
Download HelpFlow's Free Resource - How to Predict and Save Cart Abandons with Live Chat at https://helpflow.net/mindful
We love our podcast community and listeners so much that we have decided to offer a free eCommerce Growth Plan for your brand! To learn more and how we can help, click here:
https://mindfulmarketing.co/growthplan-apply
If you've been paying attention and your brand is ready to GROW, apply now to be the one new brand we take on this month!
In this episode's sponsor is Subsummit - led by Christopher George, Co-Founder and CEO, is the hub for subscription commerce enthusiasts. Christopher's entrepreneurial expertise, showcased through successful ventures like Gentleman’s Box, fuels SubSummit's mission. He shares valuable insights at e-commerce conferences nationwide and inspires aspiring entrepreneurs through guest lectures and mentorship programs. SubSummit embodies Christopher's dedication to empowering the subscription commerce community.SubSummit is the world's largest gathering for DTC subscription and membership brands. It brings together industry leaders and aspiring entrepreneurs to explore the booming 2-trillion-dollar subscription industry. Whether you're already involved or looking to join, SubSummit is your go-to event for networking and learning in this thriving sector.Learn more here: Subsummit
