I get so frustrated when I see so many businesses that don’t do ANY of the basic 5 things to maximize their Black Friday/Cyber Monday.
You GOTTA be doing at least a few of these.
Here they are….
1. Discounts:
Offer a higher discount than usual, like 30-40% at minimum.
You can also offer tiered discounts, like 30% off for purchases over $50 and 40% off for purchases over $100.
Whatever you do...don't do a pathetic 10% off.
To cut through the clutter, you gotta make a splash during BFCM - so think deep discounts - as much as your business permits
2. Bundles:
Create exclusive bundles that include your best-sellers plus some of your less popular items.
Ideally package 2-3 of your most popular products together - then take 30% or more off the total price.
The important thing is to show the math - the full price versus the bundle, piece by piece.
Killer tip: Use order bumps for an item related to the product they are buying - but that is less expensive.
A good rule of thumb is an order bump price is usually less than 60% of the main product cost.
For example, if your product costs $100, the order bump should be no more than $60.
3. Free Shipping:
Free shipping is a tried and true offer enhancer....you just gotta know your economics to pull it off.
This means you need to know your CAC, gross profit, and profit margin to understand exactly at what threshold you might be able to offer free shipping, if at all.
Remember that shipping cost is one of your customers' biggest considerations when buying online.
You can thank our diabolical friends at Amazon for this one...thanks Amazon Prime! 😡👿😠
Since you are NOT Amazon, the best way to determine your free shipping is to look inside your analytics and figure out your average order value (AOV).
A good idea is to set your free shipping threshold slightly above your current AOV for new customers.
That way, you get the dual benefit of a larger AOV plus fewer cart abandons.
4. Discounted Shipping:
Another idea is to offer discounted shipping only for orders over a certain amount.
Use the same strategy as above: Figure out your average order value for new and returning customers, then set your shipping discount threshold slightly above that average.
We mention these two strategies because cart abandonment rates range from 70-97%.
When customers are asked WHY they abandoned, 3 out of the 4 top reasons are shipping related:
"There was no free shipping"
"The shipping costs were too high"
"I didn’t qualify for free shipping"
So...shipping is a big deal.
Get them to say YES more by making your shipping costs irresistibly low...
5. Mystery Gifts:
Last but certainly not least, is mystery gifts.
One of our customers did this and increased their sales by over 61% just by doing this one tip alone.
Now their customers clamor to get on an exclusive "velvet rope" mailing list—all to get a $10 mystery gift...
It’s not to late. Get it done. Now.
#bfcm