Black Friday is days away…
And if you’re scrambling to put together some last-minute strategies -- then you’ll find this newsletter valuable.
If you didn’t know, we created a 1-hour crash course to help optimize your Black Friday and Cyber Monday strategy that breaks down everything you need to increase your sales.
Here’s a summary:
Consumers are on the hunt for the best deals.
And if you’ve nurtured them, then they’re on the hunt for your best deal.
But, many creators don’t strategize how they offer discounts or optimize these discounts to create a sense of urgency.
So, to help you do just that, here are 3 discount strategies to consider:
Volume Tiered Pricing
Tiered pricing is a great way to create demand for products in this digital world where it’s hard to create scarcity. With tiered pricing, you would discount the product and incrementally increase the price of the product after X amount of purchases.
$10 for 50 customers
$15 for the next 50 customers
$20 for the following 50 customers
And you continue to raise the price until you reach the full price
Limited Quality Of Discounts Available
Another way to create scarcity around your product is to offer a limited amount of discounts. For example, only the first 250 customers will receive your Black Friday discount.
Time Sensitive Discounts
Lastly, you can offer time-sensitive discounts. A time-sensitive discount is where every X amount of hours you would raise the price.
The sale starts at 6am
From 6am to 12pm, the product is discounted by 50%
From 12pm to 6pm, it’s discounted by 40%
And this continues until the following day
Or your sale could run from X date to X date
Can You Bundle Your Products?
If you’ve released multiple Gumroad products, then bundling them together for Black Friday is a great way to give your customers a killer deal.
You might not realize it, but you’ve seen bundling your whole life.
Internet providers will bundle cable and wifi.
Adobe will sell standalone products like Photoshop or Lightroom but also bundle together their entire suite of products in the Adobe Creative Cloud.
Very simple, practical, and effective.
Here are 4 strategies to consider:
Bundle Best-Selling Products
Create a time-sensitive deal where you bundle your best-selling products together. When you do this, add a small discount where customers will know they’re getting a deal by buying all the products bundled together.
Create The “Ultimate” Bundle
If you’ve released multiple products around the same subject, bundle them all together to create the ultimate bundle around X subject.
For example, say you’ve created a product around social media marketing. One that covers Twitter, YouTube, and Instagram, bundle them together to create the ultimate social media bundle.
Bundle With Other Creators
If you’ve only created one product, collaborate with other creators to bundle each other’s products. Join forces, split marketing costs, if any, and help each other benefit from the demand during Black Friday while being exposed to new audiences.
Time Sensitive Bundles
To maximize the sense of urgency, create a bundle where you remove a product every X hours.
Using Email Marketing
When we talk about building a deeper relationship with our audience, email marketing comes to mind. Not only to develop deeper relationships but to generate more revenue as well.
According to HubSpot, “email generates $42 for every $1 spent.” That’s a whopping 4,200% ROI.
And we want you to take advantage of this for Black Friday.
Here’s how you can use Gumroad workflows to optimize your email strategy:
Email 1: Tease The Deal
Start discussing your Black Friday ideas, products, or bundles. But you don’t want to give all the details just yet. So instead, tease the offering and focus on creating FOMO.
Email 2: Present The Offer/Generate Hype
Now, it’s time to present your offer. Let your subscribers know what you have in store for them. Get them excited. Share the details. And bring them in on what to expect.
Email 3: Reminder + Instructions
Before you launch, make sure to send your subscribers an email with clear instructions and details for Black Friday. The last thing you want is to have a customer who’s excited about what you’re offering but has no idea how to take advantage of it. And this email can also serve as a reminder before launching.
Email 4: Launch
Now, it’s time to deliver on your promise and make sure to show up early. This email’s sole focus should be to get the consumer from the email to a completed purchase. No extra fluff or details.
Email 5: Final Chance
This is the last email you’ll send subscribers before you increase your price. Its entire goal is to create a sense of urgency to take action and purchase your product. Like your launch email, it should be simple, straightforward, and to the point.
There are two main benefits when cross-promoting with other creators.
The first is tapping into another creator’s existing audience and both reaping the benefit of growing your audience simultaneously.
The second benefit is the quality of that audience.
It’s an audience that has expressed an interest in the topics relevant to yours (ex. Cross-promoting with another digital artist), and also within that audience are people who trust the creator’s recommendations and are existing customers looking for product recommendations.
Here’s what you should consider:
Collaborate With Other Creators
Collaborate with other creators and exchange promotional efforts for each other’s Black Friday deals. This can be done via social media or email.
Sharing content via social.
Add a placement into your newsletter or promo emails.
Mention it on your podcast.
Create Specific Discounts
Step it up a notch by creating discount codes specific to the creator’s audience.
This encourages the creator’s audience to not only check out your products but take action.
And that’s a wrap!
To learn more about these strategies, get the full course here.
We wish you all the best this Black Friday and Cyber Monday.
We know you’ll crush it!