In a couple of weeks, we’ll be coming up on one of the most anticipated holidays in America. No, I’m not talking about Thanksgiving. I’m talking about Black Friday. Okay, so it hasn’t technically been declared a holiday, but it may as well be. Ever since the late 80s, people have flocked to stores nationwide to take advantage of massive markdowns. Over the past decade or so, virtual Black Friday has become just as popular. It’s the same concept as retail stores: businesses offer great deals online for a reduced price. As a consumer, I’ve taken advantage of a Black Friday deal here and there myself. Still, when it came to participating in Black Friday as a business owner, I was not a fan of the concept…until I tried it.
In the retail world, Black Friday often looks like this…
…and it seems to benefit business owners tremendously. After all, the term “Black Friday” exists because it represents a day that retail stores can end the year by taking their books from red (operating at a loss) to black (operating at a profit). As a service-based business, I didn’t think Black Friday would be beneficial for me because at this time of year, service isn’t really at the forefront of people’s minds, or so I thought.
Last year, however, I decided to hop on the Black Friday bandwagon in the spirit of trying new things, and I was pleasantly surprised. I offered a service for $220 (you know, keeping with the theme of 2020), and guess what? I converted five people to customers! Was this huge? No, but this was business I was able to land without doing any advertising at all. Even better, these new customers weren’t even on my email list, and they had never bought from me before. It was just me, organically putting myself out there, documenting my process, and my journey of creating this special offer that led them to buy.
Why am I telling you all of this? Because I am now a virtual Black Friday convert, and I’m trying to convert you too! Whether you’re a product or service-based business, you can make virtual Black Friday work to your advantage without ever spending any ad dollars at all. Here’s a disclaimer; there will probably be a ton of competition on social media from an ad level, but there are ways around that. Let’s look at three things you need to keep in mind as you ramp up for your virtual Black Friday promotion.
Remember those five customers I told you about that I converted on Black Friday? Well, guess what? Every single one of them was a warm lead. They were people who were familiar with me. They’ve seen me show up consistently online, and they’ve witnessed me working tirelessly on the offer they took advantage of. A little while ago, I read something that said it takes about 12 points of contact to get someone to convert. Twelve! Start documenting your journey now, and hey, if you’ve already started, that’s even better!
Give People What They Need
As I mentioned previously, my deal was structured around the upcoming year, 2020. So at the end of 2019, the value I put together was what people needed at that time. This is something to consider when you’re trying to decide what you’re going to offer on Black Friday. Make sure the package you put together holds value for your customers. Do a little research so that you can get out ahead of what your customers may need.
Build Your Email List
Here’s another option for you: if you’re not quite ready to pull the trigger on virtual Black Friday, then consider building an email list. Did you know that 56% of the revenue a single email address generates is realized in November and December? So even if you’re not ready to give Black Friday a try this year, just think of all the ways you’re preparing your leads for next year. By the time virtual Black Friday 2021 rolls around, you’ll be ready!
That’s just my brief confession of how I became a virtual Black Friday fan. Give it a try but know what your goals are. Is it to sell a specific product or build your email list? Let us know what you’re doing for your Black Friday deal!