Getting Ready For Black Friday – 7 Alternatives To Offering A Discount
It’s almost that time of year again…the annual shopping holiday, Black Friday. This shopping event was popularized in the 1980s in the US and has spread to Canada and several other countries. While many businesses chose to offer large discounts, there ARE other strategies that can be used to attract shoppers/clients. Here are 7 ideas to help you get started.
1) Create A Bundle
Bundles are a popular option because it offers your clients a good value and encourages people to make a larger purchase than they might otherwise make. You could create bundles based on themes (e.g., time-saving solutions, easy meal ideas), product popularity or your newest products/services.
2) Offer A Bonus
Bonuses not only add value but also helps to distinguish yourself from the competition and can persuade people who were uncertain, to go ahead and make the purchase. This is why many major brands, across all categories of products, offer bonuses.
A good bonus is a product or service that compliments what the customer is purchasing. For example, if you are offering a 6-week weight-loss program, bonuses include a weekly check-in or a recipe ebook.
3) Pay What You Want
This is a good method of attracting potential clients/customers who might be interested in your offer but are hesitant to commit at this time. By offering the ability to try a “sample” product/service you are more likely to build loyalty in the long run. An effective Pay What You Want offer is one that is a scaled down version of something you already sell or complements your current products/services. It should NOT be something you have previously offered for free.
4) Join Up
Similar to the create a bundle, not only does offering complimentary products from other businesses add exceptional value but it allows clients/customers to sample products from multiple businesses. An added advantage of the strategy is that it allows you to expand your reach by targeting new audiences.
5) Credits
To encourage repeat business, you can offer people a credit if they purchase a given amount or a specific product.
6) Give Back
Donate a percentage of your sales to a charity.
7) Limited Time Products/Services
If you already have a loyal audience, sharing a product/service that’s only available for a limited time can build anticipation and help promote sales.
