The Hidden Costs of Black Friday Discounts: A Wake-Up Call for EntrepreneursOct 31, 2023
Black Friday is coming up.
Every year I see many online business owners discounting their main signature program during this time.
Real Talk: Lowering the price on your Signature Program/Offer/Service cheapens the experience for those who bought from you over the past year.
I don’t know about you but if I saw a program I paid my hard earned money towards discounted, even by $50, would piss me off.
Instead, use Black Friday, this well known Sales, Discount & Deals date, for something more aligned with your newest BETA launch or use it to carve out a smaller training from inside of your bigger signature program and DON’T use it to discount your main regularly launched signature program.
Before you jump on the Black Friday discount bandwagon, consider these alternative strategies which we'll go into more depth in this Blog Series:
Instead of discounting a single product, create a bundle that offers multiple products or services at a discounted rate. This adds value without devaluing individual offerings.
Offer special bonuses that enhance the value of your signature program if purchased during the Black Friday period. This could be anything from additional coaching sessions to exclusive content.
Introduce special payment plans to make your signature program more accessible. This can attract customers who are hesitant due to the upfront cost without lowering the program's actual price.
Offer early or exclusive access to new features or services as a Black Friday special. This creates a sense of exclusivity and urgency without devaluing your main offer.
Customer Loyalty Rewards
Reward your existing customers with special perks like extended memberships, additional features, or exclusive content. This not only retains current customers but also encourages new customers to join.
Limited Edition Products
Create a limited edition version of your signature program that includes special features or bonuses. Make this available only during the Black Friday period to create urgency.
Alternatively you could offer a self-study only version of your live supported version.
Use Black Friday as an opportunity to give back. Announce that a portion of all sales during this period will go to a charity. This adds a feel-good factor to purchasing from you.
Offer pre-sale access to an upcoming product or service as a Black Friday special. This can generate buzz and revenue before the official launch. Have a BETA you are getting ready to launch? Perfect time to market it!
Offer extended free trials of your service during the Black Friday period. This can attract new users who may convert into paying customers later.
These strategies can help you make the most of Black Friday without compromising your brand's integrity.
If you do insist on using Black Friday to relaunch your Signature Program/Offer/Service - either offer new bonuses or remove access to bonuses, instead of lowering the price.
Case in point –
I just paid $297/annual for a program with a well known Coaching Product less than 2 months ago.
Today there was a post for an early Black Friday Special for $297 lifetime. Same program. Same bonuses.
What if my Facebook hadn’t brought this into my feed? I’d be the chump paying $297 a year while there was a $297 lifetime offer to be had!
I got on chat and asked them what the difference was in the programs (Annual versus Lifetime) in the hopes they’d reduced what you get with the lifetime offer so those of us who are paying annually don’t feel jipped.
Nothing was different.
They are getting ready to launch a new program and hoped this lifetime deal would get new people into the funnel so they can pitch the next thing.
It has left a very bad taste in my mouth for this well known and successful online business owner regardless how great the product itself is. Then come to find out he does this a lot!
Refund requested and received.
Real Talk: This methodology can wreck your credibility and reputation.
Are you planning to discount your signature program this Black Friday, or do you have an alternative strategy?
Want me to take a peek at your Black Friday Offer?
Join the Sales Success RX community and find the Pinned post and comment BLACK FRIDAY!
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