Ep 249: Secrets to Scaling Black Friday Part 2 With Jordan West
Holiday sales are just around the corner, and we all need to be prepared. One of the most common questions asked is how to structure sales and discounts, and what are the most effective strategies to crush it leading up to and during this Black Friday.
In this second episode of the Black Friday series, Jordan West talks about what kinds of discounts to give and how those discounts should be executed. This episode has massive value, so buckle up and listen intently.
KEY TAKEAWAYS FROM THIS EPISODE
Tried and tested strategies should be implemented, whether it’s Black Friday or not.
Apply the Rule of 100. If the average order value is under 100, promote your discounts as a percentage off. If the AOV is over 100, promote your discounts in dollar amounts.
Don’t make your customers do extra work of remembering a code for their discount.
Sitewide discounts always win versus the use of coupon codes, but combining these strategies works even better.
Make sure your margins are set up to always be profitable while discounting.
Bundling products results in a higher average order value (AOV) which equals higher profits.
Give your VIPs something special like exclusive discounts or gated launches. Don’t do this by email. You can use SMS or announce it in the community.
Gated launches are when you password-protect your site, and only allow VIPs the password to access the site.
Your relationship with your customers should be balanced.
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