In today’s interview, we sat down with @BSS-TekLabs to discuss practical strategies for planning BFCM discounts. We’ll explore how to effectively plan, run discounts, and motivate buying decisions during this busy shopping season.
Table of Contents
- What Motivates BFCM Purchases?
- Plan Your BFCM Deals
- Set clear goals
- Budget and forecast
- Legal and ethical considerations
- 7 Tips to create irresistible deals and discount
- Offer discounts exclusively for BFCM
- Curate bundles of your products
- Use limited-time offers
- Offer free shipping
- Give exclusive early access
- Offer gifts with purchases
- Use abandoned cart offers
- FAQs about BFCM promotions
What Motivates BFCM Purchases?
Black Friday (Fri, Nov 29, 2024) and Cyber Monday (Mon, Dec 2, 2024) purchases are primarily driven by consumers’ desire for bargains, fear of missing out on limited-time deals, early holiday shopping, and the opportunity to upgrade or replace existing products.
The limited time nature of the deals, combined with marketing tactics like countdown timers and low stock alerts creates a sense of urgency. Consumers fear if they don’t act fast they will miss out on great deals. The combination of these factors creates a strong motivation for consumers to shop during this peak shopping season.
Plan Your BFCM Deals
Start by making plans and preparations for BFCM to ensure that you make the most sales possible during this period of intensive shopping.
1. Set clear goals
Establishing definitive goals and purposes is critical in running any successful BFCM campaign. First, make sure you know what you want to accomplish. Will you be looking to increase your sales in general, sell out the stocks of the old products, win over new customers or enhance the firm’s recognition? GOALS should be Specific, Measurable, Achievable, Relevant, and Time-bound (SMART).
For example, you might set a goal to increase sales on BFCM by 20% compared to last year’s BFCM or to acquire 500 new email subscribers. Clear objectives will guide your strategy and help you measure success.
2. Budget and forecast
Setting your BFCM budget starts with looking at last year’s sales data to see what strategies worked well and what didn’t. This analysis will help you understand how to improve this year. Next, establish specific goals for the event, like increasing sales or attracting new customers, which will give your efforts focus. Then, break down your budget across different marketing channels to reach more people and maximize your impact.
Keep tracking sales and inventory to stay in line with market trends, ensuring your products remain relevant. Communicate with your suppliers to confirm they can meet the increased demand and have plans in case of any issues. Running pre-sale campaigns can also help you gauge customer interest and adjust orders based on their responses.
You can learn more about sales forecasting in this blog: Sales Forecast Formulas and Methods.
3. Legal and Ethical Considerations
When advertising your products and discounts, ensure all claims are honest and not misleading. Avoid exaggerating benefits or availability, and make sure any advertised discounts, such as “50% off,” are genuine and not based on inflated prices. For example, specify which products are excluded from the discount or if the offer is only valid for a certain time.
To ensure data security, implement measures such as encryption, secure servers, and regular security audits to protect customer data from breaches and unauthorized access. Maintain a clear and comprehensive privacy policy that explains how you collect, use, and protect customer data, and make it easily accessible. Also, comply with data protection laws by providing customers with the option to opt-out of data collection and ensuring they can easily request the deletion of their data.
7 Tips to create irresistible deals and discounts
BFCM represents a highly competitive time in eCommerce. Success during this period requires careful preparation, strategic planning, and dedication—not just discounts alone. Let’s explore how to craft compelling BFCM offers for this peak shopping season.
1. Offer discounts exclusively for BFCM
Discounts are a great way to give your customers a price drop. There are many types of discounts you can do:
- Percentage discounts: Reduce the price by a specific percentage, typically between 25% and 30%, though discounts over 50% can also be effective.
- Dollar value discounts: Offer a fixed amount off the total purchase, such as $10 off when your customers spend a minimum of $80.
- Buy one, get one free: Allow your customers to get a second item free or at a significant discount—usually around 50% off.
- Volume discounts: Encourage your customers to buy in bulk by offering discounts for larger purchases. For example, you could offer $10 off when someone buys 12 packs of cat food, which appeals to pet owners.
- Tiered discounts: Provide different discount levels based on the amount spent. For instance, you might give 10% off for orders up to $70 and 20% off for orders above that.
- Referral discounts: Reward existing customers with discounts for referring friends and family. For example, they could receive a 15% discount for referring three friends and a 30% discount for referring five. Every store is unique in the way they engage with their customers. Set up a customized referral program, so it tailors to your customer behavior and experience. Feel free to use some help with apps to streamline the work.
Creating a sense of urgency and scarcity can significantly boost your BFCM sales. You can use one of the best referral program apps mentioned below to leverage the Fear of Missing Out (FOMO):
2. Curate bundles of your products
A simple and effective way to boost customer satisfaction and increase the average order value in your store is by bundling products together. This strategy helps maintain healthy profit margins. Consider creating surprise packages that include some of your popular items at a lower price, which can also help sell off older or slower-moving stock.
To add excitement, include unexpected surprises in the bundles and unveil them gradually rather than all at once. This approach can attract different customer segments and keep sales and traffic flowing throughout the sale period.
Here’s an example to illustrate a holiday gift bundle:
- Bundle: Winter Warmth
- What’s included:
- Soft, knit beanie
- Warm, fleece-lined gloves
- Cozy blanket with winter-themed patterns
- Hot chocolate mix
- Description: Stay cozy and comfortable during the chilly winter months with this delightful bundle of winter essentials. Perfect for curling up on the couch or enjoying a winter getaway, this gift set is sure to keep your loved ones warm and happy.
3. Use limited-time offers
Countdown timers create excitement and are perfect for activities that are time limited for instance a BFCM sales. Such timers can be tactically extended to the homepage, product pages, shopping cart and navigation bar as well as pop-up alerts.
For example, countdowns can apply to offers that encourage immediate buying, such as flash sales, limited items, and last minute BFCM gifts. The whole idea is to create a sense of fear-of-missing-out, FOMO.
4. Offer free shipping
Having free shipping can persuade customers to buy, especially when there are conditions to qualify for it. For example, you can set a minimum purchase amount for free shipping and use upselling and cross-selling techniques to help customers hit that target. You might also offer tiered shipping benefits, where customers who spend more get free shipping, encouraging them to spend extra.
Loyalty programs can reward returning customers with faster shipping or free returns to keep them engaged. Implementing limited-time offers for free shipping and displaying countdown timers can create urgency for customers. Additionally, allowing customers to bundle products at a discount can help them reach the required total to qualify for free shipping.
5. Give exclusive early access
An early access deal gives a select group of customers exclusive access to your BFCM deals, offers, and products before anyone else. This makes them feel special and enhances their shopping experience. Plus, it can help manage your website’s traffic.
Using this strategy is beneficial because it creates excitement around your BFCM promotions, drawing in your customers. People enjoy feeling exclusive, which makes them more eager to buy from you. By starting your BFCM promotions earlier than your competitors, you can set yourself apart in the market.
6. Offer gifts with purchases
Giving away a gift with a purchase is a great strategy because customers feel the gifts are worth much more than what they actually cost your business. Getting a gift makes customers happy and helps them see your brand in a positive light. Nearly 90% of customers who receive a gift are likely to buy from you again, creating a strong connection to your brand. This approach is especially effective during BFCM sales, as it improves customer satisfaction and makes shopping more enjoyable.
If you are up to using apps for your upselling and cross-selling campaigns, take a look at the free options and paid apps with advanced features.
7. Use abandoned cart offers
The abandoned cart offer is a smart way to encourage customers who have items in their online shopping cart but haven’t completed their purchase. To bring them back, you can offer things like discounts, limited-time promotions, personalized recommendations, chatbot support, and loyalty rewards at the checkout. Other helpful strategies include offering guest checkout options, keeping the items visible with images and descriptions, showing progress indicators and financing options for expensive items, clearly displaying shipping costs and total amounts, and providing gifts or gift cards to reduce cart abandonment.
FAQs about BFCM promotions
1. How can I make my offers stand out from the competition?
If you want your BFCM offers to stand out in the crowd, consider a few strategies. First, try to create unique and exclusive offers that set you apart from competitors. Personalizing deals for individual customers can also make your offers more appealing. Adding a sense of urgency, like time-limited discounts, can encourage customers to act quickly. Don’t forget the power of social media and consider partnering with influencers to reach a wider audience. Finally, great customer service is key to ensuring customers feel valued and more likely to return.
2. What are some common BFCM discounting mistakes to avoid?
As you plan your discounts for BFCM, it’s essential to avoid common pitfalls. One major mistake is discounting all products across the board, as this can overshadow promotions you might want to offer later. Keep an eye on your competitors to see how they’re approaching their discounts, and be ready to adjust your strategy based on what you observe. Finally, tracking your offer performance is crucial; analyzing the data you gather will help you refine your approach as needed.
3. How can I prevent running out of stock during BFCM?
To keep stock levels in check during BFCM, start by estimating customer demand accurately based on previous sales and industry patterns. Increasing your inventory levels will help ensure you can meet that demand, so check your stock regularly throughout the season. You might also want to allow for pre-sales or back orders on out-of-stock items, which can help maintain customer interest. Finally, stay in touch with your customers about stock levels and any possible delays, as open communication helps build trust and keeps them satisfied.
Wrapping up
We hope you’re feeling empowered and confident in planning your BFCM deals. Comment with your questions or thoughts down below. We’d like to hear from you!
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