Why You Should Discount LESS on Black Friday

Oct 29, 2024

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Innovative Digital Marketing Solutions to Unlock Growth: https://powerdigitalmarketing.com/ In this episode of Chew on CRO, Ned and Ash discuss strategies for Black Friday Cyber Monday (BFCM) 2024, focusing on customer segmentation and discounting strategies. They argue that brands should discount less and focus more on scarcity tactics to maximize profit during BFCM. 🎯 Don’t Obsess Over Deep Discounts: New customers are generally excited to shop during BFCM and don’t need as much of a discount. Existing customers are more likely to be influenced by scarcity tactics. 📊 Analyze Your Data: Understand your customers’ purchase behavior and base your free shipping thresholds on the mode, not the mean. 🧪 Test Early: Run A/B tests leading up to BFCM to identify winning strategies. ⏰ Start Late: Launching your sale early might get you some early sales, but you will miss out on the bigger sales during the actual BFCM window. 🧲 Extend Your Sale: Extend your sale as long as possible to capitalize on the holiday gift-giving season. 0:00 - Intro 1:26 - Sitewide discounts, product launches, and free gifts for maximizing customer engagement 2:06 - Giving customers a compelling reason to return 3:12 - New product launches for customer re-engagement 5:24 - Customer segmentation over discounting 6:01 - Engaging the third customer bucket 8:03 - Setting effective free shipping thresholds 10:22 - Optimizing sales strategies as traffic increases 11:40 - Adjusting discount percentages based on sale type 12:39 - Maintaining profit margins over chasing top-line revenue 13:45 - Extending purchase window for better customer retention 15:01 - Indicating stock scarcity to create urgency 16:10 - Overly complex discount structures confuse customers 17:01 - Early sales lead to diminishing returns 18:02 - Extending sales beyond Black Friday for increased revenue 19:03 - Simplicity in messaging and focusing on customer engagement 20:35 - Different approaches for new vs returning customers 21:27 - Final chew Follow us, subscribe to our newsletter, and to see our exclusive merch check out https://chewonthis.io/ Ron Shah - / obviceo Ash Melwani - / ashvinmelwani Chew On This - / chewonthisdtc