Latest / eCommerce Podcast / Black Friday Part 1 - Create a Compelling Offer | Matt Edmundson

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Black Friday Part 1 - Create a Compelling Offer | Matt Edmundson · eCommerce Podcast

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My name is Matt Edmundson and you are listening to the eCommerce Podcast.
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Now, today we are kick-starting a new mini series, a brand new mini series.
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All about Black Friday.
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And granted this whole miniseries thing is a little bit different to how we
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normally do, uh, key eCommerce Podcast.
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I'll grant you that, but I think it's gonna be really, really
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helpful as we aplo, approach, approach, approach Black Friday.
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And yes.
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I know it's August, but that's exactly the point, isn't it?
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Because whilst everyone else is thinking about, you know, summer holidays
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and what books to read on the beach, whether you should read a Kindle book
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or a real book, and that whole debate.
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I think the smartest eCommerce o operators are gonna be planning their
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biggest sales period of the year.
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Yes, I do.
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So hopefully this year we can avoid the usual panic, uh, just before Black
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Friday and use the time that we have, which is normally downtime, just to
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chew on a few things, to mull on a few things and get ourselves ready.
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So that's what this series is all about, shorter episodes.
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Much more condensed, much more bite-sized, gonna help you throughout August.
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Now, if you have listened to, uh, last week's episode, you'll have heard me
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talk about some of the changes that we are bringing to the eCommerce Podcast.
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Some of the really exciting changes actually, and I'm very excited about it.
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Uh, and this mini series is kicking us into that.
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So if you're regular to the show, you go Matt, a miniseries.
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What's this all about?
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You did this episode last week, solo.
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What's going on this week?
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Well, I'm glad you're asking.
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I'm glad you want to know.
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Uh, these episodes are actually, uh, repurpose content from our
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e-commerce cohorts group Now.
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If you've been around for a while, you know, you will know that we
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ran a paid membership group called eCommerce Cohort, and for the last
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couple of months I've been talking about how it's now free to join.
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Yes, I have, uh, we've been changing it around.
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eCommerce Cohort is no longer a paid community.
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Uh, that community that we ran for a number of years, we've decided
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to repurpose both the content.
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Uh, we're gonna bring some of that to the podcast, uh, but also the name.
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So we're still using e-commerce Cohort.
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It's just getting a bit of an overhaul.
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Uh, like I said, I've been talking about this for the past few weeks on the show,
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and the reason, you know, is well, it's all in our plans to sort of release
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a lot of this content all for free.
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Uh, and it's now in the new e-commerce Cohort, uh, which you can find out
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more information about actually on eCommerce Podcast dot net.
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That's what we're doing because as you know, I talked about this last week.
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All good stuff that we just want to put out there, rather than just having it
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gather, you know, the old digital dust behind some paywalls that's not say.
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We are permanently changing e eCommerce Podcast.
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We're not at all.
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This is just a temporary, uh, little miniseries to help you whilst
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I'm away on holiday in August.
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If you don't know, I take the whole month of August off.
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Uh, it's a sabbatical thing that I've done.
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I've written about it on LinkedIn if you wanna know more, um, and why I do that.
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Um, but like I say, I, I use August to think about all kinds of things.
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One of them is gonna be Black Friday, just to mull on some ideas.
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Uh, and so yeah, we're about to get into it.
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Practical, actionable content.
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No fluff, no theory, just real strategies that we've used to generate.
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Let me tell you, an awful lot of sales on Black Friday across
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multiple different platforms.
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It's not an easy word to say apparently, uh, for multiple different types of
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businesses, uh, including actually.
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Businesses that didn't run Black Friday campaigns, they decided to opt out.
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I'm gonna talk about that in this episode as well, uh, which I find fascinating.
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So this is the first episode in the mini series all about creating
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compelling offers that actually convert.
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And how we should avoid just discounting our way to a zero margin.
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Now, as I said, they're a little bit different.
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The format's different.
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If you use to the show, this is some teaching content that I actually
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did four cohorts about Black Friday.
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There's four episodes plus a bonus q and a. We're gonna release all of those.
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So if you, uh, wanna stay connected with this, if you wanna stay, you
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know, connected with what's going on, make sure you like and subscribe.
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You know, because why would you not?
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Right?
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And if you are the kind of chap or chap PE that likes to learn visually, you
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know, if you, if you need to see things, uh, make sure you check out the YouTube
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channel because this teaching had quite a few slides, which you'll also get to see.
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On the video, 'cause I know most, like 99.98% of you
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listen to this in audio format.
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Um, uh, but you know, if you haven't done so already, go check out the YouTube
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channel and you can see the slides.
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Uh, definitely worth doing, especially if you're like me,
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you like to see stuff visually.
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Also, before we get into it, I appreciate this is a long introduction.
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They won't all be this long.
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I'm just introducing the miniseries.
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Um, I'm really curious to know what you think about this type of format, uh, for
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the show, like these little miniseries with bite-sized practical bits of content.
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'cause if you like them, then we can release more and more stuff
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from Cohort onto the podcast platform as well, so you'd get
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access to that if it's not helpful.
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Let me know if it is helpful.
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Let me know should we mix more of this type of content
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into what we're doing on EP.
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And all you have to do is just find me on LinkedIn.
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Just go to, uh, LinkedIn slash in, I think it is slash Matt
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Edmundson and you'll find me there.
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Or just go to the website, let me know.
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Uh, like I said, we're gonna be doing this for the next five weeks.
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We've got five episodes coming up.
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Um, and I really do genuinely wanna know what you think to them.
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Uh, is it helpful, uh, is it not?
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I, help me, help me help you to quote Jerry Maguire.
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Now, he didn't say that, did he?
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It was the chap in Jerry Maguire that said it to Jerry Maguire, help me to help you.
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Okay.
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All right.
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Let's get, that's enough, isn't it?
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Let's get onto the, um, the episode.
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So that's enough from me.
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Here's me talking to you, uh, about how to start thinking about your Black
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Friday by creating compelling offers that protect your margins whilst driving sales.
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Okay, straight into it.
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Black Friday create a compelling offer.
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That is what we want to do.
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So how do we do that?
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What's on the cards for that, Matt?
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Well, let me, let me go through that with you.
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Let me pull up some stuff here.
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So Black Friday, everything comes down to your offer.
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Right.
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It's just a real simple thing to mention, but it's really, really powerful.
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So on one hand you've got this huge downside of Black Friday and we put
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it here, that it is the pressure to discount and that has an impact on margin.
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Okay, so it is a massive pressure on Black Friday, the downside, but on the other
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hand, it is the time of year that you can lower your prices without feeling like
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you are losing brand identity because everyone expects discounts and it's okay.
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I think what.
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I, I appreciate for some companies it's not right, but for the majority
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of people you can d get away with discounting a Black Friday 'cause
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it's just what the consumer expects.
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And so everything about Black Friday comes down to, uh, your offer, how
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well it's gonna go in some respects.
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Now I appreciate people are gonna be Shan to the screen.
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Go.
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That's not exactly entirely true, is it?
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And no it isn't because I think, um, there are people who will buy just because it's
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Black Friday, consumer demand does go up.
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Even if you don't have any offers on your website, you will sell more during
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the Black Friday weekend, then you will the weekend previously, just because
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that's the nature of where people are at.
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But if you are gonna do Black Friday, honestly, it comes down to your offer.
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Okay.
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So let's dig into this.
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Uh, how do we create compelling offer?
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Well, the first thing to say actually is abstinence is okay.
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Right.
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Abstinence is okay.
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You can say no to Black Friday.
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You don't have to do it.
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And I want to give you permission, as odd as that sounds, not to do Black Friday.
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For some companies that I've run, uh, we have done Black Friday and we
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are gonna do Black Friday this year.
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For other companies.
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We opted out.
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It didn't make sense for us, for our brand, for our values, to
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get caught up into Black Friday.
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And it was okay to not get caught into it and sacrifice all the margin
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and create chaos and mayhem for our customer service and warehouse teams
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to make no real money at the end of it.
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And in effect, to pull customers from December, that would've made me
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money into November when they didn't.
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Right.
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So we learned a lot of that kind of stuff and we thought, you know.
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It's okay not to do Black Friday.
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Abstinence is okay.
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There is, um, the company Ray.
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Uh, which actually I really like their story.
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They just put on their website, we're outside, join us.
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They gave all of their staff the day off on Black Friday
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and they all went to the hills.
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They're an outdoor brand, uh, and they're like, why don't you come and join us?
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You can buy our website if you like, but no one's here.
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We'll see you soon, sort of thing.
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And that actually gave 'em a lot of pr, which actually did 'em a
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lot of goods, et cetera, et cetera.
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So depending on your brand, depending on your values, depending on your margins.
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You, you may not wanna, uh, even get involved with Black Friday.
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And again, right here at the start, it is okay not to, there
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is pressure to get involved.
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It's okay if you don't, if you do, let's figure some of this stuff out, right?
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So the key ratio that I want you to think about, uh, when it comes to
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Black Friday is this margin to LTV or lifetime value of your customer, right?
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So.
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I want to think about margin and I want to think about lifetime value of customer.
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If I'm sacrificing margin over here, am I increasing the lifetime
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value of customers over here?
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Right.
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I've gotta think about both because does sacrificing margin
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for the sake of sacrificing margin?
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Yeah, it doesn't make a lot of sense to me.
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So we've, uh, we, we, I, I'm interested in this margin and long, uh, long term value.
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Uh.
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Lifetime value, right?
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The lifetime value of the customer.
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So how do we do that?
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So here are some ideas, right?
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So one idea to increase lifetime value is whenever you're com
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creating your compelling offer.
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Use upsells and bundles to enable you to increase the discount and
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the average order value, right?
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So if I sell this product here, I mean, you know, uh, if you've been following
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along with other stuff, I sell this.
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Um, is that gonna zoom?
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There we go.
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I think, there we go.
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We've got it focused.
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So this is, uh, an Omega-3, a vegan certified Omega-3, which
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we sell on Vegetology dot com.
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It's one of my websites.
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It's a beautiful little product.
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Big fan of it on its own 20 bucks, right?
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Um, so if I discount that.
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I am really tight on margin all of a sudden.
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So what I can do is I can say, well, listen, um, we can use upsells, we
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can use bundles to create things that, that enabled me to create discounts.
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But my average order value increases.
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And so if I'm getting someone come into my website, it's never
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really purchased from me before.
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Um, and you know, we're kind of like.
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Uh, just discounting one of our products and they buy it and they don't come back.
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That doesn't help me.
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So what I want to think about is their lifetime value.
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And to do that, I can increase the, the amount they put in the basket
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at one point in time, which means I'm okay to discount 'cause at
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least I've got some profit in that.
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Um, and it enables me to get them.
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Especially for new customers to get 'em using more than one product to
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get 'em using several products to, you know, increase their chances of coming
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back and reusing what's going on.
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So, um, we can use upsells and bundles.
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So when you're thinking about your offer, what upsells, what bundles
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can you throw in there to increase, um, your average order value?
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Protect your margin.
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I like this strategy of giving your best discounts to your best customers.
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Right now, remember.
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Um, the 80 20 rule here, in other words, that, uh, 80% of your profits come from
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20% of your customers or whatever the specific ratio is for you in your company.
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I'm a big fan of this as a principle.
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Um, we are, all I say, we are all, I'm gonna assume we are all
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partakers of insurance companies and mobile phone companies that give
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deep discounts to new customers.
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And I cannot begin to tell you how many podcasts I listen
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to and there's an advert for.
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Uh, a mobile company, which says, we are doing this
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available to new customers only.
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So if you're an existing customer, you can knickers and we devalue
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you, and it's like it's their new customer acquisition strategy.
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It just sends a wrong message to existing customers.
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And so Black Friday's one of those times where actually you can put offers,
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uh, to your best customers, give your best discounts to your best customers.
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Don't make 'em available on the general website.
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Create a specific landing page, send 'em to that land landing page and say,
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this is available only for you guys.
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'cause you're awesome.
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You are our best customers.
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We really value you and to do, to show you that we're gonna give you something
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that no one else has got access to.
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Okay?
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So, um, I'm a big fan of giving your best discounts to your best customers.
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Uh, another strategy here is are better offers available to email subscribers.
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So similar to this, um, giving your best deals to your best customers,
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you can put a notice on your website, um, uh, saying, listen, sign up to our
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emails newsletter now, because when it comes to Black Friday, um, and it's
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October when I'm recording this, so you know, I'm not far away when it comes
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to Black Friday offers, we're gonna put some offers on the website, but
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if you really want the best offers.
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Sign up to our emails newsletter because, um, that's where they're gonna be, right?
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We're gonna give the best offers to our email subscribers.
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Uh, and that gets your email list even more active, right?
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People signing up to your email list and just make sure you follow
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that through that actually the best offers go to your email subscribers.
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Uh, another one here.
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GWP gift with purchase.
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So that can, that's a great way to protect margin, a great way to protect margin.
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Something that I have used many times over the years.
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Gift with purchase.
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So, um, the classic example was a few years ago when it came to Black
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Friday, we went and got, um, some candles made and they were made by a
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company that also did candles for let's.
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Well, let's not name drop, but they did candles for a very,
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very popular candle shop.
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Uh, and so we knew the quality was good and we knew that
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people would like the smell.
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So we were like, we could get those candles.
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And we sold them on our website for like 20, 25 pounds, something like that.
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I can't remember the exact price if I'm honest with you.
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Um, and they were a high perceived item, but the cost of manufacture
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was like four quid maybe.
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Um.
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And so we had good margin in the candle, like most candle people do.
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And so we were like, okay, this is interesting.
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So what we did, rather than giving deep discounts on Black Friday, was
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we said, listen, if you spend over 50 pounds, we will give you, or even
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over 25 pounds, we will give you, uh, this candle worth 25 pounds.
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Totally free.
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That's our Black Friday offering.
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People are like, this is amazing.
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So I'm, I'm getting this sort of free 25 quid candle.
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If I spend 25 quid, that's almost like I'm not spending any money at all.
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Uh, and so that worked really, really well.
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Rather than just saying, oh, here's three pounds off your order, which just didn't
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feel very sexy, if I'm honest with you.
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So, gifts with purchase, uh, if you've got them and got the ability to get stuff in.
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Oh, great word of caution here.
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I have done it in the past where we've gone, we've got a load of stock
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that no one's bought, so I'm gonna give that as a gift with purchase.
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But there's a reason no one's bought the stock.
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And there's a reason why they don't care if that's a gift with purchase.
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'cause they don't want it.
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So, um, you can offload stock with gifts, with purchase, increase
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perceived value, but if you don't try and offload stuff that people
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don't really want, it just becomes a bit, nah, nah, sort of falls flat.
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Try gift cards with purchase.
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This is a really clever trick that I have seen.
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Um, I, I first saw this with Ikea.
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Ikea did this thing where, um, if you went to their shop, was it a few years ago?
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I saw it.
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You went to their shop and it said if you bought a Christmas tree from them, it was
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around, obviously around Christmas time.
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If you bought a Christmas tree, a real Christmas tree for like, I
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can't remember the figure, let's assume it was like 50 bucks, right?
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If you bought a Christmas tree for 50 bucks from them, they
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would give you a gift card with that purchase, four 50 pounds.
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And you kind of think, hang on a minute, then I'm getting a free Christmas tree.
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I'm spending my money now and you're giving me a gift card.
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So you then read the fine print of the gift card, which says this gift card
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can only be redeemed between the 1st of January and the 31st of January next year.
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Which meant I would have to go back to the store to use that at a very specific time
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where it was ordinarily quiet for them.
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Okay.
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How many people redeem that gift card?
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I'm gonna suggest maybe 10, 15%, which is how they could afford to do it.
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Something like that.
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I don't actually know what the numbers are.
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I was a total guess, by the way.
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So, uh, don't quote me.
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But the gift, um, cards with purchase are a really great thing to do.
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Now, you don't have to do that, spend 50 quid, get a 50 quid gift card, uh,
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but you can only use that gift card between the hours of 4:00 PM and five
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plus four on the 31st of March, right?
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Uh oh.
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The camera has gone off.
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Sorry about that, ladies, gentlemen, we are now back.
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Yes we are.
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So, yeah, I was saying you don't have to do, you know, the real sort
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of, um, high gift card with a really narrow time when you can redeem it.
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Um, but gift cards with purchase are a great way to bring people back.
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Remember, we're thinking about increasing average order value, lifetime value.
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Remember, this is the two things.
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And so, um, rather than giving a hefty discount, we can say, you know.
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Uh, instead of giving a 20% discount, give 'em a 20% gift card to spend
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on your website, or even a 30% gift card to spend on your website.
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Uh, might be worth it.
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You know, you can always try it.
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Like, again, my tip is make sure the gift card, they can't
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redeem it on that specific order.
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They have to come back to the website.
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Okay?
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Free delivery is another good way to protect margin.
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So if you don't do free delivery as a sort of standard.
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Many websites don't.
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Uh, you can offer free delivery around Black Friday.
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That really, really does kill it.
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And it protects the margin on your products.
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And again, people perceive like they're getting greater value.
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Uh, buy now later, uh, buy now later, buy now, pay later.
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Works really well if you wanna increase lifetime value.
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So people tend to buy more.
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If you offer that as a feature on your website, there are some questions around
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that that you have to work through.
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Um, if you don't already have buy now, pay later on your website for me.
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There are questions around encouraging people into debt that doesn't quite
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totally sit right with me, so I'd have to be really careful on the messaging.
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Um, uh, that's just something a a about us as a, at a, at a company.
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I appreciate, you know, people are using credit cards to buy this stuff, but, um.
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I just don't know if I personally want to be seen to be promoting
19:35
that, but I get why people do it.
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Um, it's not something I'm totally opposed to.
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I would personally have to be really careful about it, but it
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is something that you can do to increase, um, lifetime value.
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Charity promotion is a great way to protect margin.
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Uh, when creating com a compelling offer for Black Friday, you can
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have, uh, a charity to promote.
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So instead of discounting your product, say, listen, we were gonna discount
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our products by 10%, but rather than do that because the the time that we're
20:03
in, like, um, as things currently stand at the time of recording, there is a.
20:07
Sort of, you know, cost of living crisis here in the uk.
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I'm seriously tempted to say, right.
20:13
Uh, rather than discounting, what we're gonna do is everybody
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that orders, we are gonna donate.
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Uh.
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X amount of pounds to this charity that is gonna help, um, the elderly, their
20:26
homes this Christmas as well as keep food on their tables because I think
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it's a real crisis that is looming.
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Um, and we can use Black Friday and people's desire to buy stuff as
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a way to raise money for charity.
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I really like that as an idea.
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So I can include charity promotion.
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Just don't do it.
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I've mentioned this before.
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Don't do it in a cheesy way.
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Don't do it in an inauthentic way.
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Be real, be genuine with it.
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Um, but you could totally look at doing something like that.
20:53
Create a top tip, create a sense of urgency.
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So with your compelling offer, whatever you do, create a sense of urgency.
21:03
Uh, well, I came across this, I thought it was clever.
21:05
They put like a little countdown time on it.
21:08
Hurry up, uh, 50 books off this, uh, Halloween only.
21:11
So this is obviously an offering up to Halloween.
21:13
They've got like a countdown timer going on there.
21:16
Um, only 12 left in stock.
21:19
Please don't lie.
21:21
Uh, if, if there, if there's 400 in stock, don't just put
21:24
12 'cause that's inauthentic.
21:27
I'm not telling you to do that.
21:28
What I am saying is create a sense of urgency so you can put
21:30
the countdown timers on there.
21:32
This offer expires in three days.
21:34
Two days, one day, four hours, 10 minutes, dot, dot, dot, dot, and create
21:38
that sense of urgency in your offers.
21:40
Put an end date on it.
21:41
This is only available for dot, dot, dot, uh, and more people
21:45
will take advantage of it.
21:47
So that's the top tip.
21:48
Whenever you are creating your compelling offers, use a sense of urgency.
21:52
So take all those things that, uh, we've gone through.
21:55
Remember the key thing that we're thinking of?
21:57
Black Friday, maintain margin as much as possible.
22:00
Obviously we're gonna have to discount with Black Friday in some way or give
22:03
some perceived level of discount.
22:05
Um.
22:06
And contrast that ratio with lifetime value.
22:09
If I increase discount, can I increase lifetime value of that customer?
22:13
How do I maintain that?
22:14
How do I keep that going?
22:16
Right?
22:17
That's super, super important.
22:18
I don't mind sacrificing margin today if I have more and greater lifetime
22:22
value for customers in the future.
22:25
Play that balance.
22:26
Well use the tips that we've told you, create your compelling
22:28
offer and let me know.
22:31
What you're doing, because I would love to see it.
22:33
Um, I'm, I always love to learn from others actually, what
22:36
they're doing around Black Friday.
22:37
So do let me know, uh, would really, really appreciate that.
22:40
And then I will see you in the next video where we talk about
22:44
your first time buyer strategy.
22:46
See you in there.
22:48
Wow.
22:49
Back from me to me.
22:50
I hope you found that, uh, useful and helpful.
22:53
The key takeaway, black Friday isn't just about discounting.
22:58
It's about creating offers that increase customer lifetime value
23:02
whilst protecting your margins.
23:04
At all times where possible.
23:07
Next week we are diving into the first time buyer strategies for Black Friday.
23:12
Like how do you turn those bargain hunters into loyal customers?
23:16
How do you build relationships, not just transactions?
23:19
Well, that's in episode two of our Black Friday mini series.
23:24
Uh, and it's gonna build on perfectly from what we've covered today.
23:28
So.
23:30
Quick reminder, all of this content comes from the e-commerce Cohort archives.
23:35
There's lots more where this has come from.
23:37
So make sure you subscribe to the show.
23:40
And you know, I've talked about this before in the show.
23:42
We are updating our newsletter that's starting in September.
23:45
If you haven't subscribed to the newsletter already, join the thousands of
23:48
other people that are on that newsletter.
23:50
Get on it, because all of this stuff actually is going
23:53
into the newsletter first.
23:54
So if you wanna be the first people to see it and get connected with it.
23:57
Uh, do check that out.
23:59
There's more information about all of this at eCommerce Podcast dot net.
24:03
You can find out about how to sign up to the newsletter.
24:05
You can find out about the new free version of eCommerce Cohort,
24:09
where we're gonna put all this content there, you can access that.
24:12
Plus we have member, we have groups where we zoom, call Google meets
24:17
with other eCommerce entrepreneurs and just shoot the breeze.
24:20
Talk about our ideas, what's working, what's not working.
24:22
Always great to connect with peers from around the world and talk about eCommerce.
24:26
So you can do that for free.
24:28
Uh, just find out more eCommerce Podcast dot net.
24:32
Don't forget to let me know what you think about this new format,
24:35
but that's it from me this week.
24:37
Uh, I will see you in episode two.
24:39
Until then, start planning those Black Friday offers.
24:43
That's it from me.
24:44
Bye for now.