Decide whether your B2B business should be taking part
We’re not here to convince you that taking part in Black Friday is The Right and Good Thing To Do.
That’s completely up to you.
But what we can do is give you a few things to think about.
After the uncertainty of the last couple of years, now is definitely not the time to chuck a discount out there and hope that it pays off.
Here’s some things that you should consider before embracing the holiday…
What is the ultimate goal of your Black Friday campaign?
Yes, Black Friday is a sales holiday, that brings new customers through the door.
But is there another KPI that is important to your business?
If so, ask yourself whether you really need to discount.
Knowing your overarching goal is key to your success on this holiday.
Ask yourself, can we afford to discount?
If you do decide to discount, how much can you afford to offer on your product or service, without making a dent in your ROI?
Keep in mind that your costs will be higher than usual, especially when it comes to online advertising – CPCs are higher and there’s more people bidding!
If you can’t discount, what can you offer?
If things are a bit tight, but you’re still keen to piggyback on the holiday, think about what you can offer with as little cost to you as possible.
In a B2B world, your core offering is likely to be a long-term, high cost investment, which may not discount well (i.e. you could lose a lot of money, over a long period of time).
If your main product or service is something you just can’t afford to cut, then think:
- What about sideline offerings? Do you have any standalone services (i.e. expert support, strategy sessions, data bundles etc.) that better suit the Black Friday model?
- Can you apply a deal to only discount one element of your offering?
- Can you boost AOV and prevent churn by tailoring offers to customers instead of new customers?
- Can you segment one high-value portion of your prospects and target an offer to them, and them only?
- If you’re adding bigger discounts, can you upsell any of your other products and services on your Black Friday campaign landing pages?
- Can you offer something for free to build loyalty?
Lisa Alexander from PR Secrets did just this. She had a think about how she could stand out on Black Friday, which resulted in her giving away a marketing bootcamp for free.
“This campaign allowed people to experience my brand in a way typically not available to prospects. Forty-one percent of the people who requested the free session had never engaged with my brand previously.”
Lisa N. Alexander
Think about fulfilment
Another huge consideration for participating in Black Friday is whether you have the (wo)manpower to deal with an influx of users 🦸🏾
- Do you need to automate your support?
- Are your training guides and help materials up-to-scratch and in place for an increase in questions?
- If you’re offering an exclusive new product or service, do you have product education in place?
Is Black Friday the right day for you?
According to Henry Clifford-Jones of The Drum “B2B brands in the US may not get very far with targeting professional audiences around Black Friday since it’s a public holiday and most professionals will be at home with their families.”
With this in mind, ask yourself: “Is Black Friday definitely the right day for me to be launching my offer?”
Some brands enjoy less competition and have been successful in building traction early on, while others surprise and delight their customers by extending their sale beyond the shopping weekend.
The Oberlo team think that the latter strategy can be very effective:
“Do this last-minute or when your competitors have ended their sales. When customers see you’re the only [one] offering them a second chance to save, they’re more likely to buy from your brand. However, make sure to associate a deadline with an extension. [This will create] a sense of urgency.”
That being said, don’t feel pressured to jump on the Black Friday bandwagon, just because your competitors are.