Should A High Ticket Business Run Black Friday Offers?
To Black Friday or not to…is the question I’m asked repeatedly every year and so I thought I’d be proactive this year and get in there early before the questions start.
When it comes to high ticket and Black Friday you’ll find people very vocal on both sides of the fence
YOU’LL CHEAPEN YOUR BRAND DON’T DO IT
YOU’RE MISSING OUT IF YOU DON’T YOU HAVE TO DO IT
This may comes as a surprise to you but I don’t fully agree with one side or the other, contrary to what some may say and think, you can totally do Black Friday even as a high ticket brand, BUT that being said you may have to approach it slightly different to the lower cost brands out there
Let’s look at peoples main arguments against Black Friday as a high ticket brand
1. You don’t see Ferrari or Louis Vuitton running sales
If we’re talking sales to the general public then correct, you won’t find them running flash sales etc BUT they do however run exclusive and limited offers available to their VIP customers or loyal customers (whatever set up they may have going on). So whilst they don’t use sales to enable “newbies” to enter the brand world, they do use special offers to enhance an experience and make existing long term loyal customers feel part of the family, valued etc
Who said your Black Friday offer has to be available for the whole world to buy?! There’ll be brands running Black Friday offers that you won’t even know about, they won’t be marketed or branded as Black Friday offers and they won’t be available to anyone who isn’t a current loyal customer. Just because you don’t see something, doesn’t mean it doesn’t exist or happen 😉
2. It devalues your pricing and no one will pay full price again
I was once consulting with a sports team and their marketing manager at the time was adamant we couldn’t run any offers, any promotions, any discounts etc in fact she was constantly throwing around how she’d never run a single offer in all the years she had been marketing manager there…..here’s the thing though, she was wrong and as a result was missing out on bringing new people who were just on the verge of joining the “family” from doing so. She’d made the same mistake that tons of others make, she’d assumed that offers had to mean rock bottom prices and that if you’re running an offer you’re telling the world you can’t sell enough.
Neither of which is true, some of the biggest most popular brands in the world still run offers and they’re not short of sales in anyway shape or form and people happily line up to buy even when there isn’t an offer in sight. An offer doesn’t have to centre around price. It can be a bundle that’s never been offered before, it can be a bonus that’s never been offered before….there’s a ton of options way above and beyond just slashing prices.
The right offer, with the right plan behind it doesn’t devalue your brand and it can be a great way to bring some people in your world who have been sitting on the fence watching you for quite some time.
And just for a humble brag, I was completely correct about the team I consulted for, we massively increased their sales (because said people who took advantage of the offer went on to stay as loyal customers and spent thousands more) and fan base with some well strategised and planned out offers 😉
3. No one impulsive buys high ticket so Black Friday doesn’t work
I swear this one makes me want to bash my head against a wall. You may or may not know, but I own and run a luxury brokerage….I can tell you that people buy luxury goods ALL THE DAMN TIME on an impulsive whim and I’ve seen it in my own high ticket strategy/consultancy business too.
This is someones own limiting belief about how people see, make decisions and spend their money. It’s not true in anyway shape or form and that’s legit all there is too it. It’s a limiting belief people have around higher ticket items, likely because THEY wouldn’t buy a high ticket item on a whim….I however would and do haha!
I could keep going with this but ultimately what I really wanted to say is this. Only you can really decide if you want to run a Black Friday offer or not, but don’t be fooled into thinking that high ticket can’t run offers and take part in holiday type weekends.
I have clients who’ve never run a Black Friday offer and have no desire to but likewise I have clients who love running them and they execute them in such a way that it fits perfectly and lines their whole business up for the next 12 months (and they effortlessly sell 100k packages too EVEN though they run a Black Friday offer!)
SO is it possible for a high ticket business to run a Black Friday offer? Yes it is
Do you have to? No, whether you decide to or not is entirely up to you. There isn’t a right or wrong answer as to whether you should, it’s purely your choice.
But if you choose to then my biggest tip is this….don’t just randomly throw something out there with a rock bottom price.
Instead if you’re going to do it and want to execute it so it benefits your business then think about;
Is it for existing clients or to bring new ones in?
What purpose is it going to serve for your business?
What’s the best way to achieve that purpose?
What is the plan to make it work?
And don’t be afraid to think outside of the box…because that’s where the GOLD stuff lives!!
Are you going to be running a Black Friday offer?
Are you thinking about running one but unsure what you could do?
Let me know in the comments! I’d love to brainstorm ideas with you.