I wanted to do a quick blog post to talk about why I didn’t do a Black Friday or Cyber Monday deal. Social media and online advertising spaces were full of offers and promotions. Plus, the week before, my timeline was full of posts announcing or teasing me about the forthcoming deals.
One particular company (that I have a subscription with) received a payment from me a few days before Black Friday. On Black Friday, I got an email from the company to say they were discounting 50% off everything! As a regular, valued customers, I felt annoyed. Surely a better customer engagement strategy is to discount my order ahead of Black Friday and drop me a line to say they’ve applied the discount as they don’t want me to miss out. I would then feel good and positive about the company, not annoying that I’ve got to send them an email to request they apply the discount retrospectively.
A few small businesses that I know have taken a stand against Black Friday and said that, because of small margins, they can’t discount their prices. Others feel like me and have an open, honest pricing structure that they want to honour all year round.
My pricing is based on three principles:
There’s no right or wrong answer, and pricing is a very personal issue. I’m often asked when I quote if I’ll reduce my price. I’m happy to reduce the work I do to fit a client’s budget, but I won’t reduce the price I charge as that means I don’t value the quality of the work I do.
Let me know how you structure your prices and how you feel about Black Friday and Cyber Monday (or if you got any amazing bargains!)
Here are some more stats about Black Friday from one retail giant:
With the increase in popularity of Black Friday, there is more and more competitive pressure, with hundreds of brands competing in a race to the top. Therefore, the success of a deal is not just about price, but also the additional marketing investment, resulting in increased visibility and exposure for the company.