As we approach Thanksgiving we start seeing all these flash deals popping up everywhere for Black Friday. 80% off here, half off there, and we kinda got used to this as the normal way businesses work. Despite the mass popularity of Black Friday/Cyber Monday sales I will not be having any sales or discounts. As a matter of fact, I never will.
Though I will be able to make a relatively large amount of money in a short period of time with such a sale, I think it is detrimental in the long run. Not just less effective, but actually harmful to my core business. The reason for that is that I’m currently in the constant process of training my costumers.
What is “Training your costumers”?
Training your costumers is establishing an understanding with your audience for how things work. The clearer you are, the more confident their purchase habits will be. If they know what to expect from you, your costumers will act based on those expectations.
Let’s use Apple as an example. We know the exact time they come out with their new iPhone every year, and we plan our shopping accordingly. “I’m waiting for the next one to upgrade.” Sounds familiar? What if they came out with a new phone 5 months after their latest release? Wouldn’t it infuriate people? Of course it will. What if they took an extra year to release a new one? They would miss on a huge amount of people who were waiting to upgrade this year. Apple have trained their costumers, and are reaping the rewards.
In my case, I’ve established a very clear plan for how I sell my courses, and I’m completely transparent with it. They come out at a lower price for the first 48 hours, and then they go up in price and never get discounted again.
That accomplishes 2 things:
- People know it’s best to buy my products right away to get the best price (which makes my launches better and better)
- People who bought early don’t get mad when they see a discount 3 months later, because it never happens. Whenever anyone buys any of my products – they buy it at the lowest price that product will ever be at. It might have been cheaper in the past, but you are promised not to get screwed in the future. Next time, you learn to hurry and get it earlier.
This way I insure that no customer is ever unhappy. The early adopters get an awesome deal (of which they never regret) and late comers learn that it’s up to them if they want to get a good deal next time.
It’s all very simple and clear. That clarity makes it so easy for someone to decide to buy my products. You know that feeling when you want to buy something but you’re a bit unsure if it’s the right time, maybe you should do some research, maybe wait for Black Friday etc? My audience doesn’t have that feeling. This, I believe, takes a lot off of the buying decision process.
When I see companies announce 80% off for Black Friday, all I hear is “Ok, so basically I should never buy anything from you unless it’s on Black Friday because I am sure to get a worse deal otherwise.”