6 CASH-FLOW-FLOWING IDEAS FOR BLACK FRIDAY/CYBER MONDAY
Black Friday has always been the biggest shopping day in the US but did you know that in Australia, Black Friday is now competing with Boxing Day as our biggest shopping event?
Westpac reported 13 million transactions on Black Friday 2020, compared to 8 million transactions on Boxing Day 2019, showing a major shift in how Australians do their shopping over the Christmas period.
And this year, it will be even bigger. After being forced to shop differently over the last 2 years, consumers are now conditioned to shopping online, not to mention many will still be anxious and hesitant about shopping in stores. Studies are showing this trend is here to stay worldwide.
I'M NOT SAYING THIS JUST SO YOU CAN MAXIMISE YOUR HOLIDAY SEASON SALES THIS YEAR
It's so much more than that. It’s about understanding that this pandemic has affected the way consumers behave FOREVER and so to compete and remain relevant, the beauty salon, skin clinic or medspa owner needs to focus their attention on:
- Building and evolving their online presence
- Look at the Black Friday and Cyber Monday weekend as the beginning of the Holiday Season trading
Building your online presence is a long-term strategy that requires time and planning. If you don’t yet have a shopping cart on your website, you can still maximise on the beginning of the Holiday Season trading through selling gift vouchers and your Black Friday/Cyber Monday offers online, whether through the use of landing pages or direct to merchant sales on a website button ie. when a button is clicked, it takes them to Paypal, Stripe etc.
Consumers will be more focused on ‘deals’ or value offers. They won’t necessarily spend less, they’re just looking for extra value for what they spend. Leveraging this will be a crucial revenue driver you are most likely needing right now.
6 CASH-FLOW GENERATING IDEAS
Here are 6 cash-flow-generating ideas to consider on just Black Friday or throughout the Black Friday/Cyber Monday weekend. Don’t do all, just choose one or two depending on what your business is needing right now.
Objective: Fill up the appointment books
(1) Treatment Sale: Buy 3, Get 1 free. That’s a 33% discount across three treatments (full priced treatments that is) fully paid up-front. If your demographic is used to spending more, Buy 6, get 2 free
(2) Upvalue your January treatments by 25%. Prepay your January appointment and receive an extra 25% value. The objective here is more specifically to be used during a traditionally quiet time like January or January/February.
Objective: Generate extra cash flow
(3) Bonus on our Skin Memberships. If you have an established skin membership, add a value bonus for all new subscribers eg. Free LED treatment every month for your first year. Or it could be a free Eyebrow shape, 15min face and décolletage massage with every skin treatment, a free upgrade
If you don’t have a skin subscription going, this may be a great opportunity to start one and offering this bonus just during this promotional period
(4) 15% Off Site Wide this Black Friday/Cyber Monday Weekend. This of course is if you already have your shopping cart on your website.
(5) Skincare Sale: Buy 3, Get 1 Free. With the right recall and follow up strategy, this is a great promotion to get your clients back onto their serious skincare habits
(5) Upvalue your Holiday Season Gift Giving by 25%. Here’s another interesting stat. Over half of Black Friday spending make up for gifts for others.
Spend $100 on a gift voucher and the GV will be written up for $125, $500 and it will be written up for $600. No minimum spend, no limit of the number of Gift Vouchers purchased
Objective: Introducing a new therapist
(6) Book with [therapist name] during November and receive a bonus Eyebrow Design and Eyelash Tint (or whatever giveaway sounds better to you).
HERE’S WHAT’S SUPER IMPORTANT
Promotional success is NOT just about the offer. There are lots of ‘great’ promotions that have flopped. It’s ALL about the execution, how the promotion is framed, promoted and targeted, how the conditions are framed, how you brief them into your team and how you hold your team accountable to results.