Episode 146: How to Increase Revenue After Black Friday Without Discounting (3 Proven Sales Strategies)

In this episode, you will learn how to leverage Black Friday sales to grow your revenue without discounting. Welcome to Sales Process Made Easy the show helping seven to eight figure industry construction and trade Sales and business leaders finally end the stress of inconsistent sales by simplifying your sales systems so your team can close more deals and grow faster. I'm your host Ben Wright and a leader who has been building businesses and sales teams just like you for the last 20 years. By the end of this episode, you'll understand why it's a golden opportunity to piggyback off Black Friday sales, how you can grow your revenue without needing to discount, and three things you can do right now to grow your revenue as Black Friday sales wind up the last week, two weeks, dare I say it, even month, even months across many industries, we've seen heightened activity around Black Friday sales. We've seen brands get out there with pre Black Friday sales at deep discounted levels that haven't changed. We've seen brands and businesses get out there with Black Friday discounts that have then gone deeper on Black Friday themselves. We've seen brands completely avoid it. There's been a whole range of activity, but one thing that is for certain is that many, many consumers have been open to greater spending in the last one to two weeks at an absolute minimum than they are at most other times of the year. And what I mean by this is that the majority of consumers out in the market now, be they B2B or B2C, have been conditioned that this is a time to buy. So right now capitalizing on Black Friday sales is an easy, excellent opportunity for every business out there, regardless as to whether or not you want to be participating in discounting and to really double down on that. What I mean here is that we have people who have been actively pursuing sales at a personal level, maybe not even at a business level. But they've been having emails, phone calls, text messages, advertisements, chase them around wherever they are on the Internet or during their day to day lives that have been promoting how now is a great time to buy. And as such, even the most staunch or even the most inflexible of us have been opened up to a degree of spending. Now we have bought a number of things in our household, Christmas presents. We have bought security cameras, we have bought pool filters and cleaners. We've got a list of about a dozen things that we've bought over the last two weeks or so. So for me, I am absolutely as a consumer right now open and ready to spend more. That's where As a brand, we get to come in and really piggyback off this regardless as to whether or not we're discounting. And what we're piggybacking off here is the openness and willingness to now buy. So straight after Black Friday sales end is a terrific time for businesses to get in and really make the most of buyer intent of that behavior that's ready and open to be spending more money. So how can we do this without discounting? Well, if we look at discounting in typical consumer behavior, discounting will typically help make a decision. When you're not sure about who you want to buy from, it will typically help bring forward a decision that is, we're going to buy now because it's at a great price and don't want to miss out, or it will often result in an increased value or volume of purchase. That is, we're going to stock up on an item because it's at a discounted price. Now, for each of those instances, I would argue that they do not cover the majority of purchasing. We have purchasing that's made under normal conditions when people can have time to make a decision. We have purchasing that's made when an item is needed rather than stocking up. We have purchasing that's made deliberately from a brand without comparing against others in the market. And a number of other areas or times when we make decisions that aren't necessarily around discounting. And right now, we have an opportunity to be targeting those who don't buy on price but still have a level of buyer conditioning or buyer behavior that's ready to purchase now. And what I mean by this is that as a business, fantastic. We have buyers out there who are ready to buy as a business, fantastic. We don't need to discount to every customer that we sell to. And most importantly as a business, if we can identify who the customers that we don't need to be discounting to to make sales are, that's where we have an opportunity right now. Post Black Friday sales if I'm going to get really specific here around examples, most businesses will have a percentage of their customers who are buying on price. Either they're buying from a competitor or them based on price. They're choosing whether to buy now or buy later based on price, or they're choosing whether or not to buy at all based on price. However, we also have a number of consumers who won't be making decisions based on discounts. And these are the people that I'd be recommending businesses target right now. So the three main areas of customer segments that I'd be looking at are, first of all, your existing customers. So customers who currently buy from you, getting out to them and really communicating at an increased cadence or at an increased level, what you can be doing for them, the value of working with your business, what else you can offer to them to help improve their lives or solve a problem. Right? So the very first database of people that I'd be targeting now, if I'm a business wanting to capitalize on Black Friday sales, are existing customers. Get out and market to that database, Call them, engage with them in as many ways as you can to remind them of your brand and the value that you offer. Because we have these buyers who are now more ready to buy than at other times of the year. So we have the opportunity to be just reminding them about the value we can offer to them. The second one is age customers who haven't bought from us in a little while. And this may extend from a little while to an extended period of time. It may be one or two or three months. It may flow down into multiple months or even years. But customers who have experienced the value that we provide previously but haven't necessarily returned for whatever reason that may be, now is a great time to get out and clearly communicate with them who we are, the value we offer, and why they should be considering buying from us again, again, to repeat, this is all about capitalising on the behaviors of buyers right now who are more ready to buy than at previous times. I have a protein brand that at a consumer level I deal with, the protein brand has openly said, we are not discounting right now. However, I am going to be placing an order anyway because I am in buying mode. I want to get my buying done and I'll stock up and in the order will come, I will still pay the same price. Now, I certainly won't be doing this with every product I'm buying, but there is a percentage of my spend that will be done at normal price because I know I need it. So, number one was all about chasing down current customers. Number two was age customers. And the third opportunity here is, is upselling to new customers. So customers that are going through your funnel to buy. When we have a group of people or businesses that we know are more conditioned to buy at this time than others, what can we be getting them to trade up into or spend more on or add to their current purchase? And again, that comes down to a really clear piece of communication that says, hey, we're here. Here's the value we provide for you and why you should be buying. So we've got three really clear customer segments that we can be targeting. So let me take a step back here and focus on this at a macro level and that's that in this episode, what we've gone through is that in general we have a larger number of buyers who are ready to spend right now. They are conditioned through Black Friday sales that now is a good time to buy. So the likelihood that they will purchase is larger now than at other times of the year. Not for everyone, but for many. To avoid discounting, now is a great time to piggyback post Black Friday sales on your customer segments who are less likely to be influenced by price, who are less likely to be swayed by a low price. And those three customer segments, or the three things you can do now are current customers who are buying from you, getting them to increase their engagement with you. Number two is aged customers who haven't bought from you in a little while, getting them to return to your business. And number three is new customers, those who are going through your sales purchases now and reminding them around upsell or cross sell or increased volumes that they can be buying from your business now. The way to do this is through really clear and rapid communication. So we want to be getting out to these segments as quickly as we can and in multiple formats if possible, so we can be reminding them exactly why they should be purchasing from us. So the thought I'd love you to think of as you leave today is picking one customer segment that you can get out to and just increase the amount of activity that your teams or yourself are doing with them, how we can market or sell more effectively to current customers, aged customers or new customers. If you can do that out of this episode, you'll be able to move the dial really significantly to make more sales by piggybacking on off Black Friday sales themselves. Okay, so thank you. Really grateful for everyone listening in to the sales process Made simple podcast. We're dropping every Monday, Wednesday and Friday. That's this episode done. Between now and when we next meet, please keep thinking about how you and your team can be 1% better each and every day because it will make a difference. Bye for now. Are you struggling to grow your monthly sales numbers? 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