Have you heard of Black Friday?
It is that time of the year people buy and forget their sorrows!
That’s my unofficial definition of what black Friday is.
There are two kind of people on Black Friday.
Those who make money and those who spend money.
Which would you rather be? The money spender or the money maker?
You have the absolute right to be anyone you wish to be.
But as a smart entrepreneur or business owner, I bet you want to make some money.
In this post, I will show you how you can increase sales and make money on Black Friday.
What is Black Friday?
According to Wikipedia, “Black Friday is the day following Thanksgiving Day in the United States (the fourth Thursday of November). Since 1952, it has been regarded as the beginning of the Christmas shopping season in the U.S., and most major retailers open very early (and more recently during overnight hours) and offer promotional sales.”
Basically, Black Friday is the day store owners sell their stuff at a very huge discounted price.
It is called Black Friday because, “Many retailers report some of their highest profits on Black Friday. The black portion of the name, “Black Friday” relates to businesses recording their losses in red ink and gains in black. This tradition lives on in modern accounting software, hence the name” – Wikipedia
According to Techviews.com.ng, “The first ever black Friday sale happened in November of 2013 when eCommerce was still in its infancy in Nigeria. Thanks to online stores, a brand new PlayStation 4 which on a very good day costs about 95k was sold for 25k! – Here’s proof (kinda).”
When is Black Friday 2017?
It usually holds every last (or fourth) Friday of November.
This year it will occur on Friday, November 24th, 2017.
How To Increase Sales and Make More Money on Black Friday
I’ll be sharing with you strategies you can use to make money as an entrepreneur or business owner during this year (2017) black friday.
1. Start creating your digital products
If you don’t have digital products, it is time to start creating them.
Now Black Friday deals will work perfectly with digital products.
Don’t try it on service based products that will require a lot of your time.
If you must apply it on your service based business, then the discounts should not be very high.
You don’t want to waste your time designing a logo for N1,000 because it’s Black Friday.
So, start creating your digital products in form of Ebooks, audios or video courses.
Remember that your course doesn’t have to be bulky and complicated. It should be a course that takes people from point A to B.
Fifty page Ebook, 30-45 minutes video/audio.
The goal is to offer value to your client.
Tools for course creation
- Use your MS Word.
- Type your document.
- Save it.
- Then go to Smallpdf.com and convert your word document to PDF.
- Upload to Google Drive or DropBox to get the download link.
- Use Audacity (this can also be used for podcast recording and editing)
- Upload to Google Drive.
- Use Canva.com to create your slides
- Download it as a PDF
- Open the PDF file using Adobe Reader.
- Then use Active Presenter to record your screen while explaining what’s on the slides (this is called screencasting)
- Then Wondershare Filmora to edit your video
- Use WinX HD Video Converter for compressing your videos
- Upload to Google Drive or DropBox
Alternatively, you can use your smartphone to record yourself if you’re comfortable with showing your face. This will of course require a tripod stand.
Are you wondering what your course or digital product should be about?
It will be easier to create the right products if you know and understand your target market.
What are the questions your audience keep asking you over and over again?
What are their challenges, pain points, frustrations, fears, goals and aspirations?
Your products should be based on these things.
What skill, knowledge, expertise or experience do you have? Package it into a digital product.
2. Sell other people’s product
You don’t have the time or tools to create your own digital products?
You can sell other people’s product.
Here’s how it works:
- Basic Resell Rights and Resale Rights: By purchasing a product with basic resale rights, this allows you to sell the product as your own, but your customer receives no rights to resell.
- Master Resell Rights and Master Resale Rights
Both terms offer the same type of rights. With these type of rights you have permission to pass on the rights to resell, and your customer has the rights to pass on the resell rights too. These type of rights have many options, sell for personal use, sell basic resell rights, or sell the Master Resell Rights.
- Private Label Rights and PLR: We like to call these rights the rights of “substance.” Private label rights (PLR) allow you not only to buy the product but also change the product in any manner you see fit. There’s more: you can change or alter the product even if it’s just the title or first and second paragraphs of the e-book, and then put your name as the author.
- Give Away RightsThese allow you to give the product away for free normally to help build a mailing list, or to keep your current subscribers happy by providing a free product.”
All you need do is to look for these products online, repackage them and sell in a very discounted (Black Friday) price.
Examples of Resale Right Sites:
- And many others
Look for products related to your niche. Package some as the main product while you use others as the bonuses.
3. Create a sales page
According to Instapage.com, “A sales page is a standalone page created with one specific purpose in mind, to secure sales for your product. The product or service you’re selling on your page can differ depending on your industry or niche. However, the purpose of your sales page remains constant – getting visitors to convert into customers.”
The next thing for you to do is to create a sales page displaying all your digital products.
List them and write the benefits of each product.
Write out the original price of each product to let your potential buyer know what he/she is getting for a discounted price.
Here are examples of sales pages written by me:
Remember that a sales page has one purpose which is to sell.
To ensure that you don’t lose money on the table, integrate online payment with credit cards.
This way nobody will have an excuse for not being able to go to the bank.
However, still include the option for direct bank deposit.
For receiving online payment we have,
Don’t worry if you don’t have a website (which you supposed to have).
You can use your social media timeline for that.
Facebook and Instagram will work perfectly.
Get a graphic designer to display all your products on a flier and boldly write the discount on it.
4. Promote. Promote. Promote
When all this is put in place, it is time to promote your offer to as many people as possible.
Promote on Facebook, Instagram, Twitter, Whatsapp and everywhere your potential client will likely be at.
If you have a great sales page, you can run Facebook ads to advertise your offer.
Make sure you don’t lose money.
If you can run an effective Facebook ad, you will recover all the money used on advertising.
One more thing.
Don’t wait until 24th November to start promoting your Black Friday deals.
Start from the Monday of the Black Friday week.
In the case where you don’t want or have anything to sell that day, you can use it to build your email list.
Every serious online business owner knows how crucial list building is to running a successful online business.
So, offer something for absolutely free in exchange for their contact – name and email address.
Those into web design, web development, logo design and all those design jobs can also take advantage of Black Friday.
Stack all your services into one package.
Evaluate the actual price, then give a huge discount.
SOmething like this:
- Logo design
- web design
- Social media re-branding/branding
- Business cards
Normally this would go for N100,000. But you can offer to give it for N50,000.
Whatever you do, ensure that you don’t leave money on the table.
What strategies would you use to rake in sales on Black Friday?
Share with us in the comment box below.