Q4 is here, and we wanted to dedicate a whole podcast episode to it!
Join in on the fun as Budai Media founder Daniel discusses various topics with two of our own agencies? rising stars, giving us the lowdown on how to maximize potential profits during November and December!
We can’t help but get excited for this week?s episode of The Ecom Show with our hard-working, superstar account managers Zs?fi and Ben. These two have already been featured before, but they always have some valuable information to contribute!
Tune in and learn about:
?? Key differences between Black Friday/Cyber Monday and Christmas promotions
?? Pre-launch email campaign series for Black Friday and Cyber Monday
?? Figuring out the best time to have your Q4 sales events
?? Taking charge of your retention marketing using the 80/20 principle
?? Subscription business models and the best Shopify apps for it
Knowing the Difference
Dan, Ben, and Zs?fi spend a decent chunk of time differentiating between the different holiday promotions and shopping opportunities you have probably heard of by now. Ben notes that Black Friday and Cyber Monday promotions usually only occur for one day because these days are known for their discounts in anticipating the holiday season.
On the other hand, Christmas promotions can be held anywhere between Black Friday and the end of December, depending on your product, shipping times, and strategy. You can also opt to have two sales during December for Christmas!
Preparing for Success in Q4
Both Zs?fi and Ben highlight a few excellent ways to warm up your audience and get them ready for the shopping season. One technique is to let your best customers know a day early that you are holding a promotion or extending it by one day. People love to feel like insiders, and this is a tried-and-true tenant of marketing psychology.
This time of year also allows businesses to use scarcity to their advantage because it is entirely believable that inventory could possibly run low with so many potential shoppers. Letting customers know that they shouldn?t put off shopping for another day and miss out on an item they want is a powerful incentive. Zs?fi also mentions that you should be offering a better discount than you usually do during Black Friday or Cyber Monday to highlight how special the occasion is.
Choosing the Right Time to Strike
Ben, Zs?fi, and Daniel know quite well by now when to hold holiday promotions, after years of studying, testing, and perfecting the art of holding sales events. If you have a product with a ten-day shipping period, you should be offering your best discounts more than ten days before Christmas, so people get their gifts on time! You don’t want to disappoint your customers or have them leave for more reliable companies.
Zs?fi even recommends adding a week for delayed shipping times because logistics companies are overloaded with shipments during November and December.
Take Charge and Utilize the Pareto Principle
Ben is a massive fan of the Pareto Principle, which basically states that 80 percent of the consequences come from 20 percent of the causes. If you aren’t already working with a retention marketing agency like Budai Media, you can still take matters into your own hands for now!
By putting in a little work and making some simple email campaigns for Q4, you can see significant results. You can use Klaviyo to send out 3-4 emails between Black Friday and Cyber Monday, at least until you can afford to hire professionals to handle it for you!
Is the Subscription Model Right for You?
The subscription model is the next big thing, and with a little creativity and Recharge app Subscriptions, you can upgrade your bus iness to utilize this strategy. Daniel suggests combining your product with some sort of service that you can offer as a subscription, pointing to the massive success of Amazon Prime.
If you are serious about making money during Q4 of 2020, take our advice and reap the benefits down the road!
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