A Derivative of Black Friday
Cyber Monday is technically a derivative of Black Friday, but designed for online retailers – think Apple, Amazon and the like. It didn’t get started until 2005 in the US, but since that time, it’s become a huge draw for consumers interested in buying products online. For those down under, Cyber Monday didn’t really become a big draw until 2010, though it’s made significant headway since then.
Why These Are Such Huge Draws
So, why are Black Friday and Cyber Monday such massive events? It’s simple, really. Consumers get the chance to buy for far, far below regular price, and most of those deals are one-time things, available only as long as supplies last. That capitalizes on scarcity, as well as people’s desire to save some cash. Interestingly, you can turn those qualities to your advantage and benefit your own business.
- Great prices only available for a limited time or a single day
- Items not usually available to them
- The chance to stock up for Christmas without spending a ton of cash
How do you do that? It’s simple – just follow the example of others. For instance, if you have physical products, offer a 1-day special Black Friday price (and on complementary products as well).
On Cyber Monday, you can do the same thing with website sales.
Even service-based businesses can turn these events to their advantage. For instance, consider offering a percentage off on a service or service bundle for Black Friday customers. Consider offering free complementary services with the purchase of a primary service. Regardless of your business type, make your deal time-sensitive, something your customers really want and limited in nature (duration, supplies, model numbers, etc.).