Black Friday Pricing Approaches by Business
Black Friday is now a mammoth shopping day. Initially it was one of deep discounts, however now as business understands its impact on their margins, it will be priced into the budget.
If you are a new business, it is important that you understand this. If you do not the majority of your sales will be at a discounted price, you will be unable to sell at a full margin and your business may fail. Always monitor your sales via promotion and insure that your margin mix throughout the year covers your costs and allows for a profit.
I recently spotted via an email from Trendwatching ( www.trendwatching.com) a new approach from a Brazilian brand Basisco (https://www.basico.com/collections/black-friday-2017/ link may expire over time) where they are highlighting 3 prices on their offerings,
1. Their normal price.
2. A promotional price, that may appear from time to time.
3. A one of special promotional price.
It is unlikely that consumers will opt to pay full price, however it does demonstrate a strong understanding by the business of their pricing model and a good lesson for all us small business owners.
Images on this post copyright https://www.basico.com/