How to prepare a pricing strategy for Black Friday is talked about a lot, however, few analyses show what it is that we are supposed to do. This popular date can be a huge exit for our campaign or on the other hand a disaster, it all depends on how we prepare for it.
There is an extended theory about false offers during Black Friday, for example, deliberate increase in prices weeks before so that the discounts applied are not really discounts. From Minderest we have shown year after year that this technique or similar is not generated nor applied by the best-known retailers, although after each Black Friday they receive lots of criticism from companies publishing screenshots or photographs from previous dates to Black Friday.
The truth behind these increases is simple, and it happens every single day; prices are becoming more and more dynamic and they fluctuate depending on the competition. Even though an ecommerce applies a general discount to their assortment of products on Black Friday, there will always be products with prices may have been increased, whether it is due to an increase in costs, shortage of product or many other reasons.
How the says goes “the customer is always right”, and trying to justify the previous is almost impossible. With a few simple guidelines we can avoid being the object of criticism and our offers can be viewed in a positive way.
- On month before Black Friday we should start to monitor the possible increases in price that we make in our ecommerce, with the objective to keep them to a minimum. Those that there is no other option than to increase price, now is the moment, not later.
- If we are implying an algorithm of dynamic prices to manage the price changes, we should deactivate the calculations that increase prices, so that only reductions or equalizations in prices are made.
- Between one and two weeks before Black Friday we should programme those products that will be reduced in price. It’s preferable to make a noticeable reduction in price during Black Friday than to make small reductions in the days running up.
- And the golden rule is; that under no circumstance should you increase prices during the same week.
By following these guidelines it will guarantee that our ecommerce won’t be a victim accused of based practice and we will help to construct a positive reputation among our potential clients.