Want to create an irresistible Black Friday offer? Don’t discount
ISSUE #58
Scott Oldford here. Serial entrepreneur, business mentor and owner of 40 online businesses (including the Wisdom Group.)
I want to share my Black Friday strategy with you, so you can take note of what you see today…
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Scott Oldford here. Serial entrepreneur, business mentor and owner of 40 online businesses (including the Wisdom Group.)
I want to share my Black Friday strategy with you, so you can take note of what you see today…
I’ve planned over 100 BF strategies in 2023 alone. From companies I own, to those I mentor…
For a long time, I didn’t do the whole Black Friday thing…
But I guess after moving from Canada to the United States…
It got in my blood a little 😉
I wanted to give you my theory on it and how I see it done right.
My belief is that someone should be able to obtain something that they can’t at any other time.
Instead… most of the time people sell something that is simply discounted.
But there’s a big problem I want to tell you about…⬇
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Scott Oldford has grown over 12 of his businesses past 7-figures and helped over 200 businesses in the coaching/mentorship, courses, consulting and SaaS space go past 7-figures.
Today, his methods and strategies are seen and used by hundreds of thousands of entrepreneurs, allowing him the time to mentor, invest in and advise some of the top entrepreneurs in the online space.
The problem with discounting something?
You train someone not to buy from you.
And you train someone not to fully trust you.
As an example.
I’ll only ever buy an iPhone in November or December…
Because I know they release a new one every fall.
If I get one in June, I know it’s going to be the old version.
As another example.
I once bought something online for about $1,000.
It was digital and a course.
3 weeks later it was $297.
The exact same thing.
Now…
Here’s the thing…
Offers change… time goes on.
I’ve done this as well.
However, taking something you are going to sell in 2 weeks and discounting it a bunch simply because someone else is?
It might give you a big Friday… and numbers…
But because people likely see it more often (you send more emails)…
It’s going to hurt trust.
And it’s going to hurt trust with your highest value customers.
Because your highest trust customers are the ones that care less about a sale.
They did a full-on discount for their business and made $936,000.
Generally they made $150,000 a month.
However, they pissed off an entire segment of their audience.
Had an increase of bad reviews.
Had fewer upgrades and in all of 2023 they did not surpass their $150,000 a month.
Was it worth it?
Maybe…
Here’s what I’m doing today instead.
A “BF launch.”
“Get the Omnipresence In 7 Days Masterclass for 97% off”
I’ve never offered it before.
It’s not something I’ve ever given before.
And it includes specific things that I’ve built…
That almost no one would buy together.
For a price that is almost a “shut up and take my money.”
Now with this specific idea…
My intention?
I want more people in my Modern Business Academy.
Why?
Because people CRUSH it once they get in there.
While the offer will be crazy valuable…
It’s this page I want someone to “land on”…
Get all of Scott Oldford’s strategies, frameworks, methods & tools to scale.
It includes a terrible VSL (I suck at them) that (does a terrible job) shows why someone should sign up and get “everything” while they are at it…
This promotion includes:
10 emails across different segments of the list…
Multiple text messages…
Retargeting campaigns…
Social posts…
All of it.
But here’s the thing…
Once the offer is done… it’s actually done.
I might bring it back next year.
However, it doesn’t undercut anything.
Because it didn’t exist besides for today.
So I’m using BF as a “launch” instead of a “discount.”
And instead of just making $100K in low ticket sales…
I bring people where I know that in 6-12 months they’ll want to upgrade to my $10K-$250K options.
And that is the true value.
Don’t use Black Friday to pick up the scraps.
Use it to give people an amazing experience.
And not piss off your customers.
Take today to observe how most people use Black Friday…
And how you can use it to build longterm trust, for years to come.
— Scott
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Thank you for reading today’s Growth Memo! We hope you enjoyed it.
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