Cyber Monday is the single highest revenue generating day for online goods. In case you have never heard of it, it occurs every year on the Monday following the American holiday, Thanksgiving. This year it will be on December 2nd. The largest retailers in the world provide monstrous sales for online goods, causing what can only be described as a tidal wave of consumers to flock to their computers, credit card in hand. The savviest of marketers have begun to follow suit, launching products and stepping up marketing efforts in order to take advantage of this hurricane of internet traffic that will undoubtedly flood to their sites. In 2012, the analytics company known as Comscore, estimated online purchases to have reached approximately $1.5 billion in sales from US companies alone. This is up 20% from the previous year. If previous history is of any indication, this year’s revenue will trump the previous 2. So, that brings us to our main point. What should you do to prepare for Cyber Monday?
Perhaps you’re not even from the US. Should you even bother with Cyber Monday? Absolutely! There will be a myriad of people openly looking to purchase online goods. Chances are, no matter what your niche is, your target audience will be frothing at the mouth just waiting to type in their credit card numbers for anything that they perceive as a bargain…which brings us to our first main point.
In order to compete with the millions of reduced, bargain prices, you will need to offer something of great value. Most consumers will have an eye out for deals, but this doesn’t necessarily mean that you will need to discount the prices of your products/services, but you will have to do something to get noticed. Perhaps offer an added incentive like bonus material if you are marketing an information product? Maybe you could create a video series that compliments your main product? Be creative, but be DIFFERENT. Think about it this way; let’s say that you have an info product that normally sells for $99. On an average day, you receive 5 sales for a total of $495. For Cyber Monday, you decide to discount the price to $49 (a generous savings). This will undoubtedly catch the attention of potential consumers. You would need at least 10 sales to break even. If you’re worried about discounting your prices too much – don’t. To put things into perspective, In 2011, Godaddy reported that they received 80% more revenue from sales on Cyber Monday than on the average Monday, all while selling domain names for $1.99 (the average .com is normally $10.99). With the influx of traffic and a little bit of marketing magic, you should be able to crush your regular numbers even with significant discounts or bonuses.
Start your email campaign immediately! You should be emailing your list, notifying them of what you have in store. Discounts work the best, but anything with a high perceived value will do the trick. For the coming weeks, you should be sending continuous updates to your list, reminding them of your plans for Cyber Monday. It’s absolutely essential that you build a sense of urgency by explaining to your audience that your deal will ONLY be available for a short amount of time (perhaps a few days surrounding Cyber Monday).
If you have a marketing budget set aside (which you should), it may be smart to allocate a large portion of it solely to Cyber Monday ads. Undoubtedly there will be a lot of traffic, but with that will come a lot of competition. Expect to pay a bit more for PPC, but the payoff should be well worth the additional price for ads.
If everything goes well, you should be able to absolutely KILL IT on Cyber Monday. This is the one day shopping bonanza that you do NOT want to miss out on!