The Top 3 “Black Friday” Strategies | Ep 465

“The willingness to pay is really just a thing”. Today, Alex (@AlexHormozi) shares with us the top 3 strategies that brands use during Black Friday sales, the ideal scenarios to use each strategy, and why these strategies will help prevent losses for future sales. Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.Timestamps:(1:20) - The origins of the term “Black Friday” and its definition: to give or sell something at a massive discount in the hopes that more items will be bought that day(2:28) - It’s best to use Black Friday discounts as a way to attract customers that haven’t purchased from you. The way to attract these customers is to go down the buying curve on willingness to pay.(4:38) - The Gift Card Strategy: Discounting one of your usual offers at a large percentage and limiting its availability. (i.e. selling $200 gift cards for 90% off and only 5 slots are open)(6:58) - The Giveaway Strategy: Creating a pyramid of three different prices from your most to least expensive offer, get opt-ins for the giveaway then have a draw for the winners of each prize. (note: more than 1 person can win each prize)(9:23) - The Micro High-Ticket Offer Strategy: It’s “off the menu”, extremely personalized, really high-touch, and something you would only offer to 5-10 customers. (12:00) - The ideal scenario to use each strategy and a couple of fun stats on Black FridayFollow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition