Cyber Monday Tip #4

If you're going to forego profit to "remain competitive" on Cyber Monday (and by the way, if you're going to remain competitive on Cyber Monday, why don't you care about remaining competitive on July 8, or April 14, or January 27?), at least do it with some element of strategy.

There are numerous Cyber Monday strategies:

1. 30% off plus free shipping. The classic. Just give everything away in a big Cyber Monday fire sale that will leave NPR's Markeplace giddy with joy!
2. Free shipping only. In modern times, everybody is giving away free shipping, so you won't stand out, but you won't take the profit bath that your competition will suffer.
3. 30% off key items. This may be a viable tactic - via email and your home page, you advertise a half-dozen items, limiting discount exposure.
4. 50% or more off liquidation items. Also could be a viable tactic, solving a liquidation problem while limiting exposure to best sellers.

Yes, I know, there's an infinite number of tactics and combinations.

If you opt for #3 above, be sure to identify key items that encourage repurchase. There's no need to take a profit bath on the transaction, and then cause those customers to not come back and buy again in the future.

Need help analyzing key items? Contact me (kevinh@minethatdata.com) for Cyber Monday assistance.