Today we're going to go with a little be more of a tactical approach to the Pulse Check newsletter with a little blend of a case study feel.
I think it's appropriate with Black Friday coming up (at the time of this writing) and the onslaught of offers we're about to see. We’ve already begun to see them from some of the big retailers (Target and Walmart).
If you missed last week's newsletter, read it here first (so you'll know what's going on).
In your business, you should be testing different offers frequently. Remember, your offer is the way you convey the value of your product to your customers.
The holidays are a great time to try out a new offer on a new POP (pocket of people).
For example – Xbox just released their latest console, and this time they've created a subscription model around it. Instead of paying $500 up front, you can pay $34.99/mo for 24 months and get access to a bunch of games.
This is an outstanding offer that likely will be very appealing to a more casual gamer—someone who likes playing a few times a month instead of daily. $34.99 is a lot more attractive than $500. Or maybe for the parents who don't quite have the Christmas savings to splurge on the full price version.
Target and Walmart are also trying a different Black Friday offer. They're stretching those deals out over several weekends this month. Likely as a response to COVID-19 and knowing that people will be hesitant to pack the stores on Black Friday.
I'm guessing there will still be plenty of people rushing out after Thanksgiving to get their deals, but by having promotions early, they're appealing to that more cautious POP who wouldn't want to risk the crowds.
If you have your own business, this is a great time to see if a new pocket of people might be interested in your product. Simply put, a pocket of people is a more specific group within your audience.
An example of this might be an online beauty company that typically targets older women could try some offers specific to those who are single during the holidays and those who have a partner. Maybe they'll discover one POP buys at a higher rate or spends more, and they could start shifting their focus towards that specific POP.
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Side note: I'm using examples way outside of the healthcare space on purpose for these. The point of these newsletters is to help you think better, not give you all the answers.
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This year, pay attention to the ads you see and take notes of different offers and ideas you like. See if there are ways you might be able to incorporate some of those into your own business. I highly recommend looking outside of your industry for ideas. It's easy to get caught up in doing the same stuff everyone else is, and then you don't stand out.
But if you find an idea from a health supplement company or a dating offer or something really out there…
You have a much better chance of standing out within your industry and catching people's attention. That attention is super important right now when everyone else is trying to get it too.
This gives me a good idea for next week's newsletter… Might have to go deeper into attention-grabbing offers.
But for now, start to look around at what different companies are coming up with for Black Friday/Cyber Monday and other holiday offers. Especially online companies, they're going to be taking full advantage of people wanting to stay home this year.
This is also a great time to try something a little crazy or further out than what you might usually go. People are expecting something big this time of year, so try it out, see what happens.