Dropit - Black Friday Sales Event Playbook

Introduction

Black Friday is a critical time for retailers, offering a chance to boost sales and attract new customers. However, with so many stores vying for attention, standing out is a daunting task. That's where Dropit Auctions comes in. Our real-time reverse auctions can differentiate your store by creating an interactive and engaging shopping experience. Read on to discover why and how you should integrate Dropit Auctions into your Black Friday sales strategy.

‍

Why Dropit Auctions for Black Friday:

Differentiation

Stand Out from the Crowd

Picture a customer scrolling through endless deals and discounts, most of them blurring into one another because of their similarity. Now, imagine that same customer pausing and noticing your BFCM sale because you're offering a unique, real-time, 60-second ‘Price Drop’ auction for it. Instead of merely glancing over another typical discount, they're now intrigued by this fresh approach, eager to participate, and potentially even secure a great deal. You've just transformed a standard shopping experience into an engaging, interactive event.

Create a Brand Experience

By customising your auction page, you can make sure it aligns with your brand's unique story and values. For example, if your brand is centered around luxury and exclusivity, you could offer auctions that feature limited-edition or high-end items. This not only adds another layer of appeal to your auctions but also strengthens your brand's overall narrative.
‍

Customer Engagement

Keep Them Coming Back

For Black Friday, leverage the Dropit Auction event to heighten customer engagement and anticipation. While regular discounts might blend into the backdrop, Dropit Auctions stand out and create a buzz. Hosting these auctions at specific intervals leading up to Black Friday can condition customers to eagerly anticipate your unique sales events. To elevate the experience further, offer a bonus incentive: all auction winners who complete checkout during Black Friday could be entered into a special draw, perhaps for an exclusive product or a gift card. This not only incentivises participation in the auction but also encourages completion of the purchase, ensuring your customers are deeply engaged and looking forward to your next innovative sales event.

Interactivity

Leverage the excitement of Dropit Auctions by live streaming the events on platforms like YouTube or Twitch. These auctions, rich in real-time engagement, serve as captivating content perfect for a live audience. By doing so, you not only heighten the excitement of the auction, but you also generate compelling content that draws audiences. Complementing the stream with chat features or comment sections can foster a sense of community and buzz. With this approach, your Dropit auction becomes more than just a new highly engaging sales initiative—it's an interactive content event that captures attention and keeps viewers eagerly awaiting the next one.

‍

Price Optimisation

Win-Win Pricing

In traditional sales events, products often have fixed discounts, which means the price remains static regardless of the demand. With Dropit Auctions, as the auction progresses, the price decreases over a 60-second span until it reaches a pre-set reserve, giving potential bidders the thrill of jumping in at just the right moment to secure their desired product at a compelling price. It's a dynamic approach that often aligns more closely with the true market value of the product, especially during high-demand events like Black Friday.

FOMO (Fear of Missing Out)

The psychological phenomenon of FOMO is a powerful motivator in the world of e-commerce. The sheer idea of missing out on an exciting deal or a limited-time offer can drive consumers to take action swiftly. Dropit Auctions amplifies this sentiment with its 60-second countdown. Picture this: a customer is eyeing a pair of limited-edition sneakers. As the clock ticks down and the price decreases, the tension rises. They're constantly weighing the risk of waiting for a lower price against the fear of someone else snagging the deal before them. This dance of decision-making ensures customers are deeply engaged, often leading to quicker purchase decisions and, in many cases, a higher final selling price. By capitalizing on FOMO, you not only make the shopping experience more exhilarating but also drive better revenue outcomes for your store.

‍
‍

How to Use Dropit Auctions for Black Friday:

Step 1: Pre-Event Planning

Inventory Analysis

When prepping for Dropit Auctions on Black Friday, product selection is pivotal. Here's a condensed strategy for a diversified retail lineup:

a. Target High-Interest, Low-Sale Items:

Spotlight products that draw attention but haven't been flying off the shelves. Use analytics to zero in on these items and turn browsers into buyers with dynamic pricing.

b. Feature Iconic and Top-Selling Products:

Promote items that your brand is best known for or that are customer favorites, leveraging the existing familiarity and appeal they have with your loyal shoppers.

c. Embrace Scarcity:

Offer products with limited quantities or exclusivity to ignite competitive bidding.

d. Bundle Smartly:

Pair popular items with slower-moving ones, maximizing perceived value and moving more stock.

e. Rotate Diverse Offerings:

Dedicate specific times for varied product categories, maintaining momentum and catering to a broader audience.

f. Incorporate Trends and Seasonal Items:

Align auctions with what's currently in vogue for added appeal.

g. Get Feedback Ahead:

Pre-Black Friday, gauge interest with polls or contests, ensuring you auction what your audience craves.

By tactfully curating auction items, you stand to create buzz, drive sales, and optimize revenue during Black Friday's frenzied shopping spree.

‍

Step 2: Setup

Integration

For Shopify users, setting up is straightforward—just install Dropit Auctions from the Shopify App store, from there its just a matter of adding a widget to a page (2.0 themes) and creating your Dropit Auctions. It’s that simple.

Training

Ensure your customer support team understands the mechanics of the auctions. A FAQ section or a short video tutorial could help clarify common queries.

Testing

Run test auctions within a closed group to iron out any kinks. Use this feedback to improve the customer experience before going live. You can also test the Dropit Auctions app in a draft environment.

‍

Step 3: Event Promotion

Leverage Social Media Channels

Consider emphasizing the unique aspect of reverse auctions. A lot of times this is what captures the attention of the customer, as depsite reverse auctions being around for decades, it is a whole new, fun way in the ecommerce world for a customer to buy.

a. Instagram: Utilize the visual nature of this platform for teasers. Stories and reels can provide sneak peeks into products up for auction, while posts can delve deeper into product details.

b. Facebook: Engage your community. Create events for each auction event, allowing users to RSVP, get reminders, and discuss anticipated products.

c. TikTok: Capitalize on the platform's viral nature. Craft short, engaging videos showcasing products, perhaps even giving behind-the-scenes looks at how they're sourced or made.

d. YouTube & YouTube Shorts: Create engaging videos that dive deeper into product stories or provide quick, captivating looks at auction items. Shorts can serve as quick teasers, while longer videos can delve into product specifics, brand history, or customer testimonials.

e. Email: This remains a key channel for detailed communication. Send out newsletters giving an overview of the upcoming auctions, perhaps with exclusive insights or early bird offers for subscribers.

f. Push Notifications: An immediate way to grab your user's attention. Use them for last-minute reminders, real-time updates on auctions, or to alert users about a hot item about to drop.

g. SMS: A direct line to your customers, SMS ensures your message is seen. Send out timely reminders, exclusive codes for auction items, or updates on highly anticipated drops.

Remember, the key is consistency across all platforms. Create a content calendar to ensure regular and timely posts leading up to the event. Engage with comments, questions, and shares to maintain buzz and excitement.

‍

Step 4: Event Kick-off

Launch the Auctions

Kick off with a bang by presenting a 'doorbuster' item—a highly coveted product with a substantial ‘Drop’ or buying opportunity. This acts as a magnet, drawing in large audiences right from the beginning.

But don't just rely on the allure of your products. In the moments leading up to the auction, send out last-minute reminder emails, SMS, and push notifications. This immediate outreach ensures your potential bidders are aware and ready. Utilize social media too—post stories or live updates on platforms like Instagram and TikTok, reminding followers of the upcoming actions. The combination of real-time alerts and the excitement of a desirable initial offering sets the stage for a successful auction event.

Step 5: Monitor and Analyze

Stay Attuned to Auction Dynamics:

Keep an eye on your auctions to gauge their effectiveness. Look for:

Participation Rate: Which auctions are attracting the most bidders? A high number of participants often signals strong interest or a particularly compelling product.

Sale Insights: What's selling and at what price? Are some products selling closer to their reserve prices than others? This can help inform your future pricing strategies and product choices.

Speed of Purchase: How quickly are customers hitting ‘Buy Now’ after the price starts to drop? Rapid conclusions could indicate an item's high demand or an especially enticing starting price. Try increasing the starting price in the future to make the most of the ‘Drop’, increase the fun and anticipation for the customer and potential to secure more revenue.

By consistently monitoring these aspects, you can adjust and optimize future auctions based on real-world data, ensuring you always keep a pulse on what your customers want.

‍

Conclusion

Black Friday offers a golden opportunity to boost sales and attract a broader customer base. By integrating Dropit Auctions into your sales strategy, you can create an engaging and interactive shopping experience that sets you apart from the competition.

‍