Black Friday is one of the biggest promotional times of the year. Businesses across the country are gearing up to make the most of this season by using promotions that are the best for their industry and audience. Below, we go over four types of promotions that are best suited for Video On Demand Subscription businesses and how to decide which one is right for you.
Black Friday
What is it?
The Friday after Thanksgiving. This year, it's on Friday, November 27, 2020.
Why is it important?
Gain More Subscribers
This is the best time of year to get more subscribers in the door. Attractive offers combined with the excitement and intention around the day will boost ads traffic.
Collect Data About Your Digital Ad Audience
More often than not, the target audience will differ slightly based on the platform ads are being served. This is an opportunity to drive tons of traffic to your site, and help the FB algorithm better identify who to serve ads to in the future.
Test Different Promotions and Incentives
What type of promotion does your audience respond to?
Every brand’s audience and subscriber base is different and therefore will respond differently to different types of promotions.
Testing different types of promotions throughout the year will help you make more informed decisions as you move forward. For example, you should also be running a Holiday Season and then a New Year promotion shortly after Black Friday. Using each and every ad intentionally to test different variables, the promotion type being one of those, is a best practice that will make your ad dollar go much further.
Four Common VOD Promotions
1.) Heavy Discount
This is one of the most common promotions we see clients run - regardless of the season.
The Offer:
Discounted Recurring Monthly and Annual Subscription Price
This includes your standard free trial. When it comes to large discounts, consumer Black Friday expectations are high so we need to make this worth their time.
Recommendation:
Push monthly subscriptions
- The consumers’ intentions on Black Friday are all about getting a deal. If you’re still getting a good conversion response from a direct email list, in-studio members, or other warm audiences, pushing a discounted annual would make sense for you.
- If you have exhausted your warm lists, that means you’ll be going after cold audiences. Asking someone who doesn’t know who you are to buy an annual subscription is a lot to ask. These cold audiences don’t know who you are yet. They usually need more time to build trust.
- At least 25% off your standard price
- This is a standard amount to discount throughout the year. That being said, we would recommend increasing that discount to somewhere between 26-29% off in order to compete with other incredibly attractive promotions.
Audience
2.) GWP (Gift With Purchase)
The Offer:
Get a “free” gift with any purchase.
- Gift Examples:
- Water bottles, hats, equipment, towels, etc
In addition to their subscription purchase, they’ll also receive a gift in the mail. This can be used in conjunction with any other promotion that requires a purchase upfront, meaning that there is no free trial.
Recommendation:
Choose a gift that is “one size fits all”
Collecting fields such as size or color aren’t native to our platform so collecting that information, updating inventory, and sending out the gifts on time can quickly get complicated.
Audience:
3.) $1for30
The Offer:
- $1 for 30 Days of access
- No free trial
- Regular monthly pricing thereafter
- The Concept:
For $1, you give 30 days of access to your subscription. This promotion is similar to an extended free trial. It has a low barrier to entry ($1) and you have 30 days to nurture and educate trialers through email communication.
Recommendation:
$1 for the first month of access
Audience
4.) The “3 Month” Concept
The Offer:
- Discounted three months paid upfront with purchase
-
- Regular monthly pricing thereafter
- No free trial
-
The Concept:
Our portfolio data shows that if subscribers make it past month three of paying for your subscription, they’re much more likely to have a high LTV and are more valuable subscribers.
- Educational email communication is key to the success of this campaign.
Recommendation:
50-60% off the first three months, regular pricing thereafter.
Audience:
Timeline and Execution
We need to receive finalized Facebook Ad Templates by November 6, 2020, which can be submitted to erin@intelivideo.com on or before that date. Following this timeline will guarantee that your ads are complete, accurate, and out on time.
The table below shows the Client and Intelivideo Marketing Team tasks and due dates for your Black Friday Promotion.
The Main Focus: Submit your finalized Facebook Ad Template by Nov. 6, 2020!
If you are currently working with Erin Moynihan she will reach out with your Facebook Ad Templates. Otherwise email Erin.moynihan@intelivideo.com for access.
NOTE!
There is no “right” promotion to run and there are usually a few good options to choose from. If you’re not sure which one is right for you, send an email to erin@intelivideo.com with your question and your take on it, and I’ll provide some feedback!
