Welcome to another edition of our newsletter! You’ll receive practical startup advice straight to your inbox every week.
In this week’s edition, we discuss
- Why heavy discounts can be damaging to your startup
- How to prepare for Black Friday as a creator
Let’s do this.
Black Friday might be an excellent time for businesses to decrease inventory and make a quick buck. But Boris Manhart believes startups must skip the rush and focus on delivering benefits and creating a strong brand instead. Here’s why:
- Finding the right price is crucial for startups — Understanding your customer is the most important thing to consider when setting a price point; you need to know their needs and what they care about most in their purchase decision.
- More value equals higher prices — If you reach the product-market fit, you know if your customers are willing to pay for your product and how much.
- Don’t enter the vicious circle of discounts — the more products you discount, the more people will expect discounts in the future, reducing profitability for your business.
- Start building a solid brand early — Think like Apple; discounting too much will devalue your product or service in the eyes of consumers.
👉 Find out what you should focus on instead: Why Black Friday Is Toxic for Startups
The FTX is not the end of crypto (yet)
Despite what everyone with a keyboard and a Twitter handle claimed to have predicted, almost nobody saw the FTX fiasco coming. Not Bloomberg. Not politicians. Not celebrities. Not crypto heads. No one.
That’s why when FTX imploded and took billions of dollars down with it, an outrage bomb went off — and the resulting shockwaves feel strong enough to threaten the very existence of the crypto market.
Or did FTX fall to the “natural selection” of the free market because it was unfit?
Are you a content creator, blogger, or freelancer with multiple income streams? Then, black Friday could benefit you if you can capitalize on it. Elna Cain uses this 7-step process:
- Get testimonials — If you have a digital product, collect all accolades about said product. Now’s the time to share them.
- Decide on what you’re offering — Small discounts, extra bonuses or huge 50–75% off deals?
- Set up your tech — While Elna uses Teachables, get the platform you sell yourself through in order, with announcements and sale prices ready to go.
- Write the email — Be respectful, relatable and honest, and try to speak to only one person in your email.
- Announce the deal on your socials — Graphics and visuals made on sites like Canva can help your offer stand out.
- Continue with your business — Once the sale ends, get back in the saddle.