Joshua D'Costa
Growth & Marketing
Nov 25, 2024
|
5
min
Black Friday is here! Which means its a great opportunity for Indian Saas founders to market themselves on a global scale.
Black Friday is one of the biggest Shopping seasons in the United States since the 2000s and has since been picked up globally followed by Cyber Monday and Cyber weekend which focuses on online shopping.
What is Black Friday?
Black Friday is traditionally marked as the start of the Christmas Shopping season in the USA, this Friday comes right after Thanksgiving. Many stores offer highly promoted sales at discounted prices and often open early, sometimes as early as midnight or even on Thanksgiving.
Some stores even continue up till Monday called cyber monday or the following week called cyber Week. Cyber Monday is the first day back to work for many consumers after the long holiday weekend, during which online retailers offer major discounts.
Although Black Friday initially started as a retail event, it has now extended to digital products like SaaS. It is a great opportunity for Indian SaaS Founders to attract new customers, to tap into international markets, to align with global sales trends by leveraging the consumer with time-limited discounts and create a sense of urgency, lowering the barrier for potential customers to try your product.
Origin and Evolution of Black Friday
Black Friday has evolved over the years and it is said to have two primary origins:
The Financial origin
The financial Crises of September 1869 in the United States is recorded as “Black Friday”
When two Wall street Financiers, Jay Gould and James Fisk, attempted to corner the gold market. Their actions caused the stock market to crash, resulting in financial panic in the market.
The Shopping Origin
In the 1950s, the term “Black Friday” was actually used by Philadelphia police officers as they were overworked due to the crowds flooding into the to shop or visit their loved ones, the day after Thanksgiving. As a result, traffic cops were required to overwork to deal with the throngs of drivers and pedestrians, and they were not allowed to take the day off. Over time, the annoyed officers started using a descriptive that's no longer acceptable and started to refer to this dreaded workday as Black Friday.
The term then spread to stores where sales people started using “Black Friday” to describe the long lines and general chaos they had to deal with on that day. It remained Philadelphia slang for a few decades, only spreading to a few nearby cities.
The concept has since globalized, with countries around the world adopting "Black Friday" sales to mimic the U.S., adjusting local customs or creating similar events. The advent of online shopping and events like "Cyber Monday" have expanded the traditional one-day shopping event into a broader holiday shopping season.
Why It Matters for Indian SaaS Founders
Tap Into Global Market
As Black Friday has evolved into a global shopping phenomenon. Leverage this trend with customer Buying patterns. Consumers are actively seeking discounts and deals, which is an ideal time to attract high-intent buyers.
Boost Sales Revenue
Black Friday is a great opportunity to tap into Western Market, as the consumer mindset is focused on impulse buying and deal-seeking behavior. You can create a sense of urgency with Time-limited discounts making the customer try your products.
This can increase short-term revenue while laying the groundwork for long-term customer relationships. Since SaaS businesses often operate on subscription models, the impact of Black Friday sales extends beyond one-time transactions.
Once the user signs up, it unlocks a new revenue stream with plenty of upsell and cross-sell opportunities in the future.
Brand Visibility
Participating in a high-profile global event like Black Friday boosts brand recognition. By joining the global sales conversation, SaaS founders position their products alongside established industry leaders, enhancing cr
Digital Advantage
Unlike physical products, SaaS offerings (like software subscriptions or tools) face no logistical barriers, such as shipping or inventory. This positions SaaS founders to offer seamless purchasing experiences globally. Black Friday promotions can instantly attract customers from new markets without the complexity of physical product sales.
Customer Acquisition
Offering limited-time deals during Black Friday is a proven strategy to onboard new users who might hesitate to pay full price. These users can become loyal subscribers, particularly if they experience the product's value during the discounted period.
Competitive Edge
In a highly competitive SaaS market, failing to participate in global events like Black Friday can result in lost opportunities. Discounts and promotions help SaaS founders remain competitive and prevent customers from choosing alternative solutions.
Challenges Indian SaaS Founders May Face During Black Friday Sales
Pricing Sensitivity
International customers may have different expectations regarding pricing. Indian SaaS companies must ensure they price their products competitively while maintaining profitability. Offering the right discounts without devaluing the product is a delicate balance.
Competition with Global Giants
The global SaaS market is competitive, with many large players offering their own Black Friday deals. Indian SaaS founders must find unique selling points to differentiate themselves from the competition and stand out during this high-stakes sales period.
Cultural Relevance
Since Black Friday is a global event, it is essential to tailor marketing strategies to different regions and cultures. Indian SaaS founders need to adapt their messaging and promotions to resonate with a diverse global audience, ensuring their campaigns feel relevant and engaging.
5 Key Strategies for Indian SaaS Founders
Tailored Offers for International Audiences
Offer flexible packages or plans tailored to specific markets. This could include extending trial periods, providing additional premium features, or offering extra months at a discounted rate. Such deals make SaaS offerings more appealing to international customers.
Having an international payment gateway would be an absolute must, allowing international transactions during this peak period.
Localised Marketing Campaigns
Develop targeted marketing campaigns that resonate with audiences in different regions. Localise the messaging to reflect cultural nuances or cultural lingo, and feature testimonials or success stories from clients in those regions to build trust.
Flexible and Transparent Pricing
Display your pricing in multiple currencies to cater to global customers. Offering region-specific discounts can help optimize accessibility and attract more international buyers.
Leveraging Digital Marketing
Social Media Campaigns:
Get creative with your Posts, stories and ads. Collaborate with Influencers in your field to promote your product across all platforms like LinkedIn, Twitter to promote limited-time offers.
Email Marketing:
Send Teaser emails to create anticipation for your product. Do segmentation to make sure the content is personalised and relevant to the customer.
SMS & WhatsApp Marketing:
SMS messages & WhatsApp have an open rate of over 98% making it an effective channel for updates on discounts and offers on Black Friday deals.
If your Saas business offers an App; pushing notifications about your ongoing deals to your current customers can be beneficial.
Optimize Payment Gateways
Ensure that payment gateways support global transactions. Offering a variety of payment methods, including international credit cards, PayPal, Dodo Payments or any region-specific options, makes it easier for international customers to complete their purchases.
Conclusion
Black Friday is not a mere shopping event; it’s an opportunity for Indian SaaS companies/founders to strategically position themselves and their product on the global scale.
Start strategizing for Black Friday early, ensuring that your products, marketing campaigns and promotions are ready to capture the attention of a global audience and increase sales.
Connect with Dodo Payments, if you require a Merchant of Record that handles everything from International Sales Tax to Compliance and gives you access to an International Payment Gateway.
