Every year we see the big retail giants doing their massive Black Friday super sales. More and more, your smaller local businesses are asking themselves: should I also get involved in this? Should I get in on the action?
The short answer is: yes.
The reason is why is a little lengthier.
Consumer psychology
The consumer loves a deal. The thought of getting a good deal on something has a definite neurological response, as does the fear of missing out on a deal. This is called ‘the fear of missing out’.
This is a very strong emotional reaction in the consumer and can make them make a purchase even when they were not at all intending just a moment before!
Both emotions are running strong during the Black Friday weekend. Black Friday only lasts the weekend, and then the deals are gone, and the deals are so unusually good you’re not likely to see them for another year! The consumer must decide: “can I really wait another year to make this purchase?” A clever business owner would be wise to take advantage of this phenomena.
Riding the wave of attention
Another reason to get involved is because you want to ride the wave. The consumer has an unusually high amount of ‘purchasing intent’ during this time period. Buying is on their mind. And it is not just things like TV’s and other typical Black Friday purchases. The consumer in general is in a buying mode, and if presented with a Black Friday sale, even with something not so usual like ‘lawn care’ or ‘pet grooming’, it is still well received.
Thanks to the big retail giant’s massive advertising spending, they have ‘educated’ the American consumer into ‘being in the mood to buy’ during Black Friday. They have made it the thing to do. The whole family just goes out and buys stuff!
Small service-based businesses can take advantage of this and run their own sales to their customers.
Discount Addiction
There is a warning, however. When it comes to discounts, they can be very addictive. It is not hard to understand why. A sale will give your revenue an instant boost, more money for you, your employees and the biz. Once you do it, you’ll want to do it again, and again, and again. But beware! Discount addiction is a real thing and it can end up lowering the public’s concept of the value of your business. The more sales you do, the more your customers will simply wait to buy only during your sales, and not buy when your prices are normal, and this in the end cuts your revenue down considerably, eventually no one buys at your full rate, and you have to run a continuous sale to make any sales at all!
So, don’t let that happen to you! We recommend doing two sales per year. One during the 4th of July weekend, and one during Black Friday. They are spaced apart nicely, so that the sale has a feeling of rarity, therefore not devaluing your brand.
Conclusion
Put together a sale for this week, get the word out and ride the Black Friday wave!
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