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Black Friday

Did the headline really capture your attention?  If you are a frequent reader of my material, you probably recognize that this is not the type of headline that you will usually find.

I’ve written many times about how organizations (and individuals) compete on the Price-Expertise-Trust spectrum, and that Trust is by far the most enduring dimension.  I’ve also written about content marketing and thought leadership, and how continuously demonstrating Expertise is one of the most powerful mechanisms to build Trust.

So why the headline?  And more particularly, how does Price fit into the equation?  Yes, demonstrating value is important, but a discounted price – sometimes even zero – is a powerful way to encourage trial.

  • A consultant might give people an opportunity to test-drive their services with a modified version of their services – an audit, for example – at a lower-than-normal entry point.
  • A restaurant might give free samples to encourage trial.
  • A speaker or software vendor might host webinars at a low-or-no-cost level, once again as a test-drive for new prospects – and a value-add for existing clients.

While Black Friday and Cyber Monday are particularly exciting for retailers to generate real and cyber foot-traffic, the concept of using the price lever to encourage trial can be used by every organization.  It just needs to be done in a brand-appropriate, and strategic manner.

This week’s action plan:  Let’s see if this works:  Test drive my ideas beyond the Tipsheet and buy one of my books or learning resources.  Click here for the catalog.

The Make It Happen Tipsheet is also available by email. Go to www.RandallCraig.com to register.

Randall Craig

@RandallCraig (follow me)
www.RandallCraig.com
www.108ideaspace.com
www.ProfessionallySpeakingTV.com

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Black Friday

by Randall Craig on November 23, 2012

Filed in: Blog, Global Business, Make It Happen Tipsheet, Promotion, Strategy

Tagged as: ,

If you are an American, you know precisely all about Black Friday: it is when herds of people get up early, head to the stores, and shop.  It occurs the shopping day on the Friday following Thanksgiving.  If you live anywhere else, you probably have noticed an interesting and recent local phenomenon: Black Friday sales in your city as well.

Black Friday is a great example of the leakage of culture (and marketing)  moves from one jurisdiction to another.  It illustrates how an event, lubricated by social media discussions, advertising, and media has little respect for national borders.  Sometimes called globalization, this has had an interesting impact on much of the trading world:

  • The impossibility of fully containing a negative viral meme.  Brand damage in one market is now lethal in another.
  • The ability to develop a critical mass of customer-based product support, with contributors located around the world – including in markets that couldn’t afford a support infrastructure of their own.
  • The almost impossible challenge posed by gray marketers, who arbitrage pricing differences from one market or another.  The social web helps them spot both purchase opportunities and markets for sale.

The question for many businesses is whether it makes sense to “import” some of the innovations from other markets into the local one, as non-American retailers have begun to do with Black Friday.  Here are four criteria to consider:

1) Does importing the practice provide either a competitive strategic advantage, or at least a short-term leap ahead of the competition?

2) Is importing the practice important defensively?  Another key reason for Black Friday in Canada is to reduce the number of Canadians taking the day to shop in the United States.

3) Are the costs of implementing the practice in line with the expected return on investment?

4) Does importing the practice fundamentally change how the business operates?  (If it does change, is it for the better?)

This week’s action item:  Check out the competition in another country.  Are there any ideas – real or on Social Media – that meet these criteria?  If so, jump on them.

Note: The Make It Happen Tipsheet is also available by email. Go to www.RandallCraig.com to register.

 

Randall Craig

@RandallCraig (follow me)
www.RandallCraig.com
:  Professional credentials site
www.108ideaspace
.com: Web strategy, technology, and development
www.ProfessionallySpeakingTV.com
:  Interviews with the nation’s thought-leaders

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