The buying frenzy that is black Friday is upon us and according to news reports billions will be spent on and offline today. People will be queuing up at midnight, fighting in the aisles to grab a bargain. Despite this reports show that people are also wisening up to black Friday and taking a step back from hype. Some retailers have been found to boost prices artificially then dramatically drop them on black Friday – over exaggerating the discount available. Other studies have shown that low black Friday prices are available even lower at different times throughout the year.
Also most people resent being pushed and shoved in busy shopping centres or view the whole thing as consumerism gone mad. In our business and most others, discounting the prices of cakes or desserts for one day is isn’t going to lead to millions buying online were not selling the latest must have shiny object like an Iphone or 4k TV. To survive as a business today its not about gimmicks and one off promotions but rather developing relationships with your clients , offering them great value and service for 365 days a year not just one. Personalising the experience they have with you acting as their trusted advisor to coin Jay Abrahams term and not treating them like everyone else.
Everyone likes a great price and bargain but that’s only one of the reasons to enter into a relationship with a supplier hopefully we are all offering more then a great price. If not, if someone else is selling cheaper you’ve lost your customer.