In a world dominated by big-box retailers and online giants, small business owners like myself often find ourselves at a crossroads during the chaotic shopping extravaganza known as Black Friday.
As the holiday season kicks off with a frenzy of discounts and doorbusters, I made a conscious decision this year to abstain from the Black Friday madness. In this blog post, I want to share with you my reasons behind my choice and shed some light on the darker side of Black Friday economics and purchasing behaviour.
Discounts Damage Your Value Proposition:
If like me, you are a service-based business, discounts can and will de-value your talent.
Discounting services may seem like a quick way to attract customers, but it often carries these hidden drawbacks. Slashing prices can devalue the perceived quality of your service, creating a perception that it’s not worth the original price. This can erode trust and compromise your brand’s image. Why on Earth would anyone pay more when they know you’ll do it for less?
Secondly, discounted services may attract price-sensitive customers who are less loyal and unlikely to engage in long-term relationships. These people tend to black-list themselves amongst service providers. Nothing screams “I don’t respect you” quite like the impossible demands of a cheap-skate.
Wave Goodbye To Healthy Profit Margins:
Constant discounting can also negatively impact your profitability, making it challenging to sustain operations or invest in quality improvements. Instead, emphasising the value and unique aspects of your services can foster customer loyalty and maintain a healthier bottom line.
As one of my business mentors used to say “you don’t owe anyone affordability” and “there’s nothing wrong with choosing financial security”. They were right.
Values Over Volume:
While Black Friday is generally considered synonymous with incredible deals and discounts, it often encourages a culture of consumerism driven solely by the pursuit of low prices.
Small businesses such a brick and mortar retailers, tend to operate with a different set of values. They prioritise quality, unique products, and genuine customer relationships. There’s nothing quite like the cashier recognising you on a return visit, or how they can understand your personal tastes and needs.
Rather than competing on price alone, you may want your customers to appreciate the value of our offerings and the story behind each product, reinforcing the idea that there is more to shopping than just getting the cheapest deal.
Where is it from? Is it eco-friendly? And will it last a lifetime? These are a few things I ask myself when I am window-shopping physical products.
Sustainable Practices:
In recent years, there has been a growing awareness of the environmental impact of excessive consumerism, especially during events like Black Friday.
The production of mass quantities of products for quick sales contributes significantly to waste and environmental degradation. I call it “Land-fill fodder”. As a small business owner, I am committed to adopting sustainable practices wherever I can.
By avoiding the rush of Black Friday and encouraging mindful shopping, I hope that in some small way, I contribute to a more sustainable and eco-friendly retail environment.
So there it is. This Black Friday, my decision to stand apart from the frenzy was a reaffirmation of my commitment to my values and strategy as a small business. I still believe that true success is not just measured in sales numbers but in the positive impact we have on our community and the world around us. Maybe you feel that way too.
This is my last blog of 2023, I wish you a very Merry Christmas and a Happy 2024.
About the Author
Catherine Jarvis Clothier is a digital marketer and online presence specialist living and working in Kent, UK. She has worked in unusual UK businesses for over 10 years across the South of England, particularly in automotive and therapy-based enterprises. Catherine specialises in social media, SEO and web design. She can be contacted here for online business consultations.
Totally agree with everything you say. I don’t participate in any of these “sale” days. I consider them a con & I always live to the rule of “support small & local”. The large conglomerates are too greedy!
Lovely to see you in the blog comments Jude! Yes I agree, it’s always nice to have money off, like a reduced to clear bargain – but most sales are specifically curated to “look” like a good deal rather than actually being one. I suppose value is in the eye of the beholder much of the time.