It is estimated that over £2 billion will be spent on just a single day here in Britain. Some businesses make more money on Black Friday weekend than they do in the entire year. There are industries which drink such gallons of income from this price plummeting period that without it they would be destroyed. So, what’s behind the frenzy? What’s the deep-lying decision making that brings this sales circus into town each year?
Getting Lost in the Crowd
Psychologists call this ‘de-individualisation’. People find freedom to do the things they otherwise wouldn’t do, if they have a degree of anonymity resulting from large sways of other people also doing the same thing. You might think it is improper to go ruthlessly bargain hunting on one day but on Black Friday it’s socially acceptable and therefore you’d indulge.
Tip: Is there a way you can create a ‘crowd’ perception in your sales process? If you could show potential clients that there are hundreds or thousands of other clients in the same boat, this might encourage de-individualisation and help loosen their defensive grips.
The Four Factors
- How big is the % saving?
- How urgently do I need this?
- How popular is the item?
- Is it exclusive, or a one-off?
As a business, if you can tick off at least one of these factors there is a strong chance you’ll turnover a lot of cash on Black Friday and indeed, beyond. If you can cleverly consummate all four then you might trigger a landslide.
If you are a business taking part in Black Friday and/or Cyber Monday, you should check that your website, inventory and logistical processes are bulked up and reinforced to cope with the demand. The Black Friday phenomena has been growing year on year and it’s clearly not just for brick and mortar businesses; so whether you sell a service online or a product in a shop, it would be unwise to not take advantage of this period. You should look to combine the four factors as well as the ‘crowd’ psychology to enjoy a successful and strong sales boost.