Let’s face it, if you’re a Golden Circle law firm, a Big Three accountancy practice or a multi-disciplinary project management consultancy, Black Friday is hardly going to feature on your marketing timeline. Cut price fees on international legal deals or major corporate accountancy projects just isn’t how the value proposition works in these sectors.
Don’t fall for Black Friday FOMO if you’re not selling products
But don’t exit through the cut-price gift shop just yet. Hear us out. Like all Black Friday marketeers, stay online until the end and you might grab yourself a bargain, of the marketing insight variety.
Firstly, let’s remind ourselves how Black Friday came about. First and foremost it’s a marketing wheeze that originated in the US aimed, mercilessly, at leveraging as much pre-Christmas money from the pay cheques (checks) of Americans on the last Friday of November - the last pay day before Christmas. And now it’s big over here, and big digitally. Ergo, globally.
Cynically, it has, and always will be, all about manipulating consumer psyche into bigging up the pre-festive spend, under the premise that buying early means grabbing a cut price deal. Black Friday then evolved into a weekend spree that subsequently had a digital mopping up exercise called Cyber Monday, where those unable to hit the shops could hit their laptops and mobiles instead.
So, what if you sell ideas, professional services, consultancy? How do these fit into something that has always been about a B2C interaction?
Arguably, they don’t.
B2B and B2C marketing tactics play to two completely different mindsets.
But, but. If you’re a business that sells products and tangible items to business customers (for instance, lighting, commercial building and decorating goods, technology, catering equipment, and so on), November could be used as a strategic way of promoting discounted prices on certain products - a nod to the fact that your customers might be expecting some November deals.
It’s a seasonal way of manipulating demand. But calling it “Black Friday offers” would be a mistake. The corporate procurement mindset is not about hunting down bargains to fill up the company Christmas stocking. But it is all about getting maximum value for money within the budget allocated for the financial year. So, you could see it as a way of meeting the needs of your customers by tapping into the expectation that November is that time of year when there’s “a deal to be had”.
Seasonal discounting: Remember, this is a strategic game of chess where both players know the moves.
If you use November as a way of shifting end of line stock or unsuccessful lines, your B2B customers won’t thank you for it. But if they see they are getting a genuine deal that enhances their buying power, and makes that corporate budget go further, you’ll inspire further loyalty for the other times of the year.
Selling intellectual services? Accountancy, law, building design, marketing and comms, business consultancy? To put it bluntly. Don’t even think about it. Don’t devalue your brand or your fee structure with any form of discounting.
Black Friday, Cyber Monday or any other discounting wheeze is not for this segment of the marketplace. Not even done with a hint of irony. Intellectual services deserve the high premium they come with. So don’t undermine them or weaken their currency.
B2C - a final word or two on how to nail it.
For any brand selling to consumers, this is your moment - if you play your cards right. And your financial modelling will, of course, have built this discount period into your financial year.
The discounting season that starts with Black Friday has now morphed into something much bigger. The onslaught begins in early November with “Black Friday early access” deals, designed to whip up early demand, continues with Black Friday proper, and then extends into Cyber Monday before the markets settle into pre Christmas full price mode.
Then there’s a usual pre-Christmas discount moment aimed at shifting surplus stock and leveraging the wallets of panic buyers, and then the biggie arrives on Boxing Day when the physical and digital doors of every retailer are swung open for a free for all. Bargain hunters - it’s all yours!
So this is what the retail playground will look like between now and early January.
As a retailer you’ll have a clearly mapped out strategy. But so will your buyers. They know when the goal posts will change, when discounts are likely to happen - and our agility in a highly digitised world to compare the prices of goods (on the move) over a wide range of platforms will mean they will be highly attuned to what a real bargain looks like.
No one wants the dud feeling that comes from getting a false bargain. And remember, that even if a vast proportion of your sales and stock clearance is achieved through the web, your customers still want to see, feel and be part of your brand experience in store.
There is an endless supply of wise marketing quotes that we could use to support the arguments in this blog “marketing is about desire not need”, “creating a brand creates loyalty” and so on, but perhaps the most important part to remember about modern day discounting is that, ultimately, it’s part of a much bigger ongoing conversation you have with your customers. If they love your brand, like what you have to offer, they’ll be there for the full ticket items as much as the bargain deals.
And if you’re a purveyor of intellectual services, the best bargain you can offer is by going above and beyond (in some way) to add genuine value to that next project. Some of the best bargains don’t come with a price tag. Just outstanding professionalism.
Happy discounting. Or not, as the case might be.
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