Understanding Black Friday can help you to become a better salesperson. So much so that the first chapter in my book, Door-to-Door Millionaire is titled, Black Friday.
I thought it would be appropriate to share part of this chapter considering Black Friday is only a few days away…Happy Thanksgiving!
On Thanksgiving Day, before their turkey is digested and the football games kick off, bargain-thirsty shoppers begin forming lines outside store entrances, with some retailers even opening their doors on Thanksgiving to capture more of the rabid consumers. Quickly the spirit of thanks and appreciation is replaced by threats and altercation.
In 2012, a police report was filed in California against a woman who doused her fellow shoppers with pepper spray in a bid to snag a discounted video game console.
In New York, a thirty-four-year-old Wal-Mart employee was trampled to death after an out-of-control mob of frenzied shoppers smashed through the front doors of the Long Island department store on Black Friday in 2008.
The insanity of Black Friday compelled one first-time shopper to exclaim, “I’ll never forget what I saw. You see sides of people that they themselves didn’t even know existed.”
So what is it that possesses these frenzied consumers to a state of madness and mayhem? Bottom line…they crave the acquisition of the limited supplies of merchandise that retailers offer for a limited time at a discounted price. These three components (limited supply, limited time and discount) create the perfect storm known as Black Friday and when bargain buyers get their hands on these elusive goods, they laud themselves as shopping archaeologists, who very well could have beaten Indian Jones to the Canyon of the Crescent Moon to discover the Holy Grail.
Black Friday is a perfect example of why I’m convinced human nature drives us to attaining the exclusive, winning and saving money. Thus, when communicating with potential customers, sales reps who are able to replicate the spirit of Black Friday will capitalize on the innate desires of mankind.
For this to occur, the following must be expressed. First, there has to be a discount offered that is limited to a certain number of people. This compels the potential customer into buying the product or service before somebody else does.
Second, there has to be a time line given for when the discount expires. The time line can be determined by supply or the time frame that the sales rep will be in the area.
If the potential customer believes they can buy a product or service anytime they want to at the same price that is being offered, they will purchase the item on their terms, not the sales rep’s. Therefore, a line in the sand must be drawn as to the amount of products or services being offered at a discount and the length of time until the discount expires.