Are you Simba or Scar? Forget Black Friday. Think Lion King.
Black Friday is an annual staple for businesses with the UK spend forecast set to hit £4.3bn today.
But is it a good idea?
Does your business need to hop on the bandwagon? Or is it a case of JOMO? (That’s the ‘joy of missing out’ if you’re not ‘down with the kids’!)
The answer? JOMO.
We all know the heart-breaking scene in The Lion King when Mufasa falls from the rock face and is killed in the stampede of wildebeest.
In Black Friday terms, Scar and the hyenas who orchestrate the stampede and Mufasa’s death are the businesses who have succumbed to the trend and are running quick, pricey campaigns. While the wildebeest are the customers flocking for the bargains and the savvy businesses, who haven’t done any Black Friday campaigns, are Simba.
Still with me? Good.
In the short-term, the frenzy caused by the hyenas and Scar (Black Friday campaign) generates quick results. However, while Scar gets what he desires in the short-term, Simba ultimately ends up on the throne.
The key takeaway here is that a short slapdash approach doesn’t guarantee longevity. Sure, it’s great for quick-wins, which is useful when you’re operating in a highly competitive industry. But running aggressive PPC and social media adverts for Black Friday with no long-term aim in mind isn’t sustainable. It requires a bottomless budget and an over-reliance on the campaign’s success.
M&S recognise its limitations and are refusing to participate in the annual sale extravaganza.
You see, when you invest in a long-term strategy focused on providing value and quality products or services, like M&S, you don’t need to cut into your profit margins by lowering price tags.
Week in, week out, you can find the wildebeest (customers) who are ready to buy, via SMART targeted marketing campaigning and nurture those who aren’t ready to buy with value. And because you’re reaching all of them away from the Black Friday commotion, you can offer them a better experience too, which can boost brand loyalty.
So, if you’re worried about your competitors stealing a march on you today, say “Hakuna matata”. Focus on implementing a targeted long-term marketing strategy and you’ll reign supreme as the King or Queen of Pride Rock.
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