I was following the news of people scrambling to shop for just about everything on Black Friday, the day after Thanksgiving when America goes wild for bargains. Now I have witnessed this personally in Chicago a couple of years ago. It was crazy and I quite enjoyed it!
People choose not to buy an item because they don’t see value in it, then decide it is priceless once it has that little red and white discount label attached to it. 25%, 30% or 70%-off turns even the most sensible of shoppers into a possessed individual who has to have the item they turned their nose up at a week before.
I tracked back to the 1950s, when the US discovered the disposable society and set about telling consumers they had to replace and update almost everything they owned. Then it was all about dictating what people buy, the era of the advertising agencies – epitomised in the series ‘Mad Men.’
Today, it is all about asking customers what they want. The smartest companies are already engaged with their most influential networks (people we sometimes call ‘sneezers’ or ‘yawners’ who are very good at spreading news), already at the centre of all discussions around their sector and as a result the first name that comes up when searching for that product. You don’t have to be a technology company to make this work for you. Just look at how a crystal glass making company in Wales has become expert at making social media work for, and grow, the business. You can learn a lot by following them on Twitter @WelshRoyalCryst.
Forget the old, embrace the new.