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Speaker 1: Hi, I'm Britney Saunders, and welcome to Big Business, the

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Speaker 1: place where business is far from boring. And today I'm

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Speaker 1: recording on a wobbicol land. Now I somehow manage to

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Speaker 1: build an empire from the garage underneath my house, and

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Speaker 1: I'm here to share it all with you, from the winds,

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Speaker 1: the mistakes, the challenging times and the funny moments in between. So,

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Speaker 1: whether you're in business already, perhaps you're not in the

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Speaker 1: game at all, Maybe you're just looking for some inspo,

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Speaker 1: or you simply just want to hear the tea, this

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Speaker 1: is the podcast for you.

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Speaker 2: Let's talk about Black Friday.

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Speaker 1: I have a lot of thoughts that I want to

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Speaker 1: share and given the fact that it is November, which

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Speaker 1: is Black Friday month, I thought perfect timing. Because I

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Speaker 1: don't know about you, but if you're on like business Talk,

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Speaker 1: which I find myself on very often, my whole TikTok

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Speaker 1: for you page at the moment is Black Friday, This

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Speaker 1: Black Friday, that.

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Speaker 2: This should be your strategy.

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Speaker 1: If you're not doing this, you're absolutely missing out. And

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Speaker 1: if I'm being honest, Black Friday can be a really

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Speaker 1: amazing time for a lot of businesses and I'm going

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Speaker 1: to talk about that, but it can also be extremely overwhelming.

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Speaker 1: Like I've been in business for quite a long time now,

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Speaker 1: and even I am kind of feeling exhausted going into

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Speaker 1: November just knowing that it's like the biggest sale period

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Speaker 1: of the year. I guess I'll also give some insight

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Speaker 1: into what we're doing for Fates Black Friday this year

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Speaker 1: as well. And speaking of Fate, we participate in Black Friday,

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Speaker 1: we also do Boxing Day, and then pretty often as well,

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Speaker 1: we will do like a mid year sale. It's typically

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Speaker 1: called end of financial year, but we started this thing

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Speaker 1: last year called start of financial year. But when it

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Speaker 1: comes to Fate, we don't participate in like too many

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Speaker 1: sales periods. And I guess the reason for that is

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Speaker 1: a conscious one, and I know a lot of other

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Speaker 1: brand owners feel the same. And I've even seen some

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Speaker 1: brand owners come out in recent weeks, like businesses on

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Speaker 1: TikTok and staff saying that they're not doing Black Friday

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Speaker 1: because you know, doing sales and participating in major sales

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Speaker 1: periods is.

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Speaker 2: One hundred percent of choice.

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Speaker 1: But I feel like as consumers, we've been so trained

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Speaker 1: to like always expect sales that it can almost be,

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Speaker 1: you know, disappointing. If a brand doesn't ever go on sale,

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Speaker 1: people are like, oh, what do you mean, you're not

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Speaker 1: doing a Black Friday sale. But whenever I do see

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Speaker 1: people come out and say, you know, we're not doing

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Speaker 1: Black Friday this year, it's just not sustainable for us

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Speaker 1: or whatever. I kind of take my hat off to

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Speaker 1: those business owners because as massive and as exciting as

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Speaker 1: sales periods can be, and you can make a shit

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Speaker 1: ton of revenue, Like I know for a fact, there

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Speaker 1: are a lot of businesses and brands out there where

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Speaker 1: Black Friday, like, their sale period will generate the most

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Speaker 1: amount of revenue they will make in a year in

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Speaker 1: that period, like that's where all their revenue comes from.

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Speaker 1: And there are a lot of brands that will spend

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Speaker 1: the whole year planning for that sale period because it's

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Speaker 1: so massive. Two brands that come to mind when I

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Speaker 1: think of Black Friday, who I think do Black Friday

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Speaker 1: extremely well and we've never done anything to that extent.

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Speaker 1: I'd love to maybe one year just to give it

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Speaker 1: a go, but you need to plan it for a year.

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Speaker 1: The two brands that come to mind that are Australian

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Speaker 1: brands are Muscle Nation and LSKD. Those two brands smash

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Speaker 1: their Black Friday. Like I'm seeing all of their ads already,

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Speaker 1: like their hype ads, which they've got running to get

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Speaker 1: people to sign up to their newsletter so they can

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Speaker 1: go absolutely ham in their sale period. And I've seen them, like,

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Speaker 1: I don't know if they're doing it this year, but

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Speaker 1: these brands will make collections that's like specifically launch for

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Speaker 1: Black Friday, and like I'm always so fascinated when I

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Speaker 1: see it because I'm like wow, Like that's a lot

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Speaker 1: of effort and planning and they go all out and

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Speaker 1: put a heap of spend behind their ads. But yeah,

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Speaker 1: Black Friday can be for brands the biggest sales period

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Speaker 1: of the year. Now for Fate, just to spill the tea,

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Speaker 1: we do Black Friday. I think last year we might

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Speaker 1: have done it two weeks early or maybe the week early.

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Speaker 1: This year, we're just doing it on Black Friday. And

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Speaker 1: I feel like it's becoming worse, if I'm being honest,

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Speaker 1: every year because what once was just like this sale

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Speaker 1: period and is it like the last Friday of November, right,

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Speaker 1: it's like the twenty eighth or something. What used to

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Speaker 1: be like this one day called Black Friday, then turned

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Speaker 1: into this whole weekend thing, and then Cyber Monday it

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Speaker 1: turned into like this weekend thing, right, But with every

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Speaker 1: brand jumping onto Black Friday, it's then become like a

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Speaker 1: battle of the brands of who can start their offer first.

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Speaker 1: And now that's why we see brands launching their Black

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Speaker 1: Friday sales in October, because you know everyone's going on sale,

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Speaker 1: and I guess the strategy with launching your sale earlier

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Speaker 1: is you're going to be you know, getting your foot

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Speaker 1: in the door first, which means maybe you're going to

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Speaker 1: make more money because people won't have shopped with all

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Speaker 1: the other brands.

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Speaker 2: And it's honestly overwhelming.

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Speaker 1: And the last couple of years, we've done our sale,

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Speaker 1: you know, a week early or two weeks early.

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Speaker 2: But this year we thought, you know what, let's just

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Speaker 2: keep it simple.

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Speaker 1: Let's do our Black Friday sale on Black Friday. So

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Speaker 1: that's what we're doing, which I think is the twenty eighth.

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Speaker 1: And then what we're going to do is because we're

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Speaker 1: putting a massive focus on trying to get more foot

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Speaker 1: traffic into our stores. It's just a focus for our

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Speaker 1: marketing team at the moment, we are going to extend

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Speaker 1: the sale across the weekend in hopes that people will

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Speaker 1: venture into our stores across the Saturday and Sunday kind

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Speaker 1: of thing. And we're doing a couple of fun things

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Speaker 1: in our stores because yeah, a big focus for us

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Speaker 1: at the moment as a business is to keep our

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Speaker 1: stores busy. So that's what we're doing at FATE and

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Speaker 1: we're just keeping it super duper simple because Black Friday

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Speaker 1: can be so overwhelming, and every year when we do

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Speaker 1: Black Friday, I always say, Okay, next year, I want

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Speaker 1: to do something massive and do what all the other

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Speaker 1: brands do. I want to launch a collection, you know

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Speaker 1: that goes straight on sale. But then I'm like, how

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Speaker 1: do people do that and you know, have a massive

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Speaker 1: discount on something brand new? I have no idea, but

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Speaker 1: we're keeping it simple this year and that's what works

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Speaker 1: for us. So what are some of the negatives of

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Speaker 1: Black Friday, or not Black Friday, but just sale periods

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Speaker 1: in general. Well, I've already covered this one, but brand's

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Speaker 1: launching earlier and earlier out of a fear of missing out.

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Speaker 1: I feel like, what once was you know, a sale

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Speaker 1: period across one day or a weekend has now turned

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Speaker 1: into a month of madness for brands and everyone trying

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Speaker 1: to do their sale first. And I don't know if

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Speaker 1: it's just like the business owner in me, but I

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Speaker 1: just notice, you know, the almost desperation of everyone launching now,

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Speaker 1: like in the start of November or even last month,

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Speaker 1: because I get it, you want to be one of

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Speaker 1: the first ones to go on sale. There's also a

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Speaker 1: pressure to discount heavily, even if your margins can't handle it,

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Speaker 1: especially for a lot of smaller businesses. Doing a sale

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Speaker 1: like doesn't work for a lot of businesses because it

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Speaker 1: just throws your numbers out of whack and you're playing

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Speaker 1: with your profit margin. I also think one of the

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Speaker 1: negatives of sale periods is because there's more and more

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Speaker 1: sale periods happening throughout every year, all year, and there's

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Speaker 1: so many brands that are becoming, I guess known for

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Speaker 1: always being on sale. Like you can like think in

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Speaker 1: your mind, there are heaps of brands that would come

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Speaker 1: straight to mind when you think of businesses that are

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Speaker 1: always on sale, brands that are always on sale. But

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Speaker 1: I think because of that, customers can become desensitized. Where

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Speaker 1: I've seen comments being thrown around, like oh, thirty percent

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Speaker 1: off or forty percent off, like that's that's not exciting,

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Speaker 1: you know, because we just get addicted to those huge discounts.

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Speaker 1: Whereas you know, from a business or brand standpoint, taking

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Speaker 1: twenty percent off is a huge cut into you know.

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Speaker 2: All of your business costs.

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Speaker 1: But I know for a fact that consumers might go, oh,

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Speaker 1: I'm not shopping if it's only twenty percent off, like

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Speaker 1: that's nothing. But I think that's because of how crazy

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Speaker 1: some of the offers are that are out there, especially

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Speaker 1: by all the big brands, which then leaves the smaller

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Speaker 1: brands to suffer. I guess when they're like, Okay, we'll

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Speaker 1: do a twenty percent off sale, and then you hear, oh,

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Speaker 1: that's not even that big of a discount, which I

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Speaker 1: get because, yeah, how can you compete when there are

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Speaker 1: brands doing fifty percent off sixty percent off, which is

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Speaker 1: absolutely nuts. But that can be one of the downfalls

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Speaker 1: of a sale period. I think another unspoken area of

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Speaker 1: sale periods that can be a negative is just the

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Speaker 1: operational stress that it puts on teams from warehouse to

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Speaker 1: customer service and retail. I think we've seen this a

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Speaker 1: lot in recent years. I don't want to name names

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Speaker 1: because I don't want to make it sound like I'm

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Speaker 1: bagging them out, but there was one particular fashion brand.

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Speaker 2: I don't know if it was last year or the

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Speaker 2: year before.

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Speaker 1: I'm pretty sure I've mentioned it in an earlier episode

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Speaker 1: like ages ago, but they couldn't keep up with packing

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Speaker 1: their Black Friday orders or I think it was Black Friday,

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Speaker 1: which is amazing, like to have so many orders, but

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Speaker 1: then they were getting absolutely slammed on social media and

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Speaker 1: the news got involved, and they were on the news

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Speaker 1: like trying to, you know, plead their case, saying like

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Speaker 1: we're working as fast as we can, but that whole

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Speaker 1: side of a sale period can have negative effects more

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Speaker 1: so on a team internally, because you know, if a

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Speaker 1: brand is getting slammed on social media for not sending

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Speaker 1: out their orders quick enough, which is fair enough, I

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Speaker 1: think they were taking like a month to pack orders.

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Speaker 1: I can only imagine like how much their customer service

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Speaker 1: team would have been getting slammed in the emails every day.

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Speaker 1: Just the stress that that would put on internal teams

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Speaker 1: and also saying goes I guess for retail employees who

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Speaker 1: work in stores that have massive sales and the stress

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Speaker 1: that it can put on them, and just because I

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Speaker 1: think when when businesses and brands do a sale, it

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Speaker 1: can bring out kind of the best and the worst

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Speaker 1: in customers. So those are some other stresses that come

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Speaker 1: with doing a safe So as exciting and amazing as

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Speaker 1: doing a sale can be, I definitely think it does

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Speaker 1: have some of its downfalls, and I'm sure a lot

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Speaker 1: of my fellow business owners out there can relate. Like,

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Speaker 1: I don't know if it's just me, but I'm like

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Speaker 1: going into November just feeling exhausted already just having to

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Speaker 1: think about Black Friday. Of course we're doing it and

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Speaker 1: it's exciting, but I'm like, oh, I'm almost looking forward

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Speaker 1: to when it's going to be over. But what does

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Speaker 1: a healthy Black Friday strategy look like? I mean, you

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Speaker 1: don't have to overcomplicate it. I think there are a

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Speaker 1: lot of agencies and coaches out there which are all fantastic,

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Speaker 1: but at the same time, they can make it seem

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Speaker 1: very confusing, like if you're not doing this, you're absolutely

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Speaker 1: going to fuck up your Black Friday strategy. You can

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Speaker 1: keep it simple and do what's best for you and

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Speaker 1: your audience and customers.

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Speaker 2: I think some steps to a healthy Black Friday strategy

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Speaker 2: would be to plan early.

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Speaker 1: Don't make it a reactive sale or a few year

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Speaker 1: based sale where you're like, oh my god, shit, which

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Speaker 1: I've definitely done in my earlier years of fate, where

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Speaker 1: I just didn't even realize that like a sale period

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Speaker 1: was coming up. If you are going to participate in

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Speaker 1: something like Black Friday, definitely have a plan in place.

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Speaker 1: Figure out what your what your offer to be, whether

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Speaker 1: it's a fixed percentage off or if it's like a

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Speaker 1: teared sale. My advice would always be to just go

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Speaker 1: with a fixed percentage off. We've done tied sales before,

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Speaker 1: you know, spend eighty dollars, get this much off, spend

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Speaker 1: one hundred and fifty blah blah blah. I just find

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Speaker 1: that to be super confusing, and I think consumers prefer

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Speaker 1: to know, you know, the whole website is thirty percent off.

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Speaker 1: My next piece of advice would be set your own rules.

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Speaker 1: Launch when it makes sense for your business and not

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Speaker 1: when others do. I feel like comparison is the thief

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Speaker 1: of joy in business, and especially in a sale period,

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Speaker 1: it can be very easy to go, oh my god,

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Speaker 1: this brand's already on sale, ours is not for another

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Speaker 1: twenty days. Do what works for you and set your

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Speaker 1: own rules when it comes to doing your sale. My

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Speaker 1: next tip would be two protect your margins and your team.

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Speaker 1: Don't destroy your profitability for a short dopamine hit. And

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Speaker 1: trust me, when you do a sale and it does well,

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Speaker 1: it is a massive rush of dopamine. And I know

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Speaker 1: for a fact a lot of businesses will do a

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Speaker 1: sale and be like, oh my god, yes, this is amazing,

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Speaker 1: and then you have to go back to the reality,

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Speaker 1: which is not the amount of orders that you would

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Speaker 1: get in a sale, which can also play on you mentally.

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Speaker 1: I feel My next tip would be to make it

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Speaker 1: brand align, keep it on theme.

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Speaker 2: Of what you would usually do.

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Speaker 1: I feel like when it comes to Black Friday, especially

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Speaker 1: with a lot of business owners being in those ad agencies,

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Speaker 1: you'll see a lot of people doing the same sort

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Speaker 1: of stuff in terms of their content and strategy. My

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Speaker 1: advice would be to do what works for you and

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Speaker 1: your audience and potential new audience. Just keep everything aligned,

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Speaker 1: and also use a sale period as a time to

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Speaker 1: reward loyalty, whether that's like an early access for your

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Speaker 1: or VIP shoppers rather than it just being like a

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Speaker 1: sale that everyone has access to, you know, at the

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Speaker 1: same time, or maybe it's getting your most loyal customers

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Speaker 1: and giving them an even better offer. I feel like

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Speaker 1: a sale, as much as we want it to attract

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Speaker 1: new customers and get those customers that have maybe never

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Speaker 1: shot with us before, I think it's a time where

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Speaker 1: we can really lean into our loyal customers and reward them,

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Speaker 1: to be like, hey, thanks for supporting us all year,

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Speaker 1: He's an even better deal for you. And I think

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Speaker 1: my final piece of advice, which I feel like I've

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Speaker 1: already said, is just keep it simple and do a

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Speaker 1: sale strategically. It can be so overwhelming, especially if you're

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Speaker 1: new to business or you're new to sale. I would

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Speaker 1: just keep it simple, maybe even put to your community

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Speaker 1: what it is that they would like in terms of

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Speaker 1: a sale, and you can always learn, you know, if

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Speaker 1: it's your first time stepping into Black Friday, and then

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Speaker 1: have a different strategy next year. But for me, simple

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Speaker 1: is best and we are definitely not over complicating it

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Speaker 1: this year. I would one year, I say this every year.

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Speaker 1: I would love to do something like epic and crazy,

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Speaker 1: like I think I saw I don't actually know if

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Speaker 1: it's for Black Friday, but I think it is. But

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Speaker 1: like these ads keep popping up on my TikTok at

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Speaker 1: the moment, White Fox Boutique is giving away like either

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Speaker 1: two cars or like fifty grand cash, I would be so.

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Speaker 2: Wrong with that.

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Speaker 1: But like these brands go all out to get those

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Speaker 1: newsletter sign ups, and every year I'm like, oh, I

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Speaker 1: should try something like that, but then oh, I don't know.

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Speaker 1: It seems like a whole lot of planning. So we

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Speaker 1: always keep it simple with our sales periods. But maybe

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Speaker 1: next year I'll do something big and I can report

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Speaker 1: on it in another episode next year. In conclusion, Black

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Speaker 1: Friday can be powerful, but if you're running your business

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Speaker 1: in fear of what everyone else is doing, you will

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Speaker 1: absolutely burn out. So my advice would be set your

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Speaker 1: own pace, protect your people, and remember loyal customers don't

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Speaker 1: come for the discount, They come for the experience, or

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Speaker 1: I like to think so. Anyway, And as for me

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Speaker 1: as a consumer, I do love Black Friday. As much

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Speaker 1: as I think it has ruined Boxing Day and the

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Speaker 1: magic of what was once Boxing Day. I think it's

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Speaker 1: really good to have a sale period, especially before Christmas.

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Speaker 1: For me personally, I love doing my shopping in Black

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Speaker 1: Friday and getting all the really good deals. But yeah,

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Speaker 1: my advice overall would be to have fun with your

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Speaker 1: Black Friday. If you are participating, have fun shopping if

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Speaker 1: you're shopping any of the sales, And for all my

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Speaker 1: business and brand owners out there, if you are doing

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Speaker 1: a Black Friday sale, don't burn yourself out over it.

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Speaker 1: Don't compare yourself to other businesses and what they're doing,

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Speaker 1: because it can be hectic for a lot of businesses.

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Speaker 1: And I know it's easy to look at what everyone

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Speaker 1: else is doing, but focus on what you know is

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Speaker 1: best for you and your business. And if you are

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Speaker 1: participating in Black Friday, I hope you all have an

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Speaker 1: amazing sale period. I'll be back next week with a

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Speaker 1: main episode