1 00:00:01,440 --> 00:00:06,440 Speaker 1: It's Night Side with Dan Ray on WBS Boston's news radio. 2 00:00:06,720 --> 00:00:09,080 Speaker 2: Thank you, Ell. I'm Bradley Jay for Dan tonight. It 3 00:00:09,160 --> 00:00:12,080 Speaker 2: is wonderful to be with you all on Night Side. 4 00:00:12,240 --> 00:00:14,800 Speaker 2: I do want to thank Robert Ciciliano for coming into 5 00:00:14,800 --> 00:00:21,120 Speaker 2: the studio and giving us a blistering hour of how 6 00:00:21,160 --> 00:00:27,040 Speaker 2: to protect ourselves from bad people on the internet. If 7 00:00:27,040 --> 00:00:32,280 Speaker 2: you do the stuff that was recommended, you're going to 8 00:00:32,320 --> 00:00:35,960 Speaker 2: be much more protected. And if you forgot any of it, 9 00:00:36,240 --> 00:00:39,960 Speaker 2: may I recommend that you find the podcast of that 10 00:00:40,080 --> 00:00:44,160 Speaker 2: hour by simply going to Nightside on demand and listening again, 11 00:00:44,240 --> 00:00:46,280 Speaker 2: believe it or not, and writing down if you didn't 12 00:00:46,840 --> 00:00:49,800 Speaker 2: the stuff to do, because it could make all the 13 00:00:49,840 --> 00:00:51,760 Speaker 2: difference in your life. It really could, and you might 14 00:00:51,800 --> 00:00:56,640 Speaker 2: want to share it with someone. For example, the person 15 00:00:56,680 --> 00:01:00,760 Speaker 2: who called and said that his friend was sending money 16 00:01:00,920 --> 00:01:03,160 Speaker 2: somewhere and thought he had made two hundred and forty 17 00:01:03,160 --> 00:01:07,000 Speaker 2: thousand dollars should probably share that podcast with his friend. 18 00:01:09,640 --> 00:01:13,959 Speaker 2: We're only hours away from Black Friday, and so we 19 00:01:14,000 --> 00:01:16,240 Speaker 2: want you to get the most out of it. So 20 00:01:16,280 --> 00:01:18,360 Speaker 2: we have an expert on Black Friday here with us, 21 00:01:18,600 --> 00:01:24,000 Speaker 2: Jared Watson, Assistant Professor at NYU a marketing professor. We're 22 00:01:24,000 --> 00:01:26,360 Speaker 2: going to talk about getting the most from Black Friday 23 00:01:26,680 --> 00:01:29,680 Speaker 2: and Cyber Monday. Thank you, sir for being. 24 00:01:29,480 --> 00:01:31,880 Speaker 3: With us, Thank you for having me. 25 00:01:31,880 --> 00:01:36,880 Speaker 2: Absolutely now listen for you listening all out there. I 26 00:01:36,880 --> 00:01:39,679 Speaker 2: have some questions that may prompt you to call in 27 00:01:39,720 --> 00:01:44,280 Speaker 2: at six one, seven, two, five, four, ten thirty. Have 28 00:01:44,360 --> 00:01:47,640 Speaker 2: you ever participated in the in the wild Black Friday 29 00:01:48,080 --> 00:01:50,560 Speaker 2: back in the day, What was that like? 30 00:01:50,640 --> 00:01:51,560 Speaker 4: Share that was like? 31 00:01:52,400 --> 00:01:56,000 Speaker 2: And how is it different now when you go Jared, 32 00:01:56,040 --> 00:01:58,280 Speaker 2: I'm asking this to all folks. I'll get you specifically 33 00:01:58,360 --> 00:02:01,840 Speaker 2: in a moment. Where do you go for Black Friday? 34 00:02:01,960 --> 00:02:05,000 Speaker 2: Do you have a favorite places that you feel is 35 00:02:05,200 --> 00:02:08,280 Speaker 2: got the best deals or the best deals for you? 36 00:02:08,320 --> 00:02:10,880 Speaker 2: Tell us about the best Black Friday deal you ever got? 37 00:02:10,919 --> 00:02:15,320 Speaker 2: Did you really get a good one? And do you 38 00:02:15,400 --> 00:02:20,519 Speaker 2: use Cyber Monday instead of Black Friday for convenience? And 39 00:02:20,560 --> 00:02:22,320 Speaker 2: what kind of We want to find out what things 40 00:02:22,360 --> 00:02:26,160 Speaker 2: are perhaps better bought on Cyber Monday than on Black Friday? 41 00:02:26,400 --> 00:02:31,200 Speaker 2: And do you stalk up on anything? Are you a horder? No, 42 00:02:31,400 --> 00:02:34,120 Speaker 2: it's got a negative connotation. I should say, are you 43 00:02:34,160 --> 00:02:34,680 Speaker 2: a stalker? 44 00:02:34,760 --> 00:02:37,120 Speaker 4: Upper? I will admit to. 45 00:02:37,080 --> 00:02:40,560 Speaker 2: Certain stocking up tendencies, and I don't want to overshare, 46 00:02:41,639 --> 00:02:44,560 Speaker 2: but I will admit to you as we speak, and 47 00:02:44,639 --> 00:02:51,359 Speaker 2: I have ten cases of sardines. You may you may say, what, Well, 48 00:02:52,280 --> 00:02:54,359 Speaker 2: you know that's my survival kid. 49 00:02:54,360 --> 00:02:57,120 Speaker 4: I got my go bag and my ten cases of sardines. 50 00:02:57,639 --> 00:02:57,760 Speaker 1: You know. 51 00:02:57,919 --> 00:03:01,480 Speaker 2: Actually I like sardines, and I feared that the price 52 00:03:01,600 --> 00:03:03,560 Speaker 2: was going to go up. I found a brand I 53 00:03:03,680 --> 00:03:06,280 Speaker 2: liked and another brand had gone out of business, so 54 00:03:06,960 --> 00:03:11,120 Speaker 2: I just bought a bunch. And in another stocking up story, 55 00:03:12,160 --> 00:03:14,680 Speaker 2: one time, do you remember Sims folks up on the 56 00:03:14,680 --> 00:03:18,280 Speaker 2: North Shore. Well, one time I saw that they had 57 00:03:18,320 --> 00:03:21,720 Speaker 2: Dulte and Gamana polo shirts, usually about one hundred bucks 58 00:03:21,800 --> 00:03:25,760 Speaker 2: or more, even back in the nineties. They were thirty nine, 59 00:03:25,880 --> 00:03:30,639 Speaker 2: ninety nine and multiple colors, and I bought wait for it, 60 00:03:32,000 --> 00:03:38,720 Speaker 2: not five, not ten, not fifteen, but twenty one. And 61 00:03:38,760 --> 00:03:40,800 Speaker 2: you know what, I never regretted it because each one 62 00:03:40,840 --> 00:03:43,240 Speaker 2: of them lasted about six months before I started a 63 00:03:43,240 --> 00:03:45,280 Speaker 2: look a little old, I give it away. 64 00:03:45,360 --> 00:03:46,960 Speaker 4: So I had Dulte and. 65 00:03:46,920 --> 00:03:50,920 Speaker 2: Gamana polo shirts four ten years as a result, So that. 66 00:03:50,960 --> 00:03:51,520 Speaker 4: Was a big win. 67 00:03:52,160 --> 00:03:56,240 Speaker 2: Other times, when I stock up, it's usually a mistake, 68 00:03:56,880 --> 00:03:59,080 Speaker 2: even if the product is still good. 69 00:03:59,160 --> 00:04:01,680 Speaker 4: I just get sick of it, not just give them away. 70 00:04:02,520 --> 00:04:04,880 Speaker 2: So anyway, do you have stories that are like that 71 00:04:05,000 --> 00:04:08,040 Speaker 2: about Black Friday? Do you buy stuff maybe you didn't need. 72 00:04:08,280 --> 00:04:10,680 Speaker 2: We want to hear your Black Friday story. So now 73 00:04:10,720 --> 00:04:15,560 Speaker 2: I turn to you, Shared Watson, and try to get 74 00:04:15,560 --> 00:04:18,120 Speaker 2: a little bit first, a little bit of history of 75 00:04:18,160 --> 00:04:18,800 Speaker 2: Black Friday. 76 00:04:18,839 --> 00:04:20,799 Speaker 4: I'm sure you've. 77 00:04:20,640 --> 00:04:23,160 Speaker 2: Done more research than I, being a professor at all, 78 00:04:23,160 --> 00:04:26,360 Speaker 2: but I guess first use of it came from when 79 00:04:26,400 --> 00:04:28,800 Speaker 2: a couple of goals speculators back in the late eighteen 80 00:04:28,839 --> 00:04:32,320 Speaker 2: hundreds saved that tried a corner the market on gold, 81 00:04:32,360 --> 00:04:35,119 Speaker 2: but something bad happened and everything fell apart. 82 00:04:35,160 --> 00:04:35,560 Speaker 4: And then. 83 00:04:36,960 --> 00:04:42,560 Speaker 2: In the fifties down in Philly, down in Philly, a 84 00:04:42,600 --> 00:04:44,880 Speaker 2: lot of suburban shoppers and tourists used to flood that 85 00:04:44,920 --> 00:04:49,279 Speaker 2: city in advance of the Army Navy football game. Police 86 00:04:49,320 --> 00:04:55,840 Speaker 2: had to work over time, and shoplifters took advantage of it. 87 00:04:55,839 --> 00:04:56,560 Speaker 4: It was just a. 88 00:04:56,440 --> 00:04:59,920 Speaker 2: Mess down in Philly, and the police call that Black Friday. 89 00:05:00,000 --> 00:05:05,240 Speaker 2: And then in the eighties it turned from the turned 90 00:05:05,400 --> 00:05:08,840 Speaker 2: red in the red in the black that became Black Friday. 91 00:05:09,560 --> 00:05:11,280 Speaker 2: And that's the one we know now, right, John. 92 00:05:12,120 --> 00:05:15,360 Speaker 3: That's it. Yeah, The way we think about Black Friday 93 00:05:15,480 --> 00:05:19,880 Speaker 3: today is that it's historically the day where retailers went 94 00:05:19,960 --> 00:05:23,320 Speaker 3: from being in debt or in the red to being 95 00:05:23,400 --> 00:05:26,520 Speaker 3: in the profit in the black right. And so the 96 00:05:26,560 --> 00:05:31,520 Speaker 3: way retailer retailers operated is effectively operating eleven months in 97 00:05:31,600 --> 00:05:34,800 Speaker 3: debt for one large holiday push where they made up 98 00:05:34,800 --> 00:05:36,840 Speaker 3: the profit for the year. And that's kind of how 99 00:05:36,839 --> 00:05:39,599 Speaker 3: we think about it to this day, even though Black 100 00:05:39,640 --> 00:05:43,400 Speaker 3: Friday has kind of expanded from a singular day event 101 00:05:43,560 --> 00:05:46,560 Speaker 3: to now a multi week Sure. 102 00:05:47,240 --> 00:05:49,920 Speaker 4: So do you remember who was the first to do this? 103 00:05:50,000 --> 00:05:53,960 Speaker 3: Because I don't, Oh, good question, I don't off the 104 00:05:53,960 --> 00:05:56,320 Speaker 3: top of my head. If I were to guess, no, 105 00:05:56,480 --> 00:06:01,440 Speaker 3: it would be one of our main stay departments. I 106 00:06:01,440 --> 00:06:04,960 Speaker 3: wouldn't be surprised to know that this was a J. C. 107 00:06:05,120 --> 00:06:11,920 Speaker 3: Penny's event or a Bloomingdale's event. But fafter the matter, 108 00:06:12,040 --> 00:06:15,960 Speaker 3: given the evolving retail industry, quite a good chance at 109 00:06:15,960 --> 00:06:19,200 Speaker 3: whichever retailer started this might not be around anymore today. 110 00:06:19,080 --> 00:06:20,160 Speaker 4: Right, so. 111 00:06:22,480 --> 00:06:25,480 Speaker 2: You know, maybe fifteen twenty years past before they figured 112 00:06:25,520 --> 00:06:29,760 Speaker 2: out cyber Monday and talk about that transition, or I 113 00:06:29,760 --> 00:06:30,880 Speaker 2: should say that addition. 114 00:06:31,920 --> 00:06:37,960 Speaker 3: Yeah, absolutely, so The whole idea behind Black Friday in 115 00:06:38,000 --> 00:06:43,440 Speaker 3: the retail sense is let's tempt people with incredible deals, 116 00:06:43,480 --> 00:06:47,120 Speaker 3: get them in store in this fervor, and in this excitement, 117 00:06:47,200 --> 00:06:49,760 Speaker 3: they'll go around and they'll buy other things that have 118 00:06:49,839 --> 00:06:53,520 Speaker 3: higher profit margins. For the brand challenge with. 119 00:06:53,880 --> 00:06:56,560 Speaker 2: I was wondering why I worked for them, because I 120 00:06:56,600 --> 00:07:01,680 Speaker 2: was just wondering, do people somehow buy more stuff? Because 121 00:07:02,600 --> 00:07:06,840 Speaker 2: do they spend more money? I should say somehow and 122 00:07:07,800 --> 00:07:10,480 Speaker 2: talk about that. Why why would you? I don't get it? 123 00:07:10,720 --> 00:07:12,680 Speaker 3: Yeah, So starting there, you know, I mean, I think 124 00:07:12,760 --> 00:07:16,320 Speaker 3: it's it's the idea of being in that deal mindset, right, 125 00:07:16,480 --> 00:07:19,920 Speaker 3: So you're hit over the head with the advertisements, You're 126 00:07:19,920 --> 00:07:25,760 Speaker 3: seeing incredible signage. When you're in store, there's an actual feeling, right, 127 00:07:25,800 --> 00:07:28,600 Speaker 3: you can actually feel the excitement in the air where 128 00:07:28,640 --> 00:07:32,559 Speaker 3: everyone is running and grabbing and saying buy first, think later, 129 00:07:33,360 --> 00:07:36,120 Speaker 3: And as a result of that, there's really this kind 130 00:07:36,120 --> 00:07:40,560 Speaker 3: of pandemonium in store. Historically, there was so the easiest 131 00:07:40,560 --> 00:07:42,720 Speaker 3: way to think about it was there were these doorbusters 132 00:07:42,720 --> 00:07:44,640 Speaker 3: where you would have a too good to be true 133 00:07:45,120 --> 00:07:48,640 Speaker 3: deal on a television Guess what, there's only one or 134 00:07:48,680 --> 00:07:51,160 Speaker 3: two of those in store, and if you're the third 135 00:07:51,280 --> 00:07:53,440 Speaker 3: or the tenth or one hundredth person in line for 136 00:07:53,520 --> 00:07:57,000 Speaker 3: that product. You don't have that one available anymore. But hey, 137 00:07:57,400 --> 00:08:02,840 Speaker 3: here's another pretty good option. We higher price points that retailer. 138 00:08:02,960 --> 00:08:05,760 Speaker 2: Were they honest about that? They didn't say, hey, we've 139 00:08:05,800 --> 00:08:06,600 Speaker 2: got three TV? 140 00:08:06,840 --> 00:08:08,280 Speaker 4: Did they say we've got three TV? 141 00:08:08,640 --> 00:08:13,560 Speaker 3: Yeah? So initially they didn't. And then to your point, right, 142 00:08:13,680 --> 00:08:17,679 Speaker 3: the Better Business Bureau stepped in FTC said you can't 143 00:08:17,760 --> 00:08:20,800 Speaker 3: communicate these types of deals without being clear about the 144 00:08:20,840 --> 00:08:25,720 Speaker 3: opportunities available to consumers. And so now you'll see, you know, 145 00:08:25,720 --> 00:08:28,240 Speaker 3: over the last fifteen years or so, you can see 146 00:08:28,240 --> 00:08:32,960 Speaker 3: in the flyers guaranteed one in store, guaranteed five in store, 147 00:08:33,080 --> 00:08:35,920 Speaker 3: et cetera, to give people some sort of idea about 148 00:08:35,960 --> 00:08:40,320 Speaker 3: the likelihood of success if they were shopping for that deal. Yeah, 149 00:08:40,720 --> 00:08:43,680 Speaker 3: it's certainly something the government came in and helped regulate 150 00:08:44,200 --> 00:08:48,000 Speaker 3: because consumers were being led astray by some of these advertisements. 151 00:08:49,280 --> 00:08:56,679 Speaker 2: So can you talk about the sociological and psychological primitive 152 00:08:56,760 --> 00:08:59,360 Speaker 2: thing that we have inside that makes us go nuts 153 00:08:59,360 --> 00:09:01,520 Speaker 2: when this deal and makes us by stuff we don't 154 00:09:01,559 --> 00:09:02,040 Speaker 2: even need. 155 00:09:02,840 --> 00:09:03,120 Speaker 4: Is it? 156 00:09:03,440 --> 00:09:06,200 Speaker 2: Does it go way back to two hundred and fifty 157 00:09:06,200 --> 00:09:11,080 Speaker 2: thousand years ago, the first you know, you'd see, say, 158 00:09:12,120 --> 00:09:17,520 Speaker 2: I say, the tooth tiger had taken down a. 159 00:09:15,800 --> 00:09:18,840 Speaker 4: Elephant and left. There's all this meat right here. 160 00:09:19,240 --> 00:09:22,680 Speaker 2: Oh my god, Bob and Sally get over here. There's 161 00:09:22,840 --> 00:09:25,040 Speaker 2: a lot of elephant meat. We gotta get this as fair. 162 00:09:25,240 --> 00:09:27,560 Speaker 2: We gotta get this as fast as we can before 163 00:09:27,600 --> 00:09:30,360 Speaker 2: the other tigers come and take it away from us. 164 00:09:30,400 --> 00:09:34,600 Speaker 4: Is there something in wired, hardwired. 165 00:09:34,040 --> 00:09:38,600 Speaker 2: Into us that clicks on when we when we see 166 00:09:38,640 --> 00:09:40,400 Speaker 2: a deal, when we say, oh, we get it, we 167 00:09:40,520 --> 00:09:43,319 Speaker 2: gotta get this as much as we can, or we're 168 00:09:43,320 --> 00:09:43,959 Speaker 2: gonna lose. 169 00:09:44,040 --> 00:09:44,959 Speaker 4: It's gonna be bad. 170 00:09:45,760 --> 00:09:49,360 Speaker 3: Yeah, that's great. Yeah, you're you're talking about an evolutionary 171 00:09:49,480 --> 00:09:54,120 Speaker 3: psychology approach which says, over time, we've effectively been trained 172 00:09:54,160 --> 00:09:58,480 Speaker 3: and wired to a certain way. And yeah, I mean 173 00:09:58,520 --> 00:10:01,160 Speaker 3: I think I think that there's that's for that when 174 00:10:01,200 --> 00:10:05,520 Speaker 3: we think about just how human motivation operates, uh, you know, 175 00:10:05,760 --> 00:10:09,040 Speaker 3: probably bigger picture or are there maybe more simple is 176 00:10:09,200 --> 00:10:10,880 Speaker 3: you know, a lot of this operates on the principle 177 00:10:10,920 --> 00:10:15,320 Speaker 3: of scarcity, right, So these are limited time deals with 178 00:10:15,679 --> 00:10:21,280 Speaker 3: incredible opportunities potentially limit quantities on top of it, because 179 00:10:21,280 --> 00:10:23,760 Speaker 3: there's a lot of if you don't get this now, 180 00:10:23,840 --> 00:10:26,480 Speaker 3: you'll never get this right. The fear of missing out 181 00:10:26,559 --> 00:10:27,640 Speaker 3: is really what's driving I. 182 00:10:27,679 --> 00:10:30,559 Speaker 4: Was gonna use that phrase. You know, I have to 183 00:10:30,600 --> 00:10:32,760 Speaker 4: admit I too. I can. 184 00:10:32,920 --> 00:10:36,280 Speaker 2: I can sit here and be all wise and say, well, 185 00:10:36,320 --> 00:10:40,320 Speaker 2: you know, people are unnecessarily freaking out, but I do 186 00:10:40,400 --> 00:10:41,000 Speaker 2: the same thing. 187 00:10:41,120 --> 00:10:42,360 Speaker 3: I can't help absolutely. 188 00:10:42,720 --> 00:10:44,760 Speaker 4: And you know, back in we. 189 00:10:44,760 --> 00:10:47,559 Speaker 2: Used to have this store called Filings here in Boston. 190 00:10:47,559 --> 00:10:50,080 Speaker 2: There used to be Filings basement and they usually have 191 00:10:50,160 --> 00:10:55,840 Speaker 2: these automatic markdowns, and and they used to have a 192 00:10:55,880 --> 00:10:58,280 Speaker 2: wedding dress I believe there was a wedding dress sale 193 00:10:58,360 --> 00:11:02,360 Speaker 2: once a year or something. I wouldn't believe what happened 194 00:11:02,400 --> 00:11:07,600 Speaker 2: during that. And also I myself one other, one other story, 195 00:11:07,920 --> 00:11:10,520 Speaker 2: and people in this area will love a Filine's basement story. 196 00:11:11,720 --> 00:11:12,320 Speaker 4: There. 197 00:11:12,480 --> 00:11:14,560 Speaker 2: I was shopping for shoes in the shoe department, and 198 00:11:16,040 --> 00:11:19,520 Speaker 2: I'm size eleven and some things eleven and a half. 199 00:11:19,880 --> 00:11:22,160 Speaker 2: But there were some really good shoes, like really super 200 00:11:22,160 --> 00:11:24,920 Speaker 2: expensive shoes. It said five hundred bucks. They were marked 201 00:11:24,920 --> 00:11:27,360 Speaker 2: down to thirty nine ninety nine again thirty nine ninety five, 202 00:11:28,559 --> 00:11:31,600 Speaker 2: and just you know, because it was such a good deal, 203 00:11:31,640 --> 00:11:34,240 Speaker 2: I thought, I'm gonna cram my foot in these and 204 00:11:34,360 --> 00:11:39,560 Speaker 2: make them fit. But you know what, they fit for 205 00:11:39,559 --> 00:11:43,880 Speaker 2: some reason, because maybe it was a foreign sizing or something, 206 00:11:44,320 --> 00:11:49,040 Speaker 2: so they were in the wrong size and there were 207 00:11:49,200 --> 00:11:53,360 Speaker 2: probably a thousand, no two thousand bucks worth there. So 208 00:11:53,520 --> 00:11:57,600 Speaker 2: for I was frothy mouth crazy looking all over the 209 00:11:57,640 --> 00:11:59,559 Speaker 2: shoe department finding and I found. 210 00:11:59,280 --> 00:12:00,360 Speaker 4: Four more pairs. 211 00:12:00,640 --> 00:12:04,200 Speaker 2: So I'm I'm guilty of this. I completely am. I 212 00:12:04,200 --> 00:12:08,480 Speaker 2: am also guilty of buying stuff I don't need because 213 00:12:08,520 --> 00:12:10,520 Speaker 2: it's a deal, and that we should talk about all 214 00:12:10,640 --> 00:12:14,240 Speaker 2: the psychology of that, and also the evolution of Cyber 215 00:12:14,720 --> 00:12:18,040 Speaker 2: Monday and Black Friday and how it's changed after this 216 00:12:18,120 --> 00:12:19,320 Speaker 2: on WBZ. 217 00:12:20,840 --> 00:12:26,319 Speaker 1: Night Side with Dan Ray on WBZ Boston's news radio. 218 00:12:26,240 --> 00:12:29,760 Speaker 2: Bradley for Dan tonight, let's continue with Jared Watson. He's 219 00:12:29,760 --> 00:12:34,680 Speaker 2: a marketing assistant a marketing professor at NYU, and we're 220 00:12:34,679 --> 00:12:37,120 Speaker 2: talking about Black Friday and I really want to get 221 00:12:37,559 --> 00:12:40,240 Speaker 2: I want to make the most of it, and I'm 222 00:12:40,280 --> 00:12:42,480 Speaker 2: looking for advice and hopefully you'll be able to learn 223 00:12:42,840 --> 00:12:45,440 Speaker 2: get some advice as well. I would love it if 224 00:12:45,480 --> 00:12:47,600 Speaker 2: you'd call in at six point seven two five, four, 225 00:12:48,080 --> 00:12:50,800 Speaker 2: ten thirty and share your Black Friday story. Maybe your 226 00:12:50,920 --> 00:12:56,440 Speaker 2: Black Friday hopes and dreams, uh, Professor Watson, My hopes 227 00:12:56,480 --> 00:13:01,200 Speaker 2: and dreams are are this kind of I'm a musician 228 00:13:01,280 --> 00:13:02,680 Speaker 2: and I'm in a band, but the band doesn't have 229 00:13:02,679 --> 00:13:06,360 Speaker 2: a drummer. So I bought a very simple sample pad 230 00:13:06,440 --> 00:13:09,040 Speaker 2: so I can be It plays electronic drum samples. It 231 00:13:09,080 --> 00:13:13,960 Speaker 2: does the job well enough, but it's limited and I 232 00:13:14,000 --> 00:13:16,160 Speaker 2: can take it back and I can get a much 233 00:13:16,200 --> 00:13:19,560 Speaker 2: better one. But now that they're like between six hundred 234 00:13:19,600 --> 00:13:21,839 Speaker 2: and ninety nine dollars and a thousand bucks, so can 235 00:13:21,880 --> 00:13:23,120 Speaker 2: I utilize Black. 236 00:13:22,920 --> 00:13:24,720 Speaker 4: Friday to get a deal? Do you think? 237 00:13:24,880 --> 00:13:27,160 Speaker 2: Or is this a Cyber Monday thing? Why don't you 238 00:13:27,200 --> 00:13:28,480 Speaker 2: be my Black Friday coach? 239 00:13:29,440 --> 00:13:33,120 Speaker 3: Oh? Good question. Yeah, I mean I think there's definitely 240 00:13:33,120 --> 00:13:37,480 Speaker 3: the opportunity to find deals just about anything under the sun. 241 00:13:38,080 --> 00:13:41,240 Speaker 3: You know, in addition to Black Friday and Cyber Monday, 242 00:13:41,280 --> 00:13:45,120 Speaker 3: there's also small business Saturday, and so if you're a 243 00:13:45,160 --> 00:13:49,520 Speaker 3: purveyor of like the small independent music scene, all right, 244 00:13:49,559 --> 00:13:52,120 Speaker 3: you might be able to go to your local store 245 00:13:52,600 --> 00:13:57,760 Speaker 3: on the Saturday and find a deal. Otherwise, these Black 246 00:13:57,800 --> 00:13:59,880 Speaker 3: Friday deals, these Cyber Monday deals, like I said, they 247 00:14:00,679 --> 00:14:04,720 Speaker 3: they kind of stretched into weeks now instead of days, 248 00:14:04,800 --> 00:14:07,640 Speaker 3: and so certainly I think there's opportunity to find a deal. 249 00:14:08,000 --> 00:14:08,920 Speaker 4: So that's interesting. 250 00:14:09,040 --> 00:14:12,280 Speaker 2: Part of the reason that the original version of Black 251 00:14:12,280 --> 00:14:16,880 Speaker 2: Friday was so effective was the fear that you'd miss out. 252 00:14:17,080 --> 00:14:21,000 Speaker 2: But yeah, now that it's stretched out, that fear is gone, 253 00:14:21,320 --> 00:14:25,560 Speaker 2: and so it's a different animal. Can you talk about 254 00:14:25,880 --> 00:14:28,760 Speaker 2: why it still works even though the fear is gone the. 255 00:14:28,720 --> 00:14:29,120 Speaker 4: Fear of. 256 00:14:31,080 --> 00:14:34,880 Speaker 3: Yeah, very very different animal. You know, some of that 257 00:14:34,960 --> 00:14:38,800 Speaker 3: fear is still there when it comes to scarcity, right, 258 00:14:38,960 --> 00:14:42,120 Speaker 3: So even if you're buying something from Amazon, they don't 259 00:14:42,160 --> 00:14:46,720 Speaker 3: have unlimited quantities of products, so there's certainly still the 260 00:14:46,760 --> 00:14:49,720 Speaker 3: opportunity to miss out on some of these deals. Some 261 00:14:49,920 --> 00:14:52,600 Speaker 3: of them have timed windows, so especially if you're on 262 00:14:52,640 --> 00:14:56,080 Speaker 3: a website like Amazon, you might see deals that last 263 00:14:56,120 --> 00:15:00,320 Speaker 3: for an hour or six hours or twenty four hours, right, 264 00:15:00,360 --> 00:15:04,160 Speaker 3: and they'll have countdown timers letting you know, or they'll 265 00:15:04,200 --> 00:15:08,240 Speaker 3: have progress bars showing that quantity that will be discounted, 266 00:15:08,960 --> 00:15:11,920 Speaker 3: letting you know that if you don't buy it before 267 00:15:11,960 --> 00:15:14,560 Speaker 3: that bar fills up, but before that time expires, it's 268 00:15:14,560 --> 00:15:18,320 Speaker 3: going to go back to a higher revenue, higher price point. 269 00:15:18,480 --> 00:15:19,760 Speaker 4: That's smart marketing. Right. 270 00:15:20,560 --> 00:15:22,720 Speaker 3: Absolutely, let's talk. 271 00:15:22,600 --> 00:15:27,280 Speaker 2: To Joline and Beverly about Black Friday and maybe it's 272 00:15:27,520 --> 00:15:28,480 Speaker 2: here about her experience. 273 00:15:28,560 --> 00:15:30,840 Speaker 4: Maybe she's got a question. Hi, Juline, how do you do? 274 00:15:31,320 --> 00:15:34,400 Speaker 5: Bradley? Just want to know if you've stalked up on 275 00:15:34,520 --> 00:15:40,040 Speaker 5: some texture vegetable protein that we talked about putting a 276 00:15:40,160 --> 00:15:42,200 Speaker 5: crunch in your soggy oatmeal. 277 00:15:42,520 --> 00:15:43,840 Speaker 4: Oh no, I haven't. 278 00:15:44,400 --> 00:15:51,400 Speaker 3: Oh well yeah, maybe I can use. 279 00:15:50,960 --> 00:15:56,120 Speaker 2: Julian's referring to my aversion to mushy oatmeal. And so 280 00:15:57,280 --> 00:15:59,440 Speaker 2: thank you for that question, Juliane, I appreciate. 281 00:15:59,120 --> 00:16:01,560 Speaker 4: What about stuff like that food? 282 00:16:02,000 --> 00:16:05,120 Speaker 2: Is it only electronics and big things or are they 283 00:16:05,160 --> 00:16:06,360 Speaker 2: Can you get deals on. 284 00:16:08,000 --> 00:16:11,240 Speaker 4: Things like every day food items? Oh? 285 00:16:11,320 --> 00:16:14,760 Speaker 3: Absolutely, yeah, you'll see you know, one grocers will be 286 00:16:14,840 --> 00:16:19,280 Speaker 3: running promotions also straight from the manufacturer, you can find deals. 287 00:16:19,320 --> 00:16:23,400 Speaker 3: So if you're looking for that kind of interesting breakfast 288 00:16:23,480 --> 00:16:28,640 Speaker 3: replacement that's not soggy, there's a really cool new company 289 00:16:28,680 --> 00:16:34,960 Speaker 3: out called Dune Snacks Dune and they're an eco friendly, 290 00:16:35,320 --> 00:16:42,000 Speaker 3: sustainable meal brand, right, and so they're they're producing protein 291 00:16:42,080 --> 00:16:46,560 Speaker 3: bars currently. They recently sold out from their promotion, but 292 00:16:46,640 --> 00:16:49,160 Speaker 3: what they've decided to do is to say, hey, you 293 00:16:49,200 --> 00:16:51,760 Speaker 3: can sign up now on Black Friday for pre order 294 00:16:51,800 --> 00:16:55,240 Speaker 3: special and get thirty percent off once we have the 295 00:16:55,280 --> 00:16:56,960 Speaker 3: next batch in stock for shipping. 296 00:16:57,840 --> 00:16:59,520 Speaker 4: So just stuff. So what it sells out, I don't. 297 00:16:59,560 --> 00:17:03,360 Speaker 3: Well, yeah, you're seeing this kind of idea happen, right, 298 00:17:03,480 --> 00:17:08,160 Speaker 3: Like with social media virality of products happening. People learn 299 00:17:08,280 --> 00:17:12,120 Speaker 3: about something, it blows up overnight, its out. Can't make 300 00:17:12,160 --> 00:17:12,960 Speaker 3: it fast enough. 301 00:17:13,080 --> 00:17:13,240 Speaker 4: Right. 302 00:17:13,400 --> 00:17:17,600 Speaker 2: So again, even though some of the fear of missing 303 00:17:17,640 --> 00:17:21,959 Speaker 2: out is gone, there still is the get people in 304 00:17:21,960 --> 00:17:25,480 Speaker 2: the store factor. You're in the store, whether it be 305 00:17:26,000 --> 00:17:29,720 Speaker 2: the brick and mortar store or the online store. Once 306 00:17:29,720 --> 00:17:32,320 Speaker 2: you're in there and floating around and what they have, 307 00:17:32,520 --> 00:17:36,600 Speaker 2: you might say, ooh, I didn't I forgot I needed that. 308 00:17:36,960 --> 00:17:40,200 Speaker 2: Oh there's a toolkit. I kind of need a toolkit that. Yeah, 309 00:17:40,200 --> 00:17:41,240 Speaker 2: that's a big part of it. 310 00:17:42,400 --> 00:17:45,000 Speaker 3: Yeah, absolutely, I think you know, one of the kind 311 00:17:45,000 --> 00:17:48,040 Speaker 3: of interesting things that's going to be the challenge for 312 00:17:48,200 --> 00:17:51,199 Speaker 3: the Black Friday holiday going forward. It's not going to 313 00:17:51,240 --> 00:17:54,760 Speaker 3: have as much of that incidental exposure. So going back 314 00:17:55,240 --> 00:17:58,560 Speaker 3: five years, ten years, fifteen years ago, you'd walk into 315 00:17:58,560 --> 00:18:02,160 Speaker 3: Walmart or best buyo Black Friday and as you walk 316 00:18:02,280 --> 00:18:05,560 Speaker 3: through that store, looking at your checklist of items, you'd 317 00:18:05,600 --> 00:18:08,560 Speaker 3: be exposed to all sorts of other purchases that you 318 00:18:08,720 --> 00:18:10,959 Speaker 3: just had to throw in the cart due to that 319 00:18:11,000 --> 00:18:15,320 Speaker 3: fear of missing out. Right today, if you're going on Amazon, 320 00:18:15,400 --> 00:18:17,880 Speaker 3: you're going to the search bar and punching in those 321 00:18:17,960 --> 00:18:20,960 Speaker 3: few items that you're looking for, you're not seeing as 322 00:18:21,040 --> 00:18:24,000 Speaker 3: much of those random opportunities that you might have had 323 00:18:24,080 --> 00:18:25,040 Speaker 3: in that brick and mortar. 324 00:18:25,600 --> 00:18:29,240 Speaker 2: One thing that I noticed online is this say it 325 00:18:29,600 --> 00:18:34,560 Speaker 2: even looking for an electronic device. I find these electronic 326 00:18:34,560 --> 00:18:36,879 Speaker 2: device and I want to find out about the device. 327 00:18:36,920 --> 00:18:38,200 Speaker 4: I want to see the specs. 328 00:18:38,480 --> 00:18:41,240 Speaker 2: In order to get through the specs, I kind of 329 00:18:41,240 --> 00:18:45,320 Speaker 2: have to wander through the cyber aisle to get to 330 00:18:45,320 --> 00:18:45,760 Speaker 2: the specs. 331 00:18:45,800 --> 00:18:50,000 Speaker 4: They'll go through two or three screens worth of other stuff. 332 00:18:50,320 --> 00:18:53,399 Speaker 2: Customers who like this, I also like that, And some 333 00:18:53,480 --> 00:18:55,639 Speaker 2: of the stuff is not even that related. It's like 334 00:18:55,760 --> 00:18:59,120 Speaker 2: customers who'd like this electronic drum sample pad. 335 00:18:59,160 --> 00:19:01,560 Speaker 4: I also like this brush here and. 336 00:19:03,119 --> 00:19:03,159 Speaker 1: That. 337 00:19:03,800 --> 00:19:06,040 Speaker 2: I see what they're doing more clearly now that we're 338 00:19:06,080 --> 00:19:10,080 Speaker 2: having this conversation is they're kind of trying to create 339 00:19:10,119 --> 00:19:13,959 Speaker 2: the similar brick and mortar. Oh, I did I need that? 340 00:19:14,000 --> 00:19:16,480 Speaker 2: And I need that The big box store experience. 341 00:19:17,119 --> 00:19:18,760 Speaker 4: I remember, I remember going. 342 00:19:19,560 --> 00:19:21,560 Speaker 2: I used to drive up to New Hampshire a lot 343 00:19:21,560 --> 00:19:24,200 Speaker 2: because when my parents were alive and i'd be going 344 00:19:24,240 --> 00:19:28,879 Speaker 2: by Portsmouth and they have Portsmouth New Hampshire big box stores. 345 00:19:28,920 --> 00:19:31,639 Speaker 2: I'd go to Costco one of them, and you know, 346 00:19:31,720 --> 00:19:33,800 Speaker 2: you go there for the deal, but you think I'm 347 00:19:33,800 --> 00:19:36,439 Speaker 2: going to spend thirty bucks and you walk out spending 348 00:19:36,480 --> 00:19:39,240 Speaker 2: two hundred bucks because everything's just such a crazy deal. 349 00:19:39,400 --> 00:19:42,919 Speaker 2: Same same principle, I guess. And a lot of that 350 00:19:43,480 --> 00:19:46,359 Speaker 2: stuff that you just I might need this around the house, 351 00:19:46,480 --> 00:19:50,400 Speaker 2: that kind of thing. Ooh I need that ratchet set, 352 00:19:51,480 --> 00:19:53,880 Speaker 2: I need that screwdriver set. 353 00:19:53,960 --> 00:19:56,080 Speaker 4: I might need it, and there it is. 354 00:19:56,160 --> 00:19:59,520 Speaker 2: So they are kind of making up for that in 355 00:19:59,560 --> 00:20:01,480 Speaker 2: the way that a format their website. 356 00:20:01,520 --> 00:20:04,360 Speaker 4: I didn't mean to interrupt, Go ahead, Oh, no problem. 357 00:20:04,760 --> 00:20:06,520 Speaker 3: Yeah, I was just gonna say, you know, there's a 358 00:20:07,480 --> 00:20:10,600 Speaker 3: two ways to think about how people are engaging in 359 00:20:10,640 --> 00:20:13,399 Speaker 3: these shopping occasions, and so one is gonna be this 360 00:20:13,520 --> 00:20:18,240 Speaker 3: problem directed thing where you say, hey, I need that 361 00:20:18,359 --> 00:20:21,040 Speaker 3: drum kit, so let me go find the best deal 362 00:20:21,119 --> 00:20:24,600 Speaker 3: in the drum kits I can possibly find. And then 363 00:20:24,800 --> 00:20:27,200 Speaker 3: there's the other one that says like, oh wow, I 364 00:20:27,240 --> 00:20:31,040 Speaker 3: was just exposed to this. Could I need this? Should 365 00:20:31,080 --> 00:20:32,000 Speaker 3: I need this? 366 00:20:32,600 --> 00:20:32,800 Speaker 4: Right? 367 00:20:32,880 --> 00:20:35,560 Speaker 3: And so we see kind of a mixing of those 368 00:20:35,640 --> 00:20:38,240 Speaker 3: two things in every one of our shopping occasions. And 369 00:20:38,280 --> 00:20:40,920 Speaker 3: that's how we go to Costco and we say, hey, 370 00:20:40,960 --> 00:20:44,520 Speaker 3: I need thirty dollars worth of stuff, but when we walk, 371 00:20:44,840 --> 00:20:48,080 Speaker 3: we say, I just purchased two hundred dollars worth. But 372 00:20:48,200 --> 00:20:50,880 Speaker 3: all of it seems useful, right, Like it's like, oh, 373 00:20:51,160 --> 00:20:54,120 Speaker 3: I could use toilet paper, I could use hands, if 374 00:20:54,200 --> 00:20:56,880 Speaker 3: I could use some chicken breast, but those weren't things 375 00:20:56,880 --> 00:20:58,399 Speaker 3: that were on my list. 376 00:20:59,240 --> 00:20:59,720 Speaker 4: With Jared. 377 00:21:00,040 --> 00:21:04,280 Speaker 1: After this on WBZ, You're on Night Side with Dan 378 00:21:04,400 --> 00:21:07,600 Speaker 1: Ray on WBZ Boston's News Radio. 379 00:21:08,440 --> 00:21:11,919 Speaker 2: Thank you for that news out, We returned to our guests, 380 00:21:12,200 --> 00:21:15,639 Speaker 2: Jared Watson talking about Black Friday, Cyber Monday, and of 381 00:21:15,640 --> 00:21:20,160 Speaker 2: course small Business Saturday. I have we haven't really touched 382 00:21:20,200 --> 00:21:23,560 Speaker 2: on that enough. Ken you talk about small business Saturday. 383 00:21:24,600 --> 00:21:30,520 Speaker 3: Sure, so Black Friday. You know, as we were discussing earlier, 384 00:21:30,640 --> 00:21:35,879 Speaker 3: it really arose from the big box retailers and small 385 00:21:35,920 --> 00:21:38,200 Speaker 3: businesses were feeling left out. You know, they couldn't offer 386 00:21:38,280 --> 00:21:42,119 Speaker 3: a steep of discounts as their large counterparts, but they 387 00:21:42,160 --> 00:21:46,160 Speaker 3: still wanted to be able to provide deals to their neighbors, 388 00:21:46,400 --> 00:21:49,800 Speaker 3: and you know, they wanted to increase loyalty and patronage. 389 00:21:49,840 --> 00:21:53,760 Speaker 3: And so Small Business Saturday popped up, oh twenty ish 390 00:21:53,840 --> 00:21:58,760 Speaker 3: years ago actually with a big push from American Express. 391 00:21:59,000 --> 00:22:03,440 Speaker 3: Right as American Express was trying to get placed into 392 00:22:03,520 --> 00:22:08,440 Speaker 3: more doors with their with their higher fees, they got 393 00:22:08,440 --> 00:22:11,560 Speaker 3: behind Small Business Saturday with the hope that these independents 394 00:22:11,600 --> 00:22:17,400 Speaker 3: would also start to utilize their services. Small Business Saturday 395 00:22:17,520 --> 00:22:19,919 Speaker 3: is a great opportunity where you can go in and 396 00:22:19,960 --> 00:22:24,040 Speaker 3: find bespoke good at local retailers. So when you're thinking 397 00:22:24,040 --> 00:22:27,439 Speaker 3: about artisan made products, when you're thinking about things like 398 00:22:27,960 --> 00:22:31,800 Speaker 3: your local coffee shop or bakery, oftentimes they'll have special 399 00:22:31,840 --> 00:22:34,520 Speaker 3: incentives in place. You know, these aren't going to be 400 00:22:34,760 --> 00:22:39,040 Speaker 3: the earth shattering deals that you're seeing on Black Friday. 401 00:22:39,440 --> 00:22:41,800 Speaker 3: That they are a nice sort of token of appreciation 402 00:22:42,040 --> 00:22:42,919 Speaker 3: for your patronage. 403 00:22:43,119 --> 00:22:46,000 Speaker 4: Yeah, and it's kind of it's kind of nice to 404 00:22:46,040 --> 00:22:46,520 Speaker 4: give back. 405 00:22:47,480 --> 00:22:51,199 Speaker 2: You probably feel good bringing your business to a small 406 00:22:51,760 --> 00:22:56,119 Speaker 2: business that you can absolutely you look at them and say, hello, Bob, 407 00:22:56,960 --> 00:23:00,400 Speaker 2: I love your store. I went and got three free 408 00:23:00,400 --> 00:23:04,240 Speaker 2: meatball subsidy not all for me, and in a local place, 409 00:23:04,280 --> 00:23:07,359 Speaker 2: and just I was so happy to be giving this 410 00:23:07,440 --> 00:23:10,480 Speaker 2: guy my money. He was very happy to have the business. 411 00:23:10,960 --> 00:23:13,400 Speaker 2: And I don't know what you is there a word 412 00:23:13,440 --> 00:23:20,800 Speaker 2: for that particular kind of transactional satisfaction that is quantify usable? 413 00:23:20,800 --> 00:23:21,800 Speaker 4: And can you quantify that? 414 00:23:23,000 --> 00:23:23,200 Speaker 5: Yeah? 415 00:23:23,320 --> 00:23:25,280 Speaker 3: I mean, you know, I guess, I guess it depends 416 00:23:25,320 --> 00:23:29,000 Speaker 3: exactly on what you're feeling. But the idea of altruism, right, 417 00:23:29,040 --> 00:23:33,480 Speaker 3: which is really about helping somebody with no expected return, 418 00:23:34,560 --> 00:23:38,960 Speaker 3: the idea of benevolence, right, so you're trying to spread goodwill. 419 00:23:40,119 --> 00:23:42,919 Speaker 3: Both of these things I think are like widely researched 420 00:23:43,280 --> 00:23:46,679 Speaker 3: in these commerce settings that we're talking about, trying to 421 00:23:46,840 --> 00:23:50,600 Speaker 3: understand when, where, and how they operate. 422 00:23:52,119 --> 00:23:57,880 Speaker 2: Is there any advantage in Black Friday or Cyber Monday 423 00:23:57,960 --> 00:23:58,840 Speaker 2: or vice versa. 424 00:24:00,400 --> 00:24:05,199 Speaker 3: You know, historically, I'd say Black Friday was really good 425 00:24:05,760 --> 00:24:13,000 Speaker 3: for traditional mass merch and big ticket items like television, clothing, pots, 426 00:24:13,000 --> 00:24:17,119 Speaker 3: and tans, et cetera. Cyber Monday was reserved really for 427 00:24:17,200 --> 00:24:22,280 Speaker 3: the tech space. So if you're looking for computer chips, 428 00:24:22,280 --> 00:24:24,960 Speaker 3: if you were looking for cameras, if you were looking 429 00:24:25,000 --> 00:24:27,719 Speaker 3: for laptops, you would often find better deals on Cyber 430 00:24:27,760 --> 00:24:34,080 Speaker 3: Monday's forward to today, I'd see they're virtually indistinguishable, you know, 431 00:24:34,119 --> 00:24:36,600 Speaker 3: and you can think of Cyber Monday almost as like 432 00:24:36,680 --> 00:24:40,159 Speaker 3: the restock for Black Friday. Are there going to be 433 00:24:40,200 --> 00:24:45,240 Speaker 3: some different deals, sure on the margin, but in general, 434 00:24:46,600 --> 00:24:49,960 Speaker 3: you know, the earlier you see a great deal, the 435 00:24:50,080 --> 00:24:53,600 Speaker 3: sooner you should jump on it, because it's unlikely that 436 00:24:53,680 --> 00:24:56,480 Speaker 3: you're going to see it getting cheaper as this Black 437 00:24:56,520 --> 00:24:58,080 Speaker 3: Friday season goes on. 438 00:24:58,240 --> 00:25:06,720 Speaker 2: Interesting, so says, though initially the name of the day 439 00:25:07,680 --> 00:25:12,000 Speaker 2: came from the stuff you bought them, well, no Monday 440 00:25:12,480 --> 00:25:17,360 Speaker 2: was initially about buying a cyber stuff, and now it's 441 00:25:17,480 --> 00:25:20,000 Speaker 2: not so much about the stuff you buy, but it's 442 00:25:20,040 --> 00:25:22,400 Speaker 2: the method you use to buy it. You buy it 443 00:25:22,480 --> 00:25:25,800 Speaker 2: over the internet. It's not necessarily buying electronic stuff. You 444 00:25:25,840 --> 00:25:29,120 Speaker 2: can get anything basically the same thing. But you are 445 00:25:29,160 --> 00:25:32,160 Speaker 2: waiting for three days? 446 00:25:32,600 --> 00:25:32,920 Speaker 4: Is there? 447 00:25:34,520 --> 00:25:36,119 Speaker 2: It seems like you were saying there may be a 448 00:25:36,160 --> 00:25:38,600 Speaker 2: downside to waiting those three days. Maybe you should get 449 00:25:39,200 --> 00:25:40,320 Speaker 2: get it right out of the gate. 450 00:25:41,680 --> 00:25:45,080 Speaker 3: Yeah, I'd say literally, you know, as soon as you 451 00:25:45,119 --> 00:25:49,440 Speaker 3: see a price you're happy with, buy, then think about 452 00:25:49,560 --> 00:25:53,280 Speaker 3: potential return policies in place to hedge with any downside. 453 00:25:54,080 --> 00:25:58,040 Speaker 3: But ultimately, when you're thinking about the big picture to that, 454 00:25:58,560 --> 00:26:02,240 Speaker 3: and we're talking about this idea scarcity and pomo, what 455 00:26:02,359 --> 00:26:06,160 Speaker 3: were the really big benefits for retailers about Cyber Monday. 456 00:26:06,760 --> 00:26:09,040 Speaker 3: Was there all of these consumers who would feel guilt 457 00:26:10,119 --> 00:26:13,120 Speaker 3: and regret because they missed out on such a great 458 00:26:13,160 --> 00:26:16,400 Speaker 3: bargain on Black Friday, that when they saw the second 459 00:26:16,400 --> 00:26:19,320 Speaker 3: wave that might not have been such a good deal, 460 00:26:19,920 --> 00:26:22,960 Speaker 3: what was better than nothing? They would jump on those 461 00:26:23,000 --> 00:26:26,040 Speaker 3: secondary deals on Cyber Monday as well, So. 462 00:26:26,040 --> 00:26:30,080 Speaker 2: They suffered from regret for missing out instead of fear 463 00:26:30,119 --> 00:26:33,040 Speaker 2: of missing out, they actually they missed out and they 464 00:26:33,640 --> 00:26:37,960 Speaker 2: were suffering pangs of regret thinking, oh, I'm such a fool. 465 00:26:38,040 --> 00:26:40,680 Speaker 2: But then they get a second chance on Cyber Monday. 466 00:26:41,320 --> 00:26:43,800 Speaker 3: Yeah, and they might pay, you know, ten percent more 467 00:26:43,840 --> 00:26:46,879 Speaker 3: than they would have on Black Friday. But that's better 468 00:26:46,920 --> 00:26:47,399 Speaker 3: than nothing. 469 00:26:47,760 --> 00:26:52,159 Speaker 2: Okay. I like this question. I'm curious. I'm hoping to 470 00:26:52,160 --> 00:26:53,880 Speaker 2: get an answer. Maybe there is none. 471 00:26:55,000 --> 00:26:58,560 Speaker 4: Why is the push to sell stuff at the end 472 00:26:58,600 --> 00:26:59,000 Speaker 4: of the year. 473 00:26:59,480 --> 00:27:02,439 Speaker 2: I know at the end of the the end of 474 00:27:02,440 --> 00:27:05,000 Speaker 2: the year is when you get past being in the 475 00:27:05,040 --> 00:27:07,680 Speaker 2: red and into the black, But you could just as 476 00:27:07,720 --> 00:27:10,280 Speaker 2: well have a push in January. 477 00:27:10,720 --> 00:27:11,320 Speaker 4: You could have. 478 00:27:12,280 --> 00:27:16,720 Speaker 2: February freak out or I don't know, September sickness or 479 00:27:17,920 --> 00:27:21,320 Speaker 2: May madness or something. Why do they focus on trying 480 00:27:21,320 --> 00:27:24,439 Speaker 2: to get this big burst of sales at the end 481 00:27:24,480 --> 00:27:27,040 Speaker 2: of the year as opposed to getting a jump on 482 00:27:27,080 --> 00:27:27,440 Speaker 2: it at. 483 00:27:27,359 --> 00:27:28,160 Speaker 4: The beginning of the year. 484 00:27:28,680 --> 00:27:32,840 Speaker 3: Sure, it's really, you know, a perfect storm of things 485 00:27:32,880 --> 00:27:36,360 Speaker 3: going on. So from the corporate side of the equation, 486 00:27:36,480 --> 00:27:39,520 Speaker 3: it's like you said, they've got quarter close, they've got 487 00:27:39,600 --> 00:27:42,840 Speaker 3: year end closed. They're trying to hit some financial targets, 488 00:27:42,920 --> 00:27:46,560 Speaker 3: usually quarter clothes because many of them in their year 489 00:27:46,600 --> 00:27:50,400 Speaker 3: in March. So they've got that going on. But from 490 00:27:50,400 --> 00:27:56,120 Speaker 3: the consumer perspective, right, it's the holiday season, it's the 491 00:27:56,240 --> 00:27:59,879 Speaker 3: end of our year, and we have like really strict 492 00:28:00,440 --> 00:28:04,919 Speaker 3: sort of psychological barriers around things like years, right, and 493 00:28:05,000 --> 00:28:08,240 Speaker 3: so we might be thinking, I've saved up all this money, 494 00:28:08,280 --> 00:28:11,359 Speaker 3: it's okay to deplete my account at the end of 495 00:28:11,400 --> 00:28:15,080 Speaker 3: the year and start a new On January first, we 496 00:28:15,200 --> 00:28:17,840 Speaker 3: might be thinking, Hey, I've put in all of this work. 497 00:28:18,280 --> 00:28:21,720 Speaker 3: It's my time to reward myself and others for that work. 498 00:28:22,200 --> 00:28:24,240 Speaker 3: So I'm going to be a spend thrift. I'm willing 499 00:28:24,400 --> 00:28:27,560 Speaker 3: to spend more, I'm willing to go above and beyond, right, 500 00:28:28,320 --> 00:28:31,320 Speaker 3: And so I think this kind of perfect combination of 501 00:28:31,400 --> 00:28:35,560 Speaker 3: things where retailers say, this is an opportunity for us 502 00:28:35,600 --> 00:28:39,800 Speaker 3: to exploit the felt needs and wants of consumers, and 503 00:28:39,920 --> 00:28:46,280 Speaker 3: consumers associating gift giving with the holiday season with the 504 00:28:46,360 --> 00:28:50,240 Speaker 3: year end push right, makes us willing and wanting to 505 00:28:50,320 --> 00:28:53,160 Speaker 3: engage with retailers this way. 506 00:28:53,360 --> 00:28:55,880 Speaker 2: While you're speaking, and I was listening, but also I 507 00:28:55,920 --> 00:28:58,960 Speaker 2: was thinking, I wonder if part of the reason they 508 00:28:59,720 --> 00:29:01,120 Speaker 2: do that at the end of the year is bread 509 00:29:01,960 --> 00:29:05,200 Speaker 2: with things, things that come out with new model years 510 00:29:05,320 --> 00:29:08,880 Speaker 2: or new fashion seasons. They need to get rid of 511 00:29:08,200 --> 00:29:13,160 Speaker 2: the current crop of stuff to make room for new inventory. 512 00:29:13,240 --> 00:29:15,040 Speaker 2: Is that you think that might add into it? 513 00:29:16,040 --> 00:29:19,479 Speaker 3: I mean, that definitely factors into some of the things 514 00:29:19,560 --> 00:29:24,000 Speaker 3: being promoted, But I want to say that's the primary driver, right, 515 00:29:24,040 --> 00:29:27,160 Speaker 3: because a lot of these things have such long lead times, 516 00:29:27,320 --> 00:29:31,440 Speaker 3: the production cycles for these products, and we're actually you know, 517 00:29:31,520 --> 00:29:35,400 Speaker 3: there's quite a bit of product that is produced exclusively 518 00:29:36,120 --> 00:29:40,640 Speaker 3: for this Black Friday shopping window. So you'll actually be 519 00:29:40,640 --> 00:29:43,400 Speaker 3: able to go on online forums you can read and 520 00:29:43,560 --> 00:29:48,960 Speaker 3: see how some products seem like they're the same, but 521 00:29:49,080 --> 00:29:52,560 Speaker 3: they have a special number added to their UPC special 522 00:29:52,640 --> 00:29:55,800 Speaker 3: label on their box that tells us it was produced 523 00:29:55,840 --> 00:30:01,520 Speaker 3: exclusively for Black Friday, oftentimes with inferior quality relative to 524 00:30:01,560 --> 00:30:02,560 Speaker 3: the mainstay product. 525 00:30:03,000 --> 00:30:04,920 Speaker 2: We need to spend a little more time in like 526 00:30:04,960 --> 00:30:06,239 Speaker 2: another sixty seconds on this. 527 00:30:06,280 --> 00:30:07,280 Speaker 4: Can you repeat that? 528 00:30:07,920 --> 00:30:11,280 Speaker 2: It's kind of like I heard outlet stores, some companies 529 00:30:11,600 --> 00:30:17,880 Speaker 2: produce a less expensive to produce the stock for outlet stores. 530 00:30:17,920 --> 00:30:21,720 Speaker 2: Are you saying that the same happens for Black Fridays. 531 00:30:21,800 --> 00:30:26,680 Speaker 2: Sometimes they may make a lower quality version for Black Friday. 532 00:30:27,360 --> 00:30:28,800 Speaker 3: Yeah, that's exactly it. 533 00:30:29,040 --> 00:30:31,560 Speaker 4: How do you check that? How do you protect yourselfing? 534 00:30:31,720 --> 00:30:34,760 Speaker 3: Yeah? So one of the easiest ways to do so 535 00:30:35,040 --> 00:30:36,840 Speaker 3: is to see if these are products that are being 536 00:30:36,920 --> 00:30:40,640 Speaker 3: carried year round. So oftentimes you might look at a 537 00:30:40,680 --> 00:30:44,400 Speaker 3: television and say like, oh, this seems like that television, 538 00:30:45,040 --> 00:30:47,400 Speaker 3: But then when you look at the specs, you'll say like, oh, 539 00:30:47,400 --> 00:30:50,080 Speaker 3: this is actually different from another model that they have 540 00:30:50,200 --> 00:30:52,960 Speaker 3: in store that's the same size, from the same brand 541 00:30:53,520 --> 00:30:56,920 Speaker 3: with similar features. Right, And so you want to look 542 00:30:56,960 --> 00:30:59,920 Speaker 3: and see, like, do I have knowledge of the purchases 543 00:31:00,040 --> 00:31:02,280 Speaker 3: three of this product online? Is this something that this 544 00:31:02,400 --> 00:31:07,680 Speaker 3: retailer is carrying on a regular basis. Sometimes boxes will 545 00:31:07,680 --> 00:31:11,040 Speaker 3: actually be labeled with things that they like chromo, right, 546 00:31:11,080 --> 00:31:12,560 Speaker 3: and just lets you know that this is what we 547 00:31:12,640 --> 00:31:15,800 Speaker 3: call on in and out where it's a periodic sale 548 00:31:15,920 --> 00:31:17,000 Speaker 3: for a week or a month. 549 00:31:17,600 --> 00:31:22,080 Speaker 2: Wow, And did you mention something about checking a stock 550 00:31:22,200 --> 00:31:24,360 Speaker 2: number or something to see if it matches the one 551 00:31:24,400 --> 00:31:28,160 Speaker 2: you think it is, or checking the number somewhere to yeah. 552 00:31:28,160 --> 00:31:32,280 Speaker 3: Yeah, exactly. Yeah. So you have these things called stock 553 00:31:32,400 --> 00:31:36,760 Speaker 3: keeping units skews, and you can oftentimes look these skews 554 00:31:36,840 --> 00:31:40,480 Speaker 3: up online. You can see like, is this a product 555 00:31:40,520 --> 00:31:43,560 Speaker 3: that's being carried in all of the warehouses? Is this 556 00:31:43,640 --> 00:31:47,160 Speaker 3: the thing that was being sold last month? Kim? Do 557 00:31:47,280 --> 00:31:50,280 Speaker 3: we have sort of knowledge of some of this information 558 00:31:50,320 --> 00:31:54,080 Speaker 3: which you can often find by searching right, So you 559 00:31:54,120 --> 00:31:57,160 Speaker 3: can function that skew and you can ask like, is 560 00:31:57,200 --> 00:32:01,280 Speaker 3: this a regular unit? If you see, for instance, Best 561 00:32:01,360 --> 00:32:06,280 Speaker 3: Buy and Target carrying the same skew, it's likely that 562 00:32:06,280 --> 00:32:09,320 Speaker 3: that's the normal product. If you see one of those 563 00:32:09,400 --> 00:32:13,400 Speaker 3: retailers carrying one version but all the other retailers having 564 00:32:13,440 --> 00:32:18,040 Speaker 3: a different version, it's likely your retailer has a special 565 00:32:18,280 --> 00:32:21,440 Speaker 3: holiday version of it. And you might just want to 566 00:32:21,480 --> 00:32:24,240 Speaker 3: be cautious when considering purchasing those. 567 00:32:24,280 --> 00:32:25,280 Speaker 4: Wow, that's good information. 568 00:32:25,360 --> 00:32:27,440 Speaker 2: I do want to ask you after this break about 569 00:32:27,800 --> 00:32:31,400 Speaker 2: gift cards and certain things to make to check before 570 00:32:31,440 --> 00:32:33,360 Speaker 2: you buy, just to make sure you just to make 571 00:32:33,360 --> 00:32:34,960 Speaker 2: sure you get in the right thing, et cetera. 572 00:32:35,600 --> 00:32:36,240 Speaker 4: After this on. 573 00:32:36,360 --> 00:32:43,040 Speaker 1: WBZ, it's Night Side with Dan Ray on WBZ Boston's 574 00:32:43,080 --> 00:32:43,680 Speaker 1: news radio. 575 00:32:44,320 --> 00:32:46,680 Speaker 2: You know, if you have to go away from the 576 00:32:46,720 --> 00:32:49,960 Speaker 2: actual radio for a while, you can listen live online. 577 00:32:50,360 --> 00:32:53,720 Speaker 2: It's pretty easy. I think the easiest way to listen 578 00:32:53,760 --> 00:32:59,040 Speaker 2: live is simply Google or search for WBZ News Radio 579 00:32:59,320 --> 00:33:02,960 Speaker 2: listen live. That's what I do. That's you know you 580 00:33:02,960 --> 00:33:05,200 Speaker 2: want to get Maybe you want to break away from 581 00:33:05,560 --> 00:33:09,240 Speaker 2: family festivities and get a little alone time with WBZ 582 00:33:09,480 --> 00:33:11,360 Speaker 2: and there's no radio in the room, Boom, take the 583 00:33:11,400 --> 00:33:15,280 Speaker 2: laptop or whatever. Coming up at ten, we have a 584 00:33:15,360 --> 00:33:19,560 Speaker 2: really cool guest that I am first saw on YouTube 585 00:33:20,160 --> 00:33:24,840 Speaker 2: and she does she's an expert in words, word origins 586 00:33:25,240 --> 00:33:30,120 Speaker 2: and the origins of you know, wise old sayings like hangover, 587 00:33:30,240 --> 00:33:33,600 Speaker 2: et cetera. Where do those where do those phrases come from? Well, 588 00:33:33,640 --> 00:33:35,880 Speaker 2: she knows, she's the expert on that. And then at 589 00:33:35,920 --> 00:33:38,720 Speaker 2: eleven I do. I'm going to do something I rarely do, 590 00:33:38,800 --> 00:33:41,800 Speaker 2: and why not just refine open lines for folks who 591 00:33:41,840 --> 00:33:45,480 Speaker 2: just want to chat. Now we continue with Jared Watson 592 00:33:45,920 --> 00:33:51,920 Speaker 2: and talking about maximizing Black Friday and Cyber Monday. I'm 593 00:33:52,360 --> 00:33:54,880 Speaker 2: curious about gift cards. A lot of people give gift cards. 594 00:33:55,080 --> 00:33:58,600 Speaker 2: How does that factor in on these holidays? 595 00:33:59,000 --> 00:34:04,560 Speaker 3: Sure, gift cards. Gift cards are a fascinating form of value, 596 00:34:04,800 --> 00:34:10,279 Speaker 3: right because they're there. They allow you to purchase a 597 00:34:10,320 --> 00:34:13,560 Speaker 3: lot of things, but they're restricted in their use, right, 598 00:34:13,640 --> 00:34:18,000 Speaker 3: And so from the consumer's perspective, they often might prefer 599 00:34:18,080 --> 00:34:23,520 Speaker 3: cash where they have more opportunity to buy more things. 600 00:34:23,520 --> 00:34:27,840 Speaker 3: But from the gift givers perspective, right, they don't want 601 00:34:28,200 --> 00:34:31,800 Speaker 3: to lose that attachment that you have to whatever you purchase. 602 00:34:32,000 --> 00:34:34,719 Speaker 3: Like if you give someone cash and it goes in 603 00:34:34,760 --> 00:34:38,040 Speaker 3: their wallet, it gets mixed with their other cash, and 604 00:34:38,120 --> 00:34:41,880 Speaker 3: now that gift giver doesn't know what they purchased for. 605 00:34:41,760 --> 00:34:47,640 Speaker 2: You some certain stigma attached to cash. Oh, you just 606 00:34:47,680 --> 00:34:51,200 Speaker 2: saw an episode of Seinfeld that kind of I think 607 00:34:51,239 --> 00:34:53,120 Speaker 2: addressed this, And. 608 00:34:55,400 --> 00:34:58,160 Speaker 4: Would you agree there's a stigma, Oh you gave cash? 609 00:34:58,280 --> 00:34:58,880 Speaker 4: How tacky? 610 00:34:59,719 --> 00:35:01,480 Speaker 3: Yeah, there's an absolutely stigma. 611 00:35:01,520 --> 00:35:01,680 Speaker 4: You know. 612 00:35:01,760 --> 00:35:04,960 Speaker 3: I think one of the reasons it feels tacky or 613 00:35:05,000 --> 00:35:09,439 Speaker 3: whatever is that it can feel thoughtless, right, feel like, oh, 614 00:35:09,560 --> 00:35:13,959 Speaker 3: you didn't think about this person's preferences. But in reality, right, 615 00:35:14,120 --> 00:35:17,080 Speaker 3: cash is kind of the ultimate thoughtful gift because it 616 00:35:17,160 --> 00:35:21,680 Speaker 3: allows consumers to maximize their preferences at any point in time. 617 00:35:21,840 --> 00:35:24,440 Speaker 2: But at least with a gift card, you're you know, 618 00:35:24,719 --> 00:35:28,120 Speaker 2: say the person's into fishing. If you give them a 619 00:35:29,200 --> 00:35:33,200 Speaker 2: gift card to ll Bean, at least you're acknowledging that 620 00:35:33,239 --> 00:35:35,360 Speaker 2: you kind of get them a little. 621 00:35:35,120 --> 00:35:38,359 Speaker 3: Bit absolutely, And I would say, you know, the one 622 00:35:38,560 --> 00:35:43,040 Speaker 3: upside for gift cards is that that person might be 623 00:35:43,080 --> 00:35:45,560 Speaker 3: a tightwad. They might they might be into fishing, and 624 00:35:45,600 --> 00:35:48,719 Speaker 3: they might not want to spend money at lban because 625 00:35:48,719 --> 00:35:50,839 Speaker 3: it would make them feel bad. Right, But if they 626 00:35:50,880 --> 00:35:54,000 Speaker 3: have that gift card to Lbean, they have to spend 627 00:35:54,000 --> 00:35:54,359 Speaker 3: it there. 628 00:35:54,520 --> 00:35:56,920 Speaker 4: That's the best reason. That's a good one. 629 00:35:57,080 --> 00:36:01,000 Speaker 2: Yeah, if you give them cash and they're a reasonable 630 00:36:01,239 --> 00:36:04,640 Speaker 2: sensible type of folk, they I should probably pay the 631 00:36:04,640 --> 00:36:06,960 Speaker 2: phone bill with this money, but you can with the 632 00:36:07,000 --> 00:36:07,359 Speaker 2: gift card. 633 00:36:07,400 --> 00:36:11,279 Speaker 4: You gotta get something fun that's cool. Unless you get 634 00:36:11,280 --> 00:36:13,799 Speaker 4: a gift card to the phone company. That wouldn't be 635 00:36:13,800 --> 00:36:14,200 Speaker 4: so fun. 636 00:36:16,800 --> 00:36:19,719 Speaker 2: Now, there are restrictions you mentioned, and it's important to 637 00:36:19,800 --> 00:36:24,320 Speaker 2: understand them in order to not lose out on the 638 00:36:24,400 --> 00:36:25,439 Speaker 2: value of your gift card. 639 00:36:26,440 --> 00:36:28,759 Speaker 3: Yeah, so, I think you know. One of the challenges 640 00:36:28,800 --> 00:36:32,640 Speaker 3: with gift cards is you can misplace it, right, and 641 00:36:32,680 --> 00:36:34,359 Speaker 3: if you don't have that card, it's going to be 642 00:36:34,520 --> 00:36:38,640 Speaker 3: hard to retain the value they can expire, right, And 643 00:36:38,680 --> 00:36:41,040 Speaker 3: so if you don't spend it in an allotted period, 644 00:36:41,760 --> 00:36:44,759 Speaker 3: you also may lose out on that value. So that's 645 00:36:44,800 --> 00:36:47,240 Speaker 3: a big challenge. One of the things I always encourage 646 00:36:47,280 --> 00:36:50,400 Speaker 3: people when they receive gift cards or give gift cards 647 00:36:50,960 --> 00:36:55,000 Speaker 3: is to nudge spending immediately, right, So as we look 648 00:36:55,000 --> 00:36:58,560 Speaker 3: towards this holiday season, it might be something like for 649 00:36:58,680 --> 00:37:01,080 Speaker 3: Christmas Eve or for Chris. Unless you give someone a 650 00:37:01,120 --> 00:37:03,440 Speaker 3: gift card and you say, hey, how about we go 651 00:37:03,520 --> 00:37:07,880 Speaker 3: out shopping tomorrow. Let's follow that up and think about 652 00:37:07,880 --> 00:37:11,040 Speaker 3: how we spend that, or even nudging them at that point, 653 00:37:11,160 --> 00:37:13,080 Speaker 3: how are you going to spend that? And get someone 654 00:37:13,200 --> 00:37:17,040 Speaker 3: thinking about spending it. That elaboration and that thought that 655 00:37:17,080 --> 00:37:19,759 Speaker 3: should also help manage them towards not forgetting about it 656 00:37:19,800 --> 00:37:21,719 Speaker 3: and spending it before it becomes worthless. 657 00:37:21,760 --> 00:37:24,080 Speaker 2: You know what, Jared, that is a great idea because 658 00:37:24,880 --> 00:37:28,560 Speaker 2: it's a more impactful treat if you have to if 659 00:37:28,560 --> 00:37:32,279 Speaker 2: you enjoy it right after. Because the immediacy of that 660 00:37:32,400 --> 00:37:35,279 Speaker 2: is great, and that's part of the chime of gift 661 00:37:35,360 --> 00:37:39,759 Speaker 2: is it's immediate. But what if in generally people wait 662 00:37:39,800 --> 00:37:43,240 Speaker 2: with a gift card and lose the immediacy. But encouraging 663 00:37:43,280 --> 00:37:46,719 Speaker 2: them to go, hey, let's go right now and go 664 00:37:46,760 --> 00:37:50,880 Speaker 2: to that restaurant and blow this two hundred bucks on 665 00:37:51,160 --> 00:37:55,800 Speaker 2: a fantastic meal right now or tomorrow, that's a great idea, Jared. 666 00:37:55,880 --> 00:37:58,759 Speaker 2: I want to Jared Watson, I should say, a professor 667 00:37:59,120 --> 00:38:03,520 Speaker 2: at NYU Marketing in the marketing department. I really appreciate 668 00:38:03,560 --> 00:38:07,319 Speaker 2: your time. It was an excellent session and I got 669 00:38:07,360 --> 00:38:11,680 Speaker 2: some real good takeaways from it. Thanks you, take care 670 00:38:12,040 --> 00:38:13,960 Speaker 2: and have a happy holiday to you. 671 00:38:14,000 --> 00:38:16,279 Speaker 3: Okay, God bless Okay. 672 00:38:18,120 --> 00:38:21,359 Speaker 2: Joel, Connecticut, Well, you know what, Joel, why don't you 673 00:38:22,760 --> 00:38:26,239 Speaker 2: either see what you think about our next guest and 674 00:38:26,600 --> 00:38:30,320 Speaker 2: call back on that one or join me at the 675 00:38:30,320 --> 00:38:32,719 Speaker 2: eleven o'clock hour when it's open lines if you're going 676 00:38:32,760 --> 00:38:33,439 Speaker 2: to be up or anything. 677 00:38:33,440 --> 00:38:35,879 Speaker 4: All right, Joel, Joel called in. There's really not. 678 00:38:37,320 --> 00:38:40,880 Speaker 2: Time to do Joel Justice, so I'm encouraging him to 679 00:38:40,920 --> 00:38:42,840 Speaker 2: call back later tonight. 680 00:38:42,920 --> 00:38:45,840 Speaker 4: Perhaps I'm really looking forward to this next guest as well. 681 00:38:47,600 --> 00:38:55,880 Speaker 2: Jesseafaria is a YouTube star that deals with words. Words 682 00:38:56,000 --> 00:39:01,680 Speaker 2: Unraveled is the YouTube show she does with a man 683 00:39:01,760 --> 00:39:05,040 Speaker 2: named Rob Words, and I'm fascinated by it. I subscribe, 684 00:39:05,320 --> 00:39:08,719 Speaker 2: and then it occurred to me, Wow, I bet you 685 00:39:09,239 --> 00:39:12,279 Speaker 2: some folks that love words and would love to dig 686 00:39:12,320 --> 00:39:15,840 Speaker 2: into the meanings of various idioms or these cool sayings 687 00:39:16,040 --> 00:39:19,680 Speaker 2: and also find out the origin of certain sports words, 688 00:39:19,760 --> 00:39:25,840 Speaker 2: like do you know the where the words sports came from? 689 00:39:26,280 --> 00:39:30,640 Speaker 4: Probably not, but if you hang with me very soon, 690 00:39:30,800 --> 00:39:31,280 Speaker 4: you will. 691 00:39:32,480 --> 00:39:34,480 Speaker 2: So I'm looking forward to sharing the next couple of 692 00:39:34,480 --> 00:39:38,960 Speaker 2: hours with you here on night Side on WBZ News 693 00:39:39,120 --> 00:39:40,200 Speaker 2: Radio ten thirty