It’s a topic with fingers across all forms of social media, the time has come once again for the over-consuming individual to open their wallets and spend their hard-earned cash on stuff they don’t need. While brands slash their already low prices at 40-75% off hoping to stretch their revenue streams if even by just a little as the year comes to a close.
But some retailers refuse to participate in the American 1980’s era legacy of mad rushers, cart hoggers, toy stealers and floor decorators as they ransack stores trying to find their loved ones the gifts that they’ve dreamt of since they laid their eyes on it. But for some brands, it’s a must.
The day after Friday is Small Business Saturday. A day dedicated to the small business trying to grow their exposure and potentially gain new customers who might not have converted had it not been for a lucrative offer that gave them the convincing means to try the product at a more “reasonable” price. Reasonable being the key word, is always in the eye of the beholder.
So does that mean that the hype of a Black Friday sale is an opportunity?
For new, small brands like Gaia Amore, it’s not about pushing vast amounts of products but creating a community of patrons who value slow fashion and hand-crafted products made by artisans they get to know. By giving followers who’ve loved our products in our social media posts but commented that the price was not in their budget, the opportunity to own a unique product that they’ll love and treasure, we hope that we gain a loyal follower who understands our mission and stays with us for years to come. As we grow, we look forward to seeing our patrons grow with us and their personal investment in us grow as well. Enough so that they’re continue supporting a brand, whose value is derived from that which our patrons assign to our products from the mission’s purpose and outcome itself.
Sustainability doesn’t necessarily mean charging an arm and a leg for a product 360 days per year without any leeway. Yes, we treasure our products but for us it’s not about the bottom line, it’s about creating a movement. So, if we make slightly less in profit on a per product basis once per year but we reach a customer whose appreciation for our efforts begins to reflect in their daily shopping habits and consideration of their own wardrobe, ultimately for us that’s a win-win. Repeat customers make-up approximately 41% of revenue for any brand, and during the lifetime of the relationship this results in greater long-term gains and an opportunity to build a community of loyal patrons.
There are brands with unique positions on this topic, but we believe that we need to redefine what Black Friday means. Some customers get to try a new brand for the first time, for others they get to invest in that brand that they love and have watched for months but couldn’t afford until the day the sale finally arrives. For brands, it’s about a greater reach. There is no need to produce extra products than what’s already on the shelf, but it gives designers, artisans, and suppliers a chance to invent something new. Once the current collection is sold, the new collection needs to be established. For small businesses and artisans alike, we depend on this time.
In the future, our position might change. We can only hope that we have our community whose enthusiasm for Gaia Amore bridges all holidays and their investment in us remains unfaltering as they see the outcome of the impact their purchase makes on the people behind the products. Until then, we encourage our patrons to ask questions, empower themselves with knowledge and support brands who value them, their suppliers, their artisans, and who strive for greater transparency and impact both socially and environmentally. And if they’d like to try our products for the first time, we don’t mind offering a discount so that they feel valued, while we still give our portion of the full price back to our artisans, staying true to our Gaia Amore promise.