I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
Two Truths and a Lie
Since folks enjoyed my rumination on pumpkin spice and what it can teach us, it seems appropriate to dive a little into the history of the term Black Friday and what lessons it might hold for us, too.
I’ll admit, I was today years old when I learned the meaning I’d always heard and assumed was true is actually a very good example of framing (or reframing).
If, like me, you’re thinking Black Friday has something to do with retailers going from being ‘in the red’ (operating at a loss) until the unprecedented sales the day after Thanksgiving drive them ‘into the black’ (clearing a profit), prepare to have that myth dispelled.
There are actually two real origin stories for the term that are significantly, well, blacker.
The first dates back to a financial crisis (what else?) in September of 1869 involving a conspiracy to corner the market in gold. The scheme is a bit complicated, but the upshot is the stock market crashes. The date this happens is henceforth known as Black Friday.
The conspirators sought to influence the US Treasury and its control over gold reserves by exploiting a relationship with then President, Ulysses S. Grant.
For his part, Grant thinks he's helping the economic recovery, still struggling in the aftermath of the Civil War. Once he understand's the nefarious plan of his so-called advisors, he quickly changes course, which only contributes to the collapse.
Despite all this, surprise-surprise, the perpetrators escape without punishment.
Nearly a century later, Black Friday arises again, this time with much closer ties to today's meaning.
In the late 1950s, Philadelphia would experience a huge influx of suburbanites and tourists the day after Thanksgiving in advance of Saturday’s big Army-Navy football game.
Traffic cops called the day their ‘Black Friday’ because of the pandemonium that ensued.
This negative connotation stuck for many years until...flash forward to the 80s and some enterprising marketer, no doubt, invents a way more palatable Black Friday origin story that is eagerly embraced by retailers, consumers, and the media.
So, what does this checkered history have to teach us?
- All advice is not created equal
Grant learned this lesson the hard way. Do your due diligence before following someone else’s system, guidance, or example. There are a lot of con artists, schemers, and impostors out there happy to take your money for the promise of a fool-proof plan, strategy, etc.
Don't let sale prices blind you or your customers to good decision-making. And as you evaluate opportunities and craft your own deals, make sure you're reviewing and including the receipts that back-up any claims.
- If you can’t beat ‘em, you may want to join ‘em
Some things have a momentum all their own. Rather than fight against trends in the marketplace or consumer behavior, like Black Friday and deal-seeking, even if they don’t make sense to you, find a way to use their popularity to get you where you want to go. Unless being contrarian is your whole thing, then absolutely go against the grain.
One retailer I patronize proudly rejects Black Friday, claiming to offer the best prices all year long. It's a great way to reconfirm their positioning. Meanwhile, they lower their free shipping threshold over the holiday weekend. Together, it's a clever and effective tactic to have it both ways.
- Words and stories matters
Don't discount the impact of a good and/or savvy marketing campaign and/or origin story to change hearts and minds and motivate sales. Facts are not as persuasive as stories; they’re also not as memorable. While embellishment is usually tolerated, I hope it goes without saying that lying isn't.
As you're preparing your business for the holidays, end of year, and/or new year's offers, take time to evaluate how your stories are forging the reality you want your audiences to believe when it comes to your business value and their relationship with you. Reach out to me, if you need help with this.
I truly wish you a profitable and peaceful holiday weekend. And if you're doing any shopping yourself, please support other small businesses on Small Business Saturday (11/25).
Next week I'll be feasting with family, so I won't be in your inbox.
Until next time, enjoy the kick-off to the holiday season and stay safe out there and online!
PS – Last week, If you missed it, I wondered whether You've Been Served.
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I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
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