When it comes to holiday promotions, The Flourish Market boutique takes a different approach. Instead of offering deep discounts like other stores, they came up with a unique idea called Grey Friday. And it’s been a huge success, helping them generate six-figure revenue every year. So, what exactly is Grey Friday and how does it work? Let’s find out.
We figured out how to create more value with less
While big box stores are offering 40-60 percent off, The Flourish Market decided to offer something different. Instead of discounts, they offer 40-60 percent of the customer’s purchase back in free gifts. By buying these gifts in bulk from their artisan partners, they can offer a great deal without losing money. Customers not only get products worth more than the discount they would have received, but they also feel excited about the additional gifts they receive.
We get customers before they’ve blown their holiday budget
Unlike other stores that hold sales on Black Friday or Small Business Saturday, The Flourish Market holds its Grey Friday promotion the Friday before the major shopping weekend. This strategy allows them to capture customers before they spend all their money at big retailers. Customers appreciate the early promotion and often thank the store for providing a meaningful alternative to the major sales.
We build a lot of excitement around it, and always deliver
The Flourish Market uses classic marketing tactics to promote Grey Friday, such as teasing the promotion on social media and sending emails to their customers. They also create excitement in the store by playing holiday music and offering free drinks for shoppers. But what really drives their sales growth is the customer experience. Existing customers spend more each year, and word-of-mouth referrals bring in new customers. The store constantly strives to make the gifts even better to keep the excitement going.
We tied our promotion to our purpose
For The Flourish Market, Grey Friday is not just about making money. It’s about supporting their artisan partners and delivering a thrilling experience to their customers. By passing the money they would have lost through discounts to their partners, they help them succeed and create a positive impact. The store shares this impact with their customers so they feel even more excited about their purchases.
So, if you’re a business owner looking to create a successful holiday promotion, take a page from The Flourish Market’s book. Instead of following the crowd, think about what would excite your customers and what you have the power to deliver. By getting creative and offering something that creates more value, you can potentially generate triple or quadruple the sales of a standard discount promotion.