In Canada we have this phenomenon that is the shopping bonanza of Boxing Day . Across the country stores slash their prices, people actually line up at the mall and according to the folks at Visa $1.8 billion Canadian loonies are dropped by consumers. So, anyone into retails in undoubtedly into Boxing Day. It's our Black Friday.
Here in Vancouver we have stand alone stores for a lot of major brands - H&M is about the only one missing. And, walking around today it was very clear what brands were hot and what not based on the line up outside.
Most stores marked down goods around 50%. Give or take 10%. So essentially everyone had the same offer, but judging by the line ups 50% as some stores is much more valuable than 50% at others. Of all the stores three stood out for massive line up out front and around the corner (literally.) They were FCUK, Coach and Adidas Originals.
So it occurred to me, that instead of the typical static brand health measures (recall, likability, intent to purchase) which we add another one that shows how much people really care about the brand itself. I'll call it the BDLFI (the Boxing Day Line Frenzy Indicator.) The theory being, when all stores have the same promotions, which ones are people buying from because of the brand and not because of the discount. The premise being, a black sweater from Banana Republic and FCUK is generally the same, but people will go to greater lengths to score a discounted one from FCUK over Banana Republic, even though the price is about equal.
To keep it simple the indicator is based on a five point system:
- Like any other day.
- Bit of a crowd with minor hoarding.
- Full store - doors still open for customers to come and go as they please.
- Small line up - 10 or 20 people waiting
- Pandemonium - line up around the corner - has frenzied appearance of hot night club in SOHO NY.
If I was in charge of a brand I know I'd do whatever I could to ensure I had a 5 on Boxing Day. As that would mean people also love you the other 364 days too.