Black Friday is just around the corner, with some well-known retailers having already launched their annual “Black Friday Deals” on their websites and in their stores, while others are waiting for the day to officially announce their offers. Some stores will change their prices on the day in response to customer demands and competitors’ offers…others, have already started looking at the competitive landscape and fine-tuning their offers accordingly.
In the meantime, customers are keeping an eye…looking from where they can save the most money.
The Black Friday Shopping Analogy
In the world of business, Agile transformations share surprising similarities with the behaviour of retailers during the Black Friday shopping frenzy.
Adapting to Changing Environments
Black Friday – Retailers frequently adjust their deals both throughout the month of November, and during the actual day to entice shoppers into buying more products and exploring cross-selling opportunities.
Agile transformations – The business landscape is extremely dynamic, forcing organisations to proactively (or reactively) respond to these changes. The Agile mindset enables organisations to adapt rapidly to these changes.
Quick Decision Making
Black Friday – As retailers observe customer and competitor behaviours, they swiftly make decisions to attract more customers. This may include offering better discounts than originally planned.
Agile transformations – Organisations, like retailers on Black Friday, sometimes need to make quick decisions to respond to customer demands, market conditions, and internal constraints. They may also need to make quick decisions in pursuit of a competitive advantage.
Scarcity and Competition
Black Friday – During the Black Friday period, shoppers feel a sense of urgency to take advantage of discounted prices and purchase multiple products. Some shoppers wake up early and choose to queue in front of stores hours before their opening times just to ensure they can secure their desired product/s. This behaviour prompts retailers to seek ways to deal with the surge in demand while maintaining their competitive edge.
Agile transformations – Similar to retailers effectively managing their resources to cope with increased demand, organisations must continuously manage their resources effectively to cater for changes in market conditions. This allows them to remain competitive in their industry.
Customer-Centric Approach
Black Friday – Whether shoppers want to grab the best discount, or they are simply after experiencing the shopping spree and be part of the crowd, their behaviour will be towards fulfilling these needs. For retailers, the challenge is to find ways to meet them.
Agile transformations – Agile emphasises a customer-centric approach, with organisations seeking to re-organise themselves as, and when needed to deliver value that aligns with their customer expectations and needs.
Continuous Learning
Black Friday – Businesses leverage their past Black Friday experiences to offer better services, including improved discounts and an enhanced overall customer experience.
Agile transformations – The continuous learning mindset is a key pillar of Agile transformations where feedback loops and retrospectives happen after every sprint/iterations.
These similarities illustrates how the urgency and adaptability behaviour demonstrated by retailers during Black Friday align nicely with Agile transformations. In both scenarios, the ability to make quick decisions, adapt to the changing environment, maintain a customer-centric focus, and continuously learn from past successes and failures is essential for success.
The Consequences of Not Adapting
The consequences for businesses that fail to adapt, both in the context of Black Friday shopping and Agile transformations, can be severe. One of the most apparent outcomes is missed opportunities – in the case of Black Friday, retailers that cannot adapt quickly to competitors’ behaviour will miss out on potential sales. Similarly, organisations that can’t adapt to market changes will struggle to survive as more agile driven competitors will gain a larger market share in a very short period of time.
Another significant consequence in both scenarios is customer dissatisfaction and attrition, which, in this highly competitive environment, regaining lost customers becomes a huge challenge. Furthermore, organisations can also lose their competitive advantage in instances where they once were the market leaders in a particular product or service offering.
Lastly, failure to adapt can lead businesses to focus on the wrong priorities, resulting in inefficient resource allocation. This means wasted time, money, and effort as resources are misaligned with the evolving priorities and customer demands.
For retailers, Black Friday is a high-stakes battlefield where every decision, every deal, and every resource allocation matters. From a retailer’s perspective, the lessons are clear: quick adaptation and a focus on meeting customers’ needs and preferences are the keys to success.
While the battleground for organisations undergoing Agile transformations may be different, the principles remain similar. Contrary to the common belief, Agile transformations are not about implementing a set of methodologies, but rather becoming more adaptable, customer-focused, and efficient in a rapidly changing business environment. Planning in the form of clear transformation goals, agility in responding to changing market conditions, and a commitment to delivering value to customers are key pillars of a successful transformation.
In both scenarios, the consequences of not adapting are shared. Retailers who do not embrace change during Black Friday may miss out on sales and lose customer loyalty. Likewise, organisations that resist the principles of agility and adaptability in Agile transformations risk falling behind, miss opportunities, and potentially lose their competitive edge in the market.
So, whether you’re a retailer preparing yourself for the next Black Friday or an organisation going through an Agile transformation, the message is clear: Agility, Adaptability and Customer-Centricity are your pathways to success.
I’m Jonathan Spiteri, and I bring a wealth of experience in innovation, strategy, agile methodologies, and project portfolio management. Throughout my career, I’ve had the privilege of working with diverse teams and organisations, helping them navigate the ever-evolving landscape of business and technology. I’ve also earned multiple prestigious certifications, such as Axelos Portfolio Director, SAFe® 6 Practice Consultant, Organisation Transformation, Project Management Professional (PMP), TOGAF 9.2, and Six Sigma Black Belt. These qualifications reflect my dedication to achieving excellence and my proficiency across various domains.