Beyond Black Friday: The Power of Iconic Moves in Business

SEATTLE, WA - OCTOBER 27: Specialty Outdoor Retailer REI announces Black Friday closure at 143 stores nationwide with unveiling at Seattle flagship store as part of #OptOutside initiative on October 27, 2015 in Seattle, Washington. (Photo by Suzi Pratt/Getty Images for REI)

Posted by: Forbes (Dev Patnaik) / November 19th, 2023

The chaos of Black Friday, characterized by bustling crowds, long lines, and occasional brawls, is an annual tradition for deal-hunters. However, one notable retailer, REI, has been making a bold and counterintuitive move since 2015 – closing all its stores on Black Friday. In this blog post, we explore the concept of "Iconic Moves" using REI's #OptOutside campaign as a prime example, shedding light on how such moves can define a company's purpose, capture public attention, and set the stage for long-term success.

Iconic Moves are powerful actions taken by companies to underscore their purpose in a way that resonates with the public. More than just a marketing strategy, these moves involve a concrete step that aligns with the company's identity and values, leaving no room for doubt about their commitment. In the case of REI, the decision to close its stores on Black Friday is a manifestation of its purpose – to inspire outdoor adventure and stewardship.

While Iconic Moves may result in short-term financial sacrifices, they pave the way for enduring customer and employee loyalty. REI's #OptOutside day, despite costing the company the revenue from one of the biggest shopping days, aligns with its purpose and secures 365 days of loyalty from those who appreciate the authentic expression of the brand's identity.

Iconic Moves are not commonplace; they are rare, strategic decisions that define a company for years to come. Drawing parallels with Volvo's groundbreaking move in giving away the patent for the three-point seat harness, these actions crystallize a company's identity and values. To embark on an Iconic Move, a company must first ensure it has a genuine and unique purpose, distinct from generic statements or trendy causes.

Iconic Moves can backfire if they are not aligned with a company's core values. The blog discusses Bud Light's misstep in attempting to align with the transgender cause without considering the values of its customer base. Authenticity and alignment with core values are crucial for the success of an Iconic Move.

The post delves into two other notable examples of Iconic Moves – CVS's decision to stop selling tobacco and Disney's ban on junk food ads. These moves not only aligned with their respective purposes but also demonstrated a willingness to sacrifice short-term gains for long-term success.

As companies navigate an era where consumers and employees seek alignment with their values, the concept of Iconic Moves gains significance. Beyond the frenzy of holiday shopping, businesses can leverage purpose-driven actions to ensure enduring customer loyalty. Iconic Moves, exemplified by the likes of REI, Volvo, CVS, and Disney, not only contribute to making the world a better place but also serve as powerful strategic levers for sustained financial success.