The holidays are the ideal time to be in retail, when ad impressions increase by 50 percent and store traffic surges to 150 percent. For retailers, holiday earnings have the chance to make or break your cumulative annual sales. In addition to the increase in profits, you have the opportunity to capture countless new customers, which will strengthen your business for years to come. Unfortunately, many retailers fail to maximize on the holiday rush, resulting in a not so merry Christmas. By implementing a few time-tested strategies, you can ensure your business is ready to accommodate the surge in shoppers and create a lasting customer base that will carry you well into the new year.
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Increase your marketing budget. With ad impressions increasing by 50 percent and CTRs rising 100 percent, the holiday season creates a significant surge in market opportunity. Businesses need to be willing to ramp up their marketing strategy to rake in as many sales as possible. By increasing your marketing budget, you can reach a wider network of consumers and enjoy a generous increase in holiday earnings.
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Make your marketing strategy festive. For small businesses, finding the funds to increase a marketing budget can be difficult. A seasonally festive marketing strategy can garner more ad impressions and create considerably more leads than a standard marketing campaign. Use your current marketing budget to create a Christmas campaign that emphasizes your holiday gifts, decorations, and sales.
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Hire seasonal labor. Many retailers find it burdensome to cater to the influx of customers. Your store will soon be crawling with mitten-wearing, cocoa sipping Christmas shoppers, and you need to have enough labor to efficiently tend to the masses. Christmas is a stressful time of year for shoppers, and with an endless list of needed gifts and supplies to obtain, they aren’t willing to wait in line for eternity. If you aren’t prepared with ample employees to cater to the increased demand, your holiday herds will soon clear away in search of more equipped and accommodating retailers.
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Stock accordingly. Failing to stock accordingly is one of the most common financial inhibitors among retailers. By stocking too much, you risk losing money in unsold goods, while stocking too little results in disgruntled customers and countless missed sales. Use the sales data from previous years to establish a rough estimate of needed inventory. Bulk holiday decorations and gifts will allow your store to save money, while offering more competitive pricing to consumers. With individual cases and customizable quantities, you can order exactly what you need and eliminate the surplus.
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Offer sales and discounts. Black Friday is the biggest retail day of the year. To maximize your earning potential, you need to offer a range of Black Friday discounts and promotions. For small businesses, many consumers may be unaware of your Black Friday savings, so it’s imperative to begin marketing in advance to attract as many shoppers as possible.
As the year is winding down, retailers are gearing up for the most profitable time of the year. However, some storeowners find themselves disappointed when their holiday sales are slower than anticipated. Many business owners fail to plan their labor, inventory and marketing strategy accordingly, resulting in a depressing end to the fiscal year. By starting your marketing campaign early, stocking the hottest products, and offering discounts and sales to the public, you can amplify your holiday earnings and turn your white Christmas into a vibrant green.