Typically, stores see an increase in foot traffic between Christmas and New Year’s. Although retail is booming, other industries are beginning to show signs of slowing down. To be successful, however, businesses need to have a strong finish to the year and a strong start to the new year.
To succeed in today’s economically challenging market, you need to understand what drives sales and keeps customers coming back.
Late in the holiday season, many companies suffer a decline in revenue. Since there are now more individuals and occasions for whom to shop, it is inevitable that consumers will experience a monetary strain. The slower weeks between December and January can be problematic for businesses, but they can be mitigated with careful planning.
It’s crucial to consider the impact that a major sale like Boxing Day will have on your brand’s reputation before making any decisions about whether or not to participate. Owlet Baby Care manufactures high-quality items for infants and toddlers at reasonable prices. Thus, big discounts at any time of the year would have a negative effect on our brand image and equity.
Instead, we’ve opted to team up with complementary businesses that our consumers and we both love. Through the holiday season and into the new year, we provide more freebies and gifts with purchase in an effort to boost holiday and new year’s sales. More than a 10% discount, a lovely Christmas tree-inspired design for our Smart Sock is likely to attract attention, especially from our social media followers.
Having said that, the infant care industry is less seasonal than others due to the year-round need for baby items from both new and expectant parents. If you think you can increase your profits by having a sale in December or January, make sure you can still provide the same high-quality service you would if you weren’t having a sale. If your company is late, has equipment issues, or has inexperienced or tired employees, your customers will quickly forget the savings they received.
Keep in mind the plight of your customer at this time of year, when they are likely to be subjected to a barrage of messages due to year-end promotions. Don’t get too caught up in the excitement of the busy season, and instead focus on putting in place marketing measures that will make your sale stand out. You can make an effect in many ways, but remember that your primary goal should be to satisfy your customers’ needs. Think about the customer’s needs, make those needs obvious, and highlight the advantages they’ll get by purchasing from you.
Although deep discounts can be a powerful draw for customers, it’s crucial to avoid a pricing war in the wake of the rise of Black Friday. Due to their massive sales volumes, large merchants can turn a profit on narrower margins than their smaller counterparts.
Instead of discounting the holiday season entirely, you can use it to propel your sales all year long. If you get a lot of new customers in the business around the holidays, whether it’s because of sales or any other incentive, you have a fantastic chance to make lasting connections with them. Customers who are loyal to your brand are worth far more to you than bargain-hunters.
In order to re-engage with past buyers, it is necessary to first get their information at the time of purchase. Customers are more than willing to part with their personal information in exchange for a coupon or electronic receipt. This can be saved for use as vouchers throughout the year.
Data collection and loyalty program development are both greatly aided by digital tools. In-store or on-the-go, sales associates can use tablets running cloud-based software to swiftly add new customers, log their purchases, and decide how to reward them, such as through digital punch card programs, discounts, or even birthday gifts.
If the holidays are viewed as an integral element of a year-round strategy for acquiring new customers, the rewards can last well into the new year.
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