Data from Statista shows that retail sales in the U.S. have been increasing every year during the holiday season since the end of the Great Recession in 2008. Moreover, the holiday shopping frenzy can account for up to 30% of a business’s annual sales, according to the National Retail Federation. However, despite the high volume of sales associated with this period, only well-prepared businesses manage to maximize their profits.
Here are seven tips to help you prepare your business for the holiday season.
- Revisit Your Marketing Strategy
Competition for customers can be particularly fierce during the holiday season. Therefore, in anticipation of the holiday shopping frenzy and the resulting competition, make sure to review and revamp your marketing strategy. For instance, instead of the usual social media ads, consider sending Christmas cards to your loyal customers accompanied by a sample of your product offering. This is a good way to show customer appreciation, drive sales, and get referrals.
- Launch Marketing Campaigns for the Holidays
Launch your marketing campaigns early enough. These can be of any type, from email campaigns to promotional advertising such as roadshows. Coupons, discounts, gifts, and free samples also play a key role in successful marketing campaigns.
- Upgrade Your Website
The pandemic has accelerated the adoption of e-commerce trends. Since the COVID-19 delta variant is still a threat even after mass vaccinations, expert projections indicate that more Americans are likely to continue shopping online. So, prepare your business for online shopping by revamping your website and broadening your digital presence. Make sure to provide important information on the website, including pricing, methods of payment, and delivery options.
- Decorate Your Store
Themed decorations and art play a significant role in seasonal marketing. They enable customers to connect with brands through a common holiday ambiance. For instance, by playing Christmas carols in your store during the Christmas holidays, you’re more likely to attract the attention of passersby, inviting them to buy from your store. Your website and social media platforms should also display themed art such as Christmas colors and voice notes to connect well with your online audience.
- Stock Up
This holiday season, consumers intend to spend an average of $998 on items such as food, gifts, clothes, decorations, and other holiday-related items. Better still, a survey at the National Retail Federation shows that about 49% of them plan to start shopping way earlier than December. This indicates that demand for holiday-related goods will still be high this year. Keeping this in mind, ensure you stock up to meet the high demand and maximize your profits.
- Improve Cyber Resilience
Cyber incidents tend to spike during the holiday season due to increased activity, distractions, and online shopping. To prevent issues of cyberattacks and data breaches, businesses should enhance their cybersecurity ahead of the holiday season by:
- Training staff on cybersecurity
- Upgrading network systems
- Implementing multi-factor authentication
- Prepare Your Staff
Employees play a key role when it comes to increasing sales during the holidays. As such, ensure they are conversant with the new marketing strategies in place and ready to offer top-notch customer service. You can train your staff before the holidays, as this will give them enough time to internalize and practice new strategies.
Use these tips to prepare your business for the celebrations ahead. Another way to prepare for contingencies during the holidays is by purchasing the right commercial insurance policies. Contact us at Knight Insurance Services to learn how we can help you get customized coverage for your unique business needs.