Increasing Your Revenue During the Holidays
Wednesday, Nov 23, 2016
The revenue generated from holiday sales alone accounts for 25-30% of a small business's annual sales. Here are some tips to make sure you are prepared to take full advantage of this opportunity:
Offer Convenience with Online Shopping
Connect with your customers by offering promotions and launching holiday inspired campaigns. The trend for online shopping has significantly increased over the years, making it the convenient choice to shop online at their convenience.
Stock Up on Product Inventory and Shipping Supplies
Review your sales from last year, increase them by about 6-7%. Use those numbers to make sure you have enough inventory to handle the holiday rush.
If you have an online store, shipping supplies are also very important to keep on hand. Make sure you have an alternative supplier, if your current supplier gets behind. You can cut on some shipping costs by ordering some of the boxes available at no cost from USPS. Be sure to communicate the shipping deadlines that guarantee delivery before Christmas.
Hire Holiday Staff
The influx of sales can be overwhelming. Hire extra staff for the holidays to handle the increased flow of business. You never want your sales to pause or drop due to the inability to produce what is being demanded.
Be a Part of Your Community Events
Participate in any local events happening in your surrounding neighborhoods: Treelighting events, Breakfast or pictures with Santa, Winter Concerts just to name a few. Connecting with the businesses that are conducting these events may land you a spot with the advertising of the events. Results will be rewarding as you will be increasing traffic flow to your business.
Strategic Sales Campaigns
There is so many money saving deals during the holidays. Study what has been offered by your competitors in the past, David M. Burrows, the vice president of Cinsay Inc., a Corporate Marketing and PR firm, emphasizes the importance of offering something exclusive: “Consumers have so many choices when shopping, make sure what you are offering potential buyers is something exclusive and that sets you apart from your competition in terms of selection, availability, or pricing." Promote discounts such as price match guarantees, holiday discount codes and coupons and early bird specials.
Always make sure you have a higher budget for your marketing costs. The revenue that will be generated will definitely be rewarding.