After all the topsy-turvy turmoil of 2020, we are finally in the last quarter of the year. For many, this quarter brings with it, one of the most anticipated shopping holidays of the year, Christmas. No doubt, many small businesses will be looking to capitalize on the season while consumers will be searching for the best value for their limited funds.
As you position your business for holiday sales, here are few tips to keep you grounded as you prepare:
1. Have realistic expectations – 2020 has been a roller coaster ride for everyone including small businesses. Many SMBs have either closed down, are operating part time or remotely. Based on this new normal, set realistic expectations. Take into consideration partial shutdowns, curfews and of course consumer spending power. Use current trends to project business performance. Promote your business in those areas that are proven and sure to yield desired responses. Emphasize maximizing your limited resources rather than spreading your marketing spend so thin that you achieve nothing.
2. Start now – If your small business is to capitalize on what Christmas 2020 will bring, starting now is the only option. There will be two types of customers this shopping period; one who will lay low and do only what’s necessary for the holidays and the other who will go all out for the bells and whistles. Do an inventory of the stock on hand and plan how to move it out now. Whether its sales or deep discounts, move out the old inventory and prepare for the Christmas stock. Identify what’s trending in your industry and place your orders now. If its an international order, work out shipping to ensure that you know exactly how long it will take to get to your port of entry. In the meantime, begin promoting your Christmas offering now!
3. Use research to inform everything – Formal or informal, primary or secondary, use research to inform every undertaking this Christmas season. Research will guide the products/service you invest in, your customer needs and demands and your marketing campaign. Informed marketing does not support a ‘scattershot’ approach. Informed marketing supports strategic marketing decisions which are designed to yield the highest return on investment.
4. Increase your delivery capacity – Many countries are still under stay-at-home orders whether limited or full, therefore increase your business’s capacity to offer delivery services. One of the positives of using a delivery service is that, it is an ‘as needed’ expense and so your small business does not have to contend with it as a recurring cost.
5. Identify
profitable partnerships
– No doubt many SMBs would have set several goals for your business coming into
2020. Some businesses might have
achieved a few of their goals but sure there are others that have not. Will a partnership help to achieve at least
some goals? Actively look for
partnerships and collaborations that will build your business and improve your
bottom line during this period. Although
times are challenging, there may be large businesses that will present marketing
or other opportunities to their smaller counterparts. Position your business to capitalize on these
opportunities. There may also be
colleague small businesses with complementing products; join forces and clinch
the #win for both businesses.
No comments:
Post a Comment