December is the holiday season, because of the festivity of Christmas and New Year. Global business firms invest substantial time and resources in preparing for the holiday season. Halloween gives way to Thanksgiving, and now it's time to celebrate Christmas and the New Year. However, what about your business endeavors?
Restoring a business following the holidays is a difficult task because of the numerous obstacles. Businesses must invest a significant amount of money to increase their sales during the Christmas season.
Prior to the holiday season, businesses deplete their resources because they focus on increasing sales. Later, businesses enter a sluggish time because the festivities have come to an end. Marketing plans should prioritize managing slow periods and maximizing earnings during periods of increased traffic.
Find out how to recover your business after the holidays!
Check Inventory
Inventory gets the holiday treatment first since it becomes a focal point in your approach. Adjust your inventory and purchasing activities after the holidays. If you have too much holiday inventory, take advantage of the days and weeks that follow. Many people visit your store after the holidays to hunt for offers. Inventory is not solely concerned with the stock on hand. It's about timing purchases and making decisions in accordance with seasonal trends.
Power of Marketing Automation
Marketing automation can be used to track a customer's journey across time. This is advantageous because it will ensure that your post-holiday sales continue to flow. You may keep in touch with customers by developing action-triggered ‘personalised' journeys. An automated system could send a follow-up email when a customer receives a tailored email with product recommendations based on previous purchases. This technique fits the customer's psychology/needs/wants and gives them a personalized feel, increasing sales chances.
Reconsidering Pricing Strategy
Competitive pricing is critical during the holidays because it attracts sales and promotions. The objective is to attract clients and encourage them to register. With a slowdown, the same efforts may not be as cost-effective in the new year. It may imply returning to pre-holiday prices to maintain margins and offset post-holiday weakness. In other cases, leveraging sales prices or combining products may be necessary to shift surplus inventory. To determine which is ideal for you, go back at your Q1 sales in 2021, including any revenue or inventory requirements.
Analyzing Holiday Data
After the Christmas bustle, spend extra time reviewing holiday metrics. There are several reasons why you might want to perform this test. The main goal is to assess success and gather key learning for Holiday 2019. You should look at data like best-selling products, promotions, and channel performance. Accountants are able to customized the financial reporting for each campaign because of their proficiency. There are also various tools to aid. Keep track of any business expenses incurred throughout the Christmas season.
Releasing a New Product
Introducing a new product will help you recover from the Christmas slump because clients are in a "fresh" frame of mind. A new year means a new you, a fresh set of resolutions, and a new outlook on life. Why don't you give it a shot with a fresh product release? Consumers demand new because they are willing to switch to new products. Sell a new product using the new-saturated attitude. Launching a new product or app just after the holidays takes a lot of planning and preparation. You can do it if you prepare ahead of time.
Practice Remarketing Because of Effectiveness
The holiday season is the busiest time of year for online shopping. You should be remarketing to your website's visitors because it possesses enormous strength. Just like the holidays, remarketing can work in the new year. If you don't want your website to wallow in holiday oblivion, retargeting will attract visitors and encourage sales. Retargeted visitors are 70% more likely to convert on your site.
Multi-Channel Approach
Rather than relying on limited number of channels, reaching out to your target personas via various channels is a prudent strategy for combating a sales slump. You can use a variety of platforms, including PPC, social media, email, social advertisements, and influencer marketing. A multichannel approach allows you to stay in touch with your target audience and encourage them to visit your e-commerce site on a regular basis.
Initiate Assigning
Restoring your firm to normalcy following the holiday season can be a daunting undertaking. This is because w e observe a vast pile of jobs to handle. However, have you ever considered the significance of these tasks to you? You can clear your plate and focus on what matters most. You can begin allocating assignments to a group of individuals. This will result in a well-organized task list. If you haven't already established a delegation team, now is the time to do so. Delegating tasks will help you overcome feelings of overload as you realise you don't have to accomplish everything alone. You basically recapture your time.
Setting New Year Goals
You can establish new year goals for your employees to encourage them to increase their productivity. Employees are motivated to perform at their best by the benefits and incentives that come with completing a goal. Ensure that all deadlines are met before the holiday. When it comes to last-minute deadlines, employees are incredibly shortsighted. Long-term objectives are an excellent motivator for employees since they provide a more defined image. It helps them concentrate on the project's finer points.
Final Thoughts on Recovering Your Business Post Holidays
Please note that money does not wait for you to awaken and begin working. This year, instead of succumbing to the seasonal slowdown, you can take things to a new level. It's possible to start the year on a high note rather than a low one. Consider the impact on the remaining portion of the year!
Sales should not be affected by the month of January. These strategies can assist you in navigating the immediate post-holiday sales decline. The best course of action is to remain visible following the conclusion of the holiday season. To combat the post-holiday sales slump, focus on both new and existing customers.
