Picture by Irina Kryvasheina
Retailers make the most profits during the holiday season — November and December through New Year’s — from a significant increase in consumer spending.
This peak period can account for up to 30 percent of annual sales in some industries and is characterized by high sales volume driven by gift-giving and other holiday-related purchases.
The high volume of sales during this time can be more profitable because it doesn’t require a substantial increase in a retailer’s fixed costs.
So, taking the time to strategize is crucial in order to meet high demand and the expectations of increasingly savvy consumers.
Here’s how to get ready:
1. Analyze your previous year’s sales
You must analyze your processes, predictions and your employees. Key questions to answer: Did your seasonal employees fit in your culture? What were your pain points?
2. Prepare to make your consumers happy
Because this is such a crucial time for your business, make certain that every customer has a great experience. Streamline your site’s Frequently Asked Questions, hire and train the right seasonal employees, and daily clean your floors and windows.
3. Estimate your abilities
Knowing your capacity is vital: Your employees, systems, and suppliers. Prepare to deliver a fun, quality experience for your shoppers.
4. Perform stress tests
Insure reliabilty for happy customers. Stress-test your systems in support, payments and fulfillment. Fix any issues before your customers have to cope with them and shop elsewhere.
5. Assess Inventory Flow
Holiday shopping is an emotional time for everyone. Very few things irritate gift-giving shoppers than when a retailer is out-of-stock. You’ll lose potential business if your stock is low and you don’t satisfy customers. Diversify suppliers and have backup options to minimize surprises, such as inflation and tariffs.
6. Prepare with multiple delivery partners
For maximum customer trust and to protect your revenue, stabilize costs with on-time orders. Your crucial negotiations include: Rates, surcharges, cut-off times, and service level agreement credits. Set overflow rules and volume tiers. Connect different software applications or systems using their Application Programming Interfaces (APIs). APIs act as intermediaries, allowing these applications to communicate, exchange data, and trigger actions in a structured and standardized manner.
7. Prioritize preparedness for cybersecurity
Evaluate and strengthen your technology for cybersecurity. Remember when you’re busy, Q4 is the ideal time for cybercriminals to haunt your business and anger your customers.
Marketing Strategies to Maximize Your Holiday Sales
8. Create content for your ad platforms
Don’t let competitors swamp you. Shoppers are prepared to buy usually after they see and hear your marketing content a minimum of five times. Create your TV, radio, online and social-media messaging as soon as possible. Test messaging early. You’ll be better able to make changes with a focus on improvements instead of panicking at the last minute.
9. Check and recheck your digital customer-engagement channels
It’s vital to review and update your web site, especially your mobile site, your checkout flows, and customer support channels. You’ll need both speed and accuracy for a seamless customer experience to drive strong conversions.
10. Seek and publize customer reviews
Five stars about your business quickly build consumer trust to make buying decisions. Don’t put reviews on your site. Encourage customers to write positive Google reviews and other sites.
14 Tips to Profit from Online Customer Reviews
11. Make it easy for your online audience
Research where your target audience is online. Well-directed, specific messages with offers they like will spike your sales. Harness the power of artificial intelligence.
12. Dominate your competitors online
Develop and implement a strong online presence with your social media and digital advertising. Plan and utilize a strategic holiday-content calendar. High quality pictures and videos are important for promotion and selling of your products.
13. Anticipate your average customer journey
Avoid irritations. Keep the engagements with your customers. Don’t lose them to competitors. Create a seamless customer experience. From inside your store to mobile and desktop computers, envision your targets’ journeys.
Responding and Capitalizing on Negative Online Reviews
14. Plan your schedule and staffing
Preparation here is key. Set in stone your staffing, but have backup plans. Make certain employees are trained and as rested as much as possible for good employee morale during the anticipated crunch times. Offer workshops on managing stress and do your best to offer flexible shifts. Happy employees delight holiday shoppers to make buying decisions.
15. Plan Time Off For Employees
Show your employees how much you value them. Treat them as though they’re just as important as your best customers. Ask for their scheduling preferences and do your best to honor them. If they’re resilient, they’ll best be able to serve your customers during the holiday shopping season.
16. Put it all together
Finalize all details. Review everything dealing with employee training and scheduling, all marketing components, fulfillment, and customer service to maximize your sales opportunities.
Good luck!
From the Coach’s Corner, here are related sources of information:
The 4 Basics of Holiday Planning for Your Business — Tips for holiday greeting cards, a holiday party, gift-giving to clients, and an office gift exchange.
Restaurants Need to Double-Down on Customer Loyalty in Q4 — Restaurants need to strategize intensely on customer loyalty if they want to avert a massive decline in revenue in Q4. Why? Revenue for restaurants have been plummeting after Thanksgiving – as much as 45 percent.
Your Best Source for Business Advice: Your Customers — The new economy – with a highly competitive marketplace – is making it becoming harder and harder for businesses to sustain growth. So customer engagement and word-of-mouth advertising have taken on an increasing importance.
Profit Margins: 11 Tips to Increase Sales and Minimize Markdowns — Imagine being able to sell your products at full or nearly full margins. How would you like a dream situation – not having to mark down your products? Well, here’s how …
Key Strategies for Best Holiday Sales on Amazon — For top holiday sales on Amazon, here’s how to maximize sales while positioning your business for success in the future.
“People don’t buy for logical reasons. They buy for emotional reasons.”
-Zig Ziglar
__________
Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.
