The holiday season is fast approaching, which means that all the holiday shoppers are going to be out in full force, and you need to make sure that your business is prepared for this crazy time. In 2019 the forecasted retail spend in Australia during the holiday season was over $52.7 billion[1]. This time of year is normally the most profitable time for businesses and the best opportunity to reach out to new customers. However, the challenge lies in finding ways to stand out and capitalise on the holiday shopping rush. We are here with our top tips to take the stress out of preparing for the months ahead and to share some great ideas on how to boost your business for a busy and profitable 2021.
1. Set Goals: Sit down with your team and determine the goals you want to achieve from now until the end of the year. Don’t only determine your goals based on sales, also add goals surrounding customer engagement and business building. Once you set goals you will have more motivation and drive to achieve them.
2. Plan: The key to running a successful business and increasing sales during the holiday season is to have a plan. Start by making a list of all the major holiday events and checking it twice, so you can determine where you should focus your time and effort. Once you have distinguished the best way your business can utilise these holidays you can begin working out a strategy. Think about the products you want to push during this time, what channels do you want to communicate on, what is popular in the market right now, and what will spark the attention of your target audience? Ask yourself these questions and use the crazy holiday period as a benefit to your business.
3.Check your budget: The holiday season is expensive and can put pressure on your working capital. If you carefully estimate your cash needs between now and the new year you will be able to predict any shortfalls and work out a strategy to achieve your goals. We recommend focusing on low-cost, high-impact strategies that will engage your customers and increase conversions.
4. Take some time to enjoy the holidays: As the year comes to an end it is always important to get the team together to celebrate your achievements. This is a great way to boost morale during a stressful and busy time. Don’t forget to also take some time for yourself. Spending time with the people you love, eating great food and embracing traditions is a great way to slow down and celebrate. It is important to cherish these moments during such a crazy time of year.
5. Reflect: As you are nearing the end of the year and getting ready for 2021, reflect on what you have achieved. Looking at your wins and losses for the year is a great way to prepare for the year ahead. Start thinking about what you can do to improve your business moving forward.
By preparing well before the holiday season arrives, you will be able to implement more effective campaigns that resonate with your target audiences and deliver big results. Make sure you share this article with your teams, so you can all increase your holiday sales and bring in the new year celebrating together.
[1] Roy Morgan, 2019, ‘2019 Christmas retail sales to grow 2.6% to $52.7 billion’, http://www.roymorgan.com/findings/8202-roy-morgan-ara-christmas-2019-sales-forecast-201911180354
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