The holidays, which are frequently referred to as the “golden quarter” for businesses, are rapidly approaching. Preparing your business ahead of time is now essential due to the growing trends of early holiday shopping. Let’s examine the fundamentals:
Trends in Early Bird Shopping
Did you know that, in August 2023, John Lewis reported a whopping double in the volume of searches they made for “Christmas gifts” as opposed to 2022? or that by the end of October, almost one-third of their clientele had completed their holiday shopping? These numbers highlight how crucial early holiday planning is to maximize sales.
1. Examine Sales Trends in-depth
Past Information: Examine sales from previous seasons to identify trends and buying habits.
Lookout for Rivals: Monitor competing holiday marketing campaigns.
Activate Your Viewers: Utilize surveys and polls to learn more about their plans for holiday shopping.
Industry insights: New trends for the holidays can be found in reports such as Mintel’s. Visit the Business & IP Centers of the British Library for affordable insights.
2. Check Your Financial Fitness
Whether it is through hiring seasonal workers, marketing campaigns, or client gifting, the holiday season can drive up business expenses. Here’s how to maintain your position of leadership:
Review the spending from past seasons.
Work together with your accountant to identify any financial gaps and plan your cash flow.
Make a thorough budget, accounting for any potential differences from prior years.
3. Prepare Wisely
Planning ahead will guarantee that you get the stock you want and sometimes even exclusive items, which will give you an advantage over rivals.
To address the rising cost of stock, take into account inventory financing.
4. Pricing Strategy for the Festive Season Examine the pricing from the previous year and assess whether an increase is necessary due to changes in the cost of living. Any modifications must be weighed against their possible effects on sales.
5. Solutions for Seasonal Staffing
Begin early! Large retailers start looking in August.
Make use of job boards online, recruiting agencies, or social media sites like LinkedIn. Use Instagram or TikTok to reach younger audiences.
Encourage current staff members to suggest new hires.
6. Creating a Marketing Strategy for Christmas
Examine previous year’s campaigns and evaluate results using programs like Google Analytics.
Choose the channels, offers, and content types that will be essential to your marketing mix.
Content needed? There are lots of design tools available to assist you in producing engaging content, such as Canva and Adobe Express.
If you decide to outsource your marketing, use your network to identify reliable advisors.
Examine which advertising platforms are best for your company and think about how Christmas gift guides can increase the visibility of your products.
As the holidays draw near, keep in mind that cultivating relationships, spreading happiness, and creating enduring memories with your customers are just as important as increasing sales. Make this Christmas a season to remember for your company by acting ahead of schedule and making wise plans!