Many small businesses face big challenges after the busy holiday season. This is especially true for seasonal businesses. Sales can go from high to low almost immediately once the holidays end. If you face this issue, consider the following seven ways to boost your sales.
1. Try a New Year Sale
The new year is a perfect time to capitalize on the post-holiday shopping season. Consider having a new year sale to boost your revenue in the near term while things are otherwise slow. Offer something that customers won't want to resist with discounts on overstocked holiday season inventory or seasonal items. Not only will this help you get revenue for things that would otherwise be sitting on the shelves, but also it will help you make room for new inventory that aligns with the days and weeks ahead.
You can have flash sales, limited time discounts, or other promotions that create urgency and get your customers to your store. Give your loyal customers exclusive offers to entice them back. Make use of your email list and social media following to get the word out.
2. Set Short-Term Goals
Don't just focus on the year ahead. Set some short-term goals to get things moving in the right direction quickly.
"We tend to spend the beginning of the year crafting long-term sales targets and planning the year ahead," says Will Blunt at ShortStack.com.* "While this is important, it can also distract you from the present. Why not set some shorter-term targets for increasing your January sales from last year? The process of setting targets doesn’t need to be complicated. Conduct a simple audit on the numbers you achieved last year and the tactics you used. Then, identify a few small tweaks you can make to improve them this time around. It’s simple but extremely effective."
3. Remind Customers About Gift Cards
If you were selling gift cards throughout the holiday season, or even before, take the new year to remind customers that it's a great time to cash them in. Gift cards are so commonplace these days, some people may temporarily lose track of all the different ones they received. When they see you calling attention to it, they'll remember that they have a card for your store that they need to spend.
This is a great opportunity to create special promotions for customers using gift cards. This creates foot traffic, which in many cases, is likely to generate additional sales beyond what the gift card covers. Upsell and cross-sell as much as possible.
4. Give Your Marketing Plan a Refresh
This slower period might be a great time to give your marketing plan an update. Reflect on what went well throughout the previous year and the holiday season and determine what you should carry over into this year. Figure out what didn't work as well and determine where those resources can be better used.
Develop a new year-themed social media campaign that connects with the goals of your customers. Consider targeting customers who searched for or purchased related products, and use analytics to help you with your targeting efforts.
5. Break Up Big Expenditures, Save for Seasonal Slump
If you have major expenses on the horizon, try to break them up so you have cash on hand to tide you over.
"Figure out ways to break up larger expenditures and pay them off incrementally over the year," suggests Paul Davis of Strategic Resource Management at Forbes.** "Make sure you stash a percentage of the cash you bring in during a seasonal bump to ride out leaner periods. Also, evaluate if there are any expenses you can reduce or eliminate in Q1. This seems simplistic, but the goal is to have cash on hand and avoid a month or quarter of elevated costs."
6. Host Events
Now that the holidays are over, a lot of people will have more time on their hands, so January might be a good time to host events. This is a great way to get your community engaged, which can lead to sales. Events related to your business can help attract new customers and strengthen relationships with others. Promote the events online and through social media and local listings. Highlight exclusive offers to make them more enticing.
7. Form Partnerships
You might be able to generate extra sales if you're able to form strategic partnerships with other businesses. You can reach new audiences and create opportunities that benefit both your business and your partners. Try to identify local businesses whose products or services complement your own in some way. Use each other's audiences to create cross promotions online and offline. You may even consider co-hosting events. You can share expenses, as well, so it doesn't have to be an expensive endeavor.
The new year can be a tough time for businesses who thrive primarily during the holidays, but there are plenty of ways to boost sales without waiting for months to get back into the groove.
