For many retailers, the holiday season is the biggest, most profitable selling period of the year. But once it’s over, it leaves them asking ‘Now what?’ as the calendar flips. Instead, if you’re a retailer, take a deep breath and celebrate the fact that you and your sales team made it through the frantic rush of shoppers.
Celebrate, and take the transition in stride, because there are ways to overcome that potential post-holiday lull. Here are a few strategies to help keep merch moving after the holiday rush.
Vital Value
After the holidays and the spend that comes with them, many consumers may be feeling a little gun-shy about buying big-ticket items. Adding additional value to your products can be a great way to increase profit and brand loyalty. Items that add value—like protection plans—can make customers feel more confident about big purchases. After all, the bigger the investment, the more customers want to protect it. From electronics to furniture, providing an easy path to protection can be just the thing to increase your bottom line and keep customers happy.
New Year, New You
The start of the year is ripe for resolutions. Depending on your product, there’s likely a way to market to that resolution-driven audience. Focus on marketing those products that can help support their goals. Offerings that promote health, organization, cleanliness, or safety and protection, and so on are especially ripe for promotion as the new year kicks into gear.
Here’s Your Reward
Finding ways to pay back your most loyal customers is one of the easiest ways to maintain revenue post-holiday. Loyalty programs or other specialty offers show customers how much you value their business, and that you’d like them to return. The first few weeks of the new year can be a great time to either promote an existing incentive program or introduce a new one, encouraging customers to come in and shop. Emails or text messages with loyalty offers get a lot of attention from customers trying to save a few bucks after holiday spending.
The Price is Right
If you’re going to have a sale, January may be the best time to do it. You can decrease your old inventory to begin the new year, while still turning a profit. For most businesses, the winter months are a quiet time, so you’ll have to get creative with special offers or sales. Plus, by attracting customers to your store or your website, you may be able to entice them with full price items as well.
Digital Deeds
You likely developed a stellar email list thanks to your holiday sales and promotions. Use that list to market new products or offerings, as well as the aforementioned loyalty programs. In addition, connecting with your target audience through social media or paid social advertising can also be an effective way to encourage customers to make post-holiday purchases.
Relate for Real
No matter what time of year, customers who feel like they have a relationship with you will be the ones who come back time and time again. By focusing on building those lasting relationships—viewing your customers as a people rather than potential sales—you, your business and your customers will be much better off in the long run.
Accept the post-holiday slump, or doing something about it? The choice is easy. Use these strategies to capitalize on that holiday momentum and start the year with a bang.
Fortegra, a Tiptree Financial Inc. company, is an insurance services provider that offers a range of consumer protection options including warranty solutions, credit insurance, and specialty underwriting programs.