For many businesses, Black Friday and the ensuing holiday season represent a time for financial redemption. However, the holidays can be a time for companies to thrive, not just survive. Online and physical stores can do several things to profit during this time of year.
Plan for the Major Shopping Days
Retail stores and other enterprises should get ready for traditional shopping days. It’s a good idea to mark these dates on the calendar and publicize them early.
- Thanksgiving — November 26
- Black Friday – November 27
- Small Business Saturday – November 28
- Cyber Monday — November 30
- Super Saturday — December 19
Anticipating these high-volume dates can help retailers plan for promotions, stock enough inventory, and schedule seasonal staff.
Be Tech-Savvy to Get the Word Out
This holiday season, 73 percent of consumers anticipate they’ll use their mobile devices to search for and buy their merchandise. Businesses can use email and social media to advertise, announce events, and promote cost-saving deals. Companies need to have a media strategy, including knowing what devices and social media channels their typical consumers use. Merchants should keep track of which channels successfully bring in paying customers.
Make Them an Offer
Customers are more likely to buy something if they see an irresistible offer. The right deal—a gift with purchase, coupon, price reduction—will depend on the type of customer and products or services a business sells. If a vendor has had an offer that’s worked well before, they can update it and bring it out in time for the season.
Streamline In-store Technology
Both online and sticks-and-bricks retailers need to have the right digital capabilities to maintain smooth operations. Companies should adopt technology tools that ensure accurate inventory tracking, problem-free check-outs, and links with mobile apps if applicable. Having tech support and a plan to anticipate system shut-downs is essential.
Stay Connected after the Holidays
Seasoned entrepreneurs know that repeat customers keep a business prosperous. A successful holiday season will bring in new buyers, but companies need to work hard to keep them coming back. Email newsletters and mobile apps go a long way to help businesses stay connected with their loyal customers.