Tuesday, 29th November 2022 | Marketing
5 Tips for Your Small Businesses for the Holiday Season
After years of disruptions caused by the COVID-19 pandemic, this holiday season is more important than ever for Canadian small- and medium-sized businesses who still have to contend with labour shortages, inflation, and all-around economic uncertainty. Maximizing on the coming shopping wave makes good business sense but you’ll have to be strategic to reach your customers. These 5 tips can help you meet your sales targets while serving up an easy and enjoyable shopping experience.
Set your goals
It’s always a good idea to have a plan to meet your goals, and your sales goals are no different. Set a realistic goal for your holiday season, and make sure you account for metrics other than revenue. Customer engagement and social media following are also important.
Think about seasonal milestones like Black Friday and Small Business Saturday, and strategize about how you’ll leverage them in your overall plan. If you’re at loose ends, take a look at what your competitors are doing. Track where they’re advertising and what kinds of promotions they’re running.
Finally, track what works and what doesn’t. Planning doesn’t end just because it’s after New Year’s–you can take what you learned into the following seasons.
Create a marketing plan
You might already have a loyal customer base but the holiday season is the perfect time to attract new attention. People are primed to purchase, so they’re seeking out advertising. Get your name out there to acquire new customers, enrich your relationships with existing customers, and drive sales.
Your marketing plan should cover the what, how, and where you’ll advertise. Make sure you prioritize the marketing channels that matter. At a minimum, you should revisit your online presence, ensuring that your web site and social media channels are up-to-date and active. Also consider paid options like Google Search Ads and social media ads.
Stock up on inventory
All your goal setting and strategic planning will be for naught if your shelves are bare when your customers arrive. Now is the time to survey your sales numbers from last year. Account for any changes (if your marketing is successful, for example, you may have more demand), and get your orders in. The last thing you want to do is to give your customers a reason to seek out your competitors.
Attract customers with promotions and sales
Holiday shopping is extremely competitive so you’ll want to give your potential customers as many reasons as possible to visit your store. Store-wide or specific sales may entice your customers but you can make things more interesting and set yourself apart with promotional discounts like early bird specials, discounts, or free shipping. Make those on your email lists or social media feel special with targeted incentives like coupons or exclusive deals. Consider bonus offers. Also, don’t ignore end-of-season sales opportunities. You can capitalize on the momentum you’ve created with deep discounts that will help you maintain customer attention and clear overstock or excess inventory.
With all these strategies it’s a good idea to beta test them before a complete roll-out so you can hit the right balance and get customer attention while still turning a profit.
Open an online storefront
Whether you offer an online shopping experience or not, it’s a good idea to go at least partly digital over the holidays. Online shopping is very popular and shopper fatigue is real. Start by making sure everything on your existing web site is complete and current, and that any shopping capabilities you have are in perfect working order–including on mobile.
If you have little or no online purchasing capabilities, consider connecting to a service like Shopify, or leveraging Facebook Shops or Instagram Shopping to show off your wares.
The holiday season is a key part of your sales cycle. With a bit of planning and preparation, you can strengthen your relationship with current customers and attract new customers, all while hitting your sales targets.
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Marketing ideas for your business in the new year
As the end of the year approaches, it’s time to revisit your marketing strategy to meet current consumer expectations. Forecasting trends is tricky, but what’s clear is that in 2023, customers value privacy, inclusivity, transparency, and overall authenticity, and it’s your job to show them how your business practices meet these ideals. Read on for six steps you take right now to market your business in 2023.
Understand your changing audience
The first thing you need to do is revisit your market. Review your sales and marketing data to make sure you have a realistic grasp on the size, demographics, and character of your target market. Pay close attention to any changes in your ideal customer and use this updated intel to seek out new opportunities. For example, if your business has grown or taken a new direction in recent years, it might be attracting a new audience. Make sure you’re communicating with the most appropriate market segment.
Update your website
Your website is one of your most valuable marketing assets so it’s crucial that it be in good shape. Review your site to make sure all the content is correct and up-to-date. Check to make sure that it loads quickly and displays correctly across desktop, tablet, and mobile platforms. You probably look at your site regularly so consider getting someone with “fresh eyes” to take a look. Ensure that your site works intuitively and offers a seamless customer experience. A site that’s pleasant to use will help you convert new visitors and retain returning ones.
Maximize the potential of social media
With more than 4.7 billion people using social media, your business cannot afford to ignore it. If you’re just starting out on social platforms, now is the time to claim your presence. Set up accounts for your business on top platforms like Instagram, Facebook, and TikTok. Investigate which sites your ideal customers might be using and ensure you’re on them too. Post relevant content, regularly, and make sure that you keep your profiles fresh and current. Try running contests or promotions to boost engagement, and take advantage of the built-in shopping capabilities available on many platforms. You can communicate a lot about your brand values by aligning yourself with other local small businesses through collaborations or sponsorships.
Leverage video content and live streaming
Video content has been a rising trend for the past several years, and is well-suited to businesses who want to increase awareness, improve lead generation and sales, and reduce support calls. Consider how video content might work for your business, keeping in mind that consumers appreciate being entertained. Live streaming is popular and an effective way to connect with your audience in real time. Engage your audience with quality storytelling. Inform them with a clear and concise script. Be creative.
Get interactive with your audience
When was the last time you did an online quiz or game? How about worked with an online calculator or map? Interactive content is engaging, which is why audiences–and marketers–love it. It’s low-cost and can help you increase brand loyalty, generate leads, and drive sales. Think about ways your business can use interactive content to grab your customers’ attention.
Respect consumer privacy
More than ever, consumers are concerned about privacy. Demonstrate respect for your customers’ privacy by compliance with standards like GDPR, by properly acquiring and using user data, and by continually informing your customers of exactly how you’re handling their information.
If you want to stay ahead of your competitors in 2023, now is the time to fine-tune your marketing efforts to communicate your business’ authentic brand and values. Take an inclusive, transparent, privacy-first approach, to reach your target audience.
Marketing
Tips for keeping your inventory secured and your brand trustworthy
Tips for keeping your inventory secured and your brand trustworthy
Inventory management, the practice of having the right–and right amount–of products for sale, isn’t the sexiest part of running a small business but it is crucial. Failure to stay on top of your inventory can cost your company time and money, but even more worryingly, it can destroy your reputation with your customers. Like supply chain management in general, inventory management is largely a matter of planning and organization. Read on for top tips on how to make sure you don’t have to tell your customers you’re sold out.
What is inventory management?
Your job as a small business owner is to meet the demand of your customers by supplying them with the products they want, when they want. It sounds simple enough, but businesses can’t just order as much as possible. There are costs associated with carrying excess inventory, and you can lose money if you have to sell off product at deep discounts. Foreseeing customer taste and demand is a key component of inventory management, and when done correctly, it will boost your business and help foster customer loyalty.
Why is inventory management important to your business?
According to Software Path, only about 18% of small businesses use an inventory tool, and nearly half–43%--either don’t track inventory at all or they do so manually. This means that these businesses are making stocking decisions without the pertinent data. This can lead to having too much or too little stock, cash flow problems, and a disorganized budget. By regularly surveying your inventory, you can make informed business decisions to ensure you’ll continue to profit.
Additionally (and importantly), a well-managed inventory will help ensure that you have the stock your customers want, when they want it. This directly affects sales, but it also demonstrates good business practices to your customers.
Top 4 inventory management tips for your business
Stay informed and be strategic
Prioritize taking stock of your…stock. Regularly assessing your inventory will enable you to make informed decisions about how much product you need–and how much you might need in the future. Include inventory management in your everyday operations to take the guesswork out of ordering.
Listen to your customers
If you and your staff aren’t paying attention to your customers’ requests, you’re leaving money on the table. Train your staff to note what your customers are asking for and to take these requests to management. Analyze your competition and see what they’re carrying. Be proactive in researching and analyzing the best products on the market.
Observe and anticipate seasonal trends
Every business experiences ebbs and flows and your ordering behaviour should reflect that. Document sales data over time so you can predict peaks and valleys, and secure inventory accordingly.
Use promotions strategically
Even the most well-managed businesses end up with overstock from time to time. If you’ve got product you need to move, you can set up a promotion to entice buyers. Be strategic about the deals you're offering. Too deep a discount can lose you money so aim for the highest sale price that will move your product.
If you want to compete in your marketplace, inventory management is key. By prioritizing regular assessments you can track your expenditures, purchase strategically, and keep your customers happy.
Management