Whether the holiday season makes you grin or groan, most everyone can agree that it is an extremely important time for business. Small businesses especially depend on holiday sales, which can account to up to 75% of sales for the year. That’s a lot of pressure on the little guys in a short period of time! Good news though: by following these 3 tips and avoiding the 3 pitfalls, revenues will be sure to grow like Grinch hearts.
Tip #1: Promo-ho-ho-tion
Whatever the industry, there is always an appropriate discount, bundle, or giveaway that you can offer customers or clients. Since it has become a norm, consumers now expect sales and discounts during the holiday season. Not doing anything is like keeping up your Christmas lights all year long- don’t be that guy.
Just keep in mind that you shouldn't be…
Pitfall #1: Slashing and Dashing Prices
While you should do something, you don’t have to give your product away for free. Cutting prices for extended period will eat at your profit margin like Santa going to town on some cutouts.
Tip #2: Have Some Helper Elves
Customer support is vital during the holiday season- holiday cheer and holiday stress are out in equal measures, and as a business you’re likely to deal with the latter far more often. You need the infrastructure and staff in place to keep the peace and comfort and joy.
But whatever you do...
Pitfall #2: Don’t Neglecting the Snow-cial Media
Customers are becoming more engaged with brands on social media- it’s the quickest and easiest way for them to leave feedback. Have someone keeping track of your sites and talking to consumers directly or else problems could snowball quickly.
Tip #3: Keep the Cash Flowing Like Eggnog
All the extra things your business does around the holiday season takes cash- paying extra workers, covering promotion costs, etc. Make sure you have enough cash on hand, and if that’s not the case consider financing options like factoring that pay immediate cash on unpaid customer invoices. Kinda like opening your presents early, which everyone knows is the best.
But with that cash…
Pitfall #3: Don’t Let the Holiday Spirit Take You Over…Too Much
There are certain ways to spend cash that are better than others- you might want 50 Santa blow-ups outside the building as your advertising (who wouldn’t?!) but targeting the right audience with tailored messages and holiday promotions is money better sent. Don’t lose your head in the holiday spirit- save that for the office Christmas party.