9 Most Dangerous Post-Holiday Mistakes Small Retailers Make
The end of the holiday season isn’t a time to ease up for small retail businesses. In fact, January could be one of the most profitable months for your business – if you know the tried-and-true strategies to make it happen.
Avoid making these 9 deadly post-holiday mistakes most retailers make, and watch your profits soar above the competition.
9 Most Dangerous Post-Holiday Mistakes Small Retailers Make
- Easing up on aggressive marketing after New Years. While the craziness of holiday sales is coming to a close, it’s likely your store is clogged up with excess inventory that you’re itching to get rid of. Now is the time to kick your marketing efforts into overdrive to get post-holiday sales hunters through your doors, and ensure that your now-clearance section doesn’t get in the way of your day-to-day operations.
- No discount offers for returned purchases. Think of returned purchases not as losses, but as opportunities to get customers buying more than they originally intended. Offer a discount on new purchases for customers with returns, and suddenly they feel as though they have more spending power than they originally had, encouraging them to buy a larger volume of higher-end items that they’d otherwise ignore.
- Placing ALL your inventory clearance on display. Think about this psychologically: There’s nothing more off-putting than seeing a mountain of singular products that didn’t sell. If others didn’t want it, why would new customers? Create a sense of real urgency, and display only a small fraction of your total product volume at a time. Suddenly, they’re not rejected products, but nearly-sold-out items that customers should feel lucky to purchase just in time, before they’re gone forever! (But in reality, items that you’ll replenish the next day, or even several hours later).
- Giving up on “abandoned” e-shopping carts. Assuming you have a website and a “shopping cart” feature, then now is the time to reach back out to customers with cold feet that abandoned their planned purchases – seconds away from making a transaction. Now that the holidays are over, getting an email reminding them of the items in their cart won’t be as annoying as getting one during the stress of the holidays, and is much less likely to be ignored. A few popular subject headers: NAME – These X items are still waiting for you; and, NAME: X People who shopped for X also bought X:.PS: If you need help developing a website, contact our services division for all the help you need.
- Putting off the launch of new products or services. Need a way out of your January slow-down in sales? Studies show that launching and creating excitement around a new product or service in January is one of the best ways to keep your sales up, and your cash flowing smoothly. This also helps compensate for any losses and misfires in sales you might have experienced during the holidays.
- Not planning post-holiday event opportunities. It sounds corny to some small retailers, and a waste of time to others. But the boost in customer engagement and brand reputation makes organizing creative post-holiday events one of the most successful post-holiday retail practices.Host a contest for customers to send in the most ugly gift they received over the holidays – the winner gets to replace it with a better item from your store! Even more simple ideas: post-holiday raffles to test your luck for the New Year. Host a charity and.or fundraising event. Get creative!
- Ignoring your mobile customers. New consumer studies are showing that soon, more customers will do all their shopping on their mobile devices than laptops and desktop computers. Don’t dismiss the potential for a huge sales bump simply by utilizing popular social media platforms to spread awareness of your company’s culture, promotions, mobile-exclusive offers for those showing their loyalty to your brand!
- Ending holiday promotions too early. The rush of adrenaline from holiday shopping hasn’t left anyone’s system yet – and neither should your ambition to take full advantage of it. Give your customers what they wish every small retailer would do, and advertise your store’s “extended holiday sales” for an extra week or two.
- Stopping email campaigns to holiday customers. It’s common sense that shoppers who already purchased items at your store are the ones that have the best chance of returning for more. So why end your email nurturing campaigns after the holidays? Keep sending them content including new product recommendations, news updates on the goings-on at your store, and every special offer and discount – both new and ongoing.PS: If you aren’t getting your customers’ email addresses either at checkout, or as a requirement to sign up for rewards and discounts, contact National’s services division for some help setting up your business with the tech to make it happen.
Don’t Have the $ to Make it Happen?
National can get you specialized financing options specifically designed to help small retail businesses grow, including retail small business loans, revolving retail lines of credit, the fastest retail SBA loans on the market, and much more.
Fill out this simple 1-minute application online, or give us a call at (877) 482-3008 to get the funds you need in as little as 24 hours, regardless of your credit score and financial history, and start earning more from post-holiday madness!
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