19 Dec 5 tips to grow your business following the holidays
The holidays are a busy time, by the time January rolls around shoppers are shopped-out, wallets are tapped-out, returns flood in, and profitability seems to vanish as quickly as your time off at Xmas. So how do you maintain growth for Q1?
#1 implement new ideas.
If youâ€™ve been struggling to find the time to implement new ideas & concepts into your business, the downtime after the holidays is the perfect time to hunker down. Spend some time building new customer profiles, researching new products & ideas, building out referral groups, updating your website & social media platforms, etc.
Get your end-of-the-year reporting out of the way. Be asking yourself questions such as: Did you profit as much as you forecasted, why or why not? When did certain items perform better than others? What isnâ€™t performing anymore? Diving into the actual data behind your business will provide you with a clear snapshot of what you need to change, and continue for next year. Going into the analytics also gives you the opportunity to assess your reporting software & explore other options if need be.
#3 liquidate seasonal items
How many times have you waited until the day after Halloween to go out and buy candy? The same principle follows suit with holiday items. Provide a thick discount for those shoppers (â€¦and tell them about it! Ie. MailChimp Newsletter) who wait out the rush to capitalize on seasonal items, this way you arenâ€™t left with an overstock of irrelevant items, while drawing in sales at the same time.
#4 connecting with all your new customers
Your marketing campaigns paid off during the lead up to Xmas, youâ€™ve reached your sales targets, and have a snazzy new list of customers from the last two months. Now, you can spend some time adding these customers to targeted email, and social media campaigns and increase your chance of a returning customer. This also opens up the opportunity to deploy some A/B testing into your campaigns and tease out what works for your business, versus what doesnâ€™t. Test new against preexisting marketing campaigns to see which performs better.
Assuming youâ€™ve done your due diligence and hard work during the months of November and December, youâ€™ve built a great foundation for the months to follow. Of course, sales are going to drop following the holidays, but it’s theÂ rise that preceded the holidays that will provide you with a great framework for next year. Give yourself a pat on the back, and reflect on the year’s successes.
Written by Alexander Linke