Despite the fact that households nationwide spend an average of £500 more in December, sales don’t dip as much as one might expect.
In fact, the post-Christmas shopping period is one of the more lucrative periods for the consumer retail market, with Brits splashing out £4.75 Billion on Boxing Day alone back in 2018.
While nailing the January Sales is important for your business, it’s important to do it right, with appropriate preparation and clear strategy.
Upsell your existing customers
Current customer base is the lynchpin of any business – retention is centric to growth, so it’s a necessity to let your customers know they’re appreciated.
Introducing customer benefits is an effective way to do this and, whether you set up a loyalty scheme or ‘recommend a friend’ discounts, you can not only increase purchases from your existing customers but also reap the benefits of word-of-mouth referrals.
Communicating with your buyers is imperative, especially if you wish to retain their custom throughout the year, so when selling you should aim to inform your customers of what they can benefit from throughout the year, not just in the present.
Let your customers know about sales or offers well in advance and drip-feed content right up to the point when the sale is taking place.
1. Run time-sensitive sales
Time-sensitive sales can be choppy waters to navigate. Although they can create a sense of urgency and help to ramp up purchases, they can come across as slightly tacky, or even desperate, if executed poorly. It goes without saying that you should avoid the dreaded ‘SALE NOW ON!!! LAST CHANCE TO BUY!!!’ moniker, but how else can you create that urgency?
Don’t be afraid to get creative with your sales. You could run a sale to target people shopping after Christmas which ends on twelfth night (6th January), in the way many brands run offers for the 12 days of Christmas, with a different discount or reward each day.
Similarly, one of the bigger days in retail, Blue Monday, should also be circled in your calendar. The third Monday in January, it’s the furthest week from Christmas and still a while until payday, which has led to it being dubbed the ‘most depressing day of the year’.
Many people resort to comfort shopping on Blue Monday, with e-commerce being extremely popular and lots of summer holidays booked.
2. Establish your goals for the New Year
When creating a sales plan for the year, you should do this well in advance of the start of the year, so you can promote future months from the outset. Be realistic in planning, so understand that some months may not be as popular as others for shopping.
If you have a clearly defined strategy for the year, you can also use this to communicate your plans for the year with customers. Leaving it last minute is never a good idea in business, so plan thoroughly, making sure to include key dates or events and how you can link these to your sales.
Key dates such as Valentine’s Day, Easter and Bank Holidays all need to feature in your sales plan and your content throughout the year.
3. Focus on branded content
Successfully promoting your business, products and service is essential if you’re in retail. One of the best ways to do this is through branded content, which will attach your brand name to all communications you push out. Social media spend has increased year on year, with an approximate 13% of global advertising spend going on social media.
It’s important to show your customers creative, informative and unique content, especially graphics and videos, as rich content such as this will increase engagement rates and help to elevate and promote your brand name, raising the profile of your business with your audience.