How to Fix or Avoid the Post-Holiday Sales Slump
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By Jennifer Lutz
It’s a fact: sales after the holidays are bound to nosedive! People tend to spend a fortune on holiday shopping, and stop right after the season of giving is over. But instead of finding ways to merely survive the massive decline in profits, why not get aggressive in your sales techniques? Below are just some of the many ways you can fix or avoid the seasonal sales slump.
1. Free Gift
Persuade a potential customer to buy a product from you by offering a freebie. Many consumers are lured into making a purchase when a bonus comes along with the product. If you want, you can display the gift outside the product packaging as a visual attraction, or you can hide it inside the package in the form of a prize. Either way, you will want to choose a freebie that can be useful to the consumer even after the holiday season.
2. Buy 1 Get 1 Free or Bulk Discount
Money is tight as consumers try to recover from the holiday shopping spree. Many consumers may only be willing to spend on purchases they feel offer good value for money. Of course, getting two items for the price of one is always something to feel good about.
To entice customers to purchase in multiple quantities, you can also implement special pricing within a promotional period. For instance, a product that normally sells for 1 dollar may be offered at 3 for 2 dollars. This works well for less popular items and helps you free up your shelves for next season’s new items.
3. Product Bundling
Increase sales during the slow season by offering several products for sale as one unit. With bundling, customers end up purchasing products they might not have considered otherwise. Artfully combining different items and selling them at a fraction of the total cost increase their perceived value. While bundling requires that you provide an attractive discount, the increase in sales volume allows for higher profits.
4. Loyalty Program / Customer Loyalty Incentive
You can grow and retain existing customers even after the holidays by offering enticing loyalty rewards. In fact, many retailers claim a strong correlation between customer loyalty incentives and customer referral. You can have customers earn points with every purchase and exchange these for free products. To add value to your loyalty program, give members exclusive offers or special services. For a quick boost in sales, consider awarding additional points when they buy during the post-holiday period.
5. Price Cuts
Offer a special price cut to boost sales during the slow season. Many consumers will find it hard to resist rock bottom prices even when finances are tight. The best thing about it is they’d be very eager to tell friends and family about your special post-holiday sales promo and discounts. But make sure that this special sale is for a limited time only. With a limited promo period, you create a sense of urgency that encourages consumers to buy now. Do this for slow-moving items and you can even reduce storage costs.
6. Free Shipping
High shipping cost is the number one barrier to buying things online. Encourage potential customers to immediately place an order by offering free shipping on purchases made after Christmas. This little extra is a great way to differentiate your company from competitors and is proven to influence the number of items customers put into their carts as well as the overall value of those items.
7. Take Advantage of Social Media
Use social media to keep consumers engaged. Popular social media sites such as Facebook, Twitter, YouTube, and Pinterest can help your brand become the first choice when a consumer is ready to buy. It also allows you to talk directly to your prospects to enhance your brand’s value and to get customer feedback. Social media is a great way to spread the message about sales promotions and push new products. If done correctly, it can certainly contribute to your bottom line.
While the busy holiday season promises good bounty, it’s wise to be prepared for any impending sales plunge. Get creative with your sales techniques and you might just start the New Year with a bang!
Jennifer Lutz is the home décor expert at www.christmastreemarket.com. You can read more of Jennifer’s posts, including home décor and holiday articles, at http://blog.christmastreemarket.com/author/jlutz/.