With the holidays fast approaching, many businesses are reveling in the massive amounts of profit that are streaming their way. But even the most novice business owner knows that the reckless spending habits of the average consumer decrease drastically after the holidays pass and the New Year rings in.
So how can businesses prepare for that and in fact, take advantage of it to continue to make money in 2018 and beyond? Here are four ways to boost sales after the holidays even when nobody has money to spend.
Hold a New Year Sale
After Black Friday comes Boxing Day, and after Boxing Day comes long winter months that make consumers depressed and sad.
Keep the giving season going by having another sale following the holidays.
Sure, consumers are going to say they don’t have any money, but the truth is that many will be hunting for bargains well into the new year. People looking to spend gift cards or return items to buy more expensive items with store credit can be your ticket to rolling in the black in the first quarter of 2018.
Make it easy for consumers to return products they don’t want, and you’ll be even more likely to score a new sale when you refund their money or give them store credit.
Plan ahead for these sales and schedule them a few weeks apart to space out your promotions and give people a chance to get some cash together to buy from you and your company.
Capitalize on the “New Year, New You” Attitude Everyone Has
No matter what kind of company you run, there is an opportunity to make sales based on the new year attitude people suddenly adopt after they have consumed more alcohol and food than anyone wants to admit.
This “new year, new you” attitude that people often adopt means your business has a chance to offer a product or service that can cater to, and capitalize on.
Do you sell software? Surely your software can help people be organized in the new year? Be sure to let your customers know that you can help them get their life in order in 2018.
If you sell underwear, make sure customers know that they need the right underwear for workouts.
There’s a chance to sell to anyone who is trying to make a change in their life. Offer a special promotion related to your product or service and show people how it can help them change their lives for the better.
You won’t find too many products or services that wouldn’t be able to do this: even professional services can offer discounts, special consults, or package deals to their customers to keep them coming back for more.
Plan Ahead: Release a New Product
If you know that the new year brings slow sales, boost your sales with a new product. Use the last quarter of the year to pump your customers up about what’s coming down the pipeline and keep connected with them to get them excited about spending money after the holidays.
Electronic companies are great at doing this: release one product for the holidays and release a special edition after the holidays. Those who missed the boat before the season of giving will rush out to get the latest version which is, of course, bigger and better than the one everyone else got.
Get online and show videos of your new product, show customers how to use it, talk about it on podcasts, write about it on your blog, and share the information everywhere you can.
Probably the most important thing that businesses need to do to boost sales is to stay in touch with customers. Don’t disappear into the night when the holiday sales are over.
Your customers want to hear from you, and they want to know what’s new and exciting for the new year.
Don’t assume that people don’t have money to spend, even though that’s what everyone is telling you. People spend money every day of the year, so you just need to find those people and stay in touch with them.
Send emails, promote ads online, maybe even send them a postcard to let them know you are offering a promotion or special. Remind your customers that you are still here and want to provide a valuable service or product to them.
Running a business is tough work, but your business doesn’t have to be cursed by the new year cash-shortage everyone seems to complain about; you can keep sales streaming in by staying connected to your customers, offering them a deal they can’t refuse, ensuring they have everything they need for a fresh start in the new year and even releasing a new product.
Approach your new year with a plan and the confidence in your product, and you’ll be able to ensure a steady cash flow in the first quarter with ease.
Having grown up in a family owned business, and now working as the Content Director for Karrass – a company specializing in negotiation training for businesses – John is grateful for the many opportunities he’s had to share his passion for business and writing.