With Thanksgiving right around the corner and the air getting colder every day, the holiday season is approaching. For many businesses, the holiday season signifies a loss in income from employees taking vacation, holidays, and closing the office for festivities. However, some businesses are able to take advantage of the holiday season and use it to increase their profits. If you utilize the right strategies, the holiday season can mark a time of increased opportunities and business for your organization. Here are five ways that you can use the holiday season to your advantage.
1. Make Sure To Ramp Up Inventory
Especially around Christmastime, people will be racing to stores to shop for gifts. The last thing you want is to have a customer looking to buy one of your products, but you are out of inventory. In this case, it's better to be safe than sorry. Stock up on inventory so that when the demand spikes, you are able to deliver. One company that does this effectively is Safford Sporting Goods. They keep a hefty stock of guns, archery equipment, clothing, and more.
2. Start Marketing In The Off Season
While many of Safford's customers buy during the holiday season, the company understands the importance of marketing in the off season. In order to drive sales during the holiday season, it is very important for your business to spread awareness and grow an audience of customers year-round. By doing this, your company will be fresh in customers' minds when holiday season comes around.
3. Run Focus Groups To Find Out Which Products Customers Like The Most
Before marketing and selling your products, make sure that you are using your time and energy wisely. Rather than pouring your efforts into a product that customers may or may not want, do the research to find out what they do want. By running focus groups, you can discover which products customers favor. By revealing this, you can adjust your inventory and marketing accordingly, and benefit from an increase in sales. When Safford Sporting Goods ran a focus group, they discovered that their woodwick candles were one of their most popular and sought after products. With this new knowledge, Safford has been able to elevate their candles to being one of their most famous items.
4. Look For Seasonal Employees Ahead of Time
With the holiday season approaching, make sure that you are not scrambling at the last minute to hire seasonal employees. While you know that you will experience an increase in demand from customers, make sure that this demand is reciprocated with an increase in staff on your end. Plan accordingly by recruiting and hiring additional staff ahead of time. Many people look for seasonal work as a way to make extra income. Consider using platforms like Staffly and Upwork to recruit and hire part-time employees.
5. Advertise Strategically
During the holiday season, people make different purchases than they would at other times of the year. Around Christmas, for example, people buy more gifts and expensive items. You can use this as an opportunity to shift your marketing towards items that you think will be well suited as gifts. By positioning your products as ideal Christmas gifts, you increase your chances of getting them off the shelf.