The holidays are the busiest time of the year for many businesses as people ramp up their spending, purchasing gifts, decorations, and more food than is humanly possible to eat.
Some retail businesses only remain in operation due to the incredibly lucrative fourth quarter, running at a loss or just breaking even for most of the year before making their profits in November and December.
It’s this phenomenon that led to the naming of “Black Friday”, the shopping day that will typically push many retail businesses “into the black”, an accounting term that means they’ve made a profit.
But with so many companies vying for the business of the same retailers, it can be hard to make sure customers come to you and not one of your competitors.
To give you a fighting chance, you might want to try some of these marketing ideas to get more of them through your door.
Promotions can come in all shapes and sizes, but a well-executed one can help increase sales, drive up profits, clear out old stock, and/or upsell additional products. The type of promotion you use will depend on your business model, your customers, and the products that you sell, but they usually all involve either offering the customer a discount or giving them something extra for free.
In the run-up to the holidays, consumers are often expecting discounts and deals, so offering them something, even if it’s small, can help to grease the wheels. Big retailers like Amazon will be running huge discounts in the lead-up to, during, and after Black Friday, with as much as 50-70% slashed off the price of some products.
Online sports betting sites will also be running promotions, particularly as the final few months of the year are a busy time in many championships. On both sides of the pond, major leagues have begun new seasons and many will be hosting big matches on or around Christmas Day. In the UK, Boxing Day games are a highlight of the holidays for football fans, while in the US, the NFL and NBA will both be running several high-profile fixtures.
With so much sport going on and more people taking time off work to watch them, the number and size of free bet offers and other promotions will likely increase, as has been seen in previous years.
For your business, you need to consider what types of promotions will work best and appeal the most to your customers. If you can get that right, then you could greatly increase footfall (both physical and digital) and sales.
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Extended Return Periods
We all like to watch people’s faces when they open the gifts we thoughtfully bought for them. But sometimes, we don’t quite get it right or end up picking the wrong size or color. In those instances, it can be reassuring to know that we can take it back to the store to exchange it.
Business owners don’t like returns as they cost money, but research has shown that extending your return period until after Christmas can help to boost sales. Customers are more likely to hand over their cash if they are confident that their risk of being stuck with a product they can’t use is removed.
Offer a Wrapping Service
Some people love wrapping presents. For them, it’s all part of the festivities, and they usually combine it with watching classic holiday films and a snack or two.
For others, it’s a tedious and laborious process that they want to get done as quickly as possible.
If you have customers who fall into this second group, you could boost sales by offering a wrapping service for any gifts they buy. You can charge extra for it or do it for free, but either way, it could help to boost sales since you’re offering convenience to a demographic that detest trying to paper around oddly-shaped items.