How Can Retailers Survive the Slowest Month of January?

Has your business noticed a significant sales drop in January this year or in previous years? If so, you may be comforted to learn that you’re not the only company experiencing this phenomenon. In fact, for many businesses, the slowest month for retail is in January, right at the start of the new fiscal year. Even with business safeguards such as a Retail Insurance policy in place, you may need to take a new approach to survive the slow season. These ideas could help you boost sales during this time and prepare for a potential business boom later on.

Start a New Year’s Marketing Campaign To Increase Foot Traffic

One way to bring more foot traffic through your front doors is to capitalize on the season and start an aggressive New Year’s marketing campaign. For instance, your company could:

  • Offer discounts on top-selling items during the month of January only
  • Institute a customer loyalty program and start giving out punch cards for members
  • Start a marketing campaign to promote your products or services as a way for customers to reach their New Year’s resolutions
  • Take down your holiday decorations and replace them with a revamped color scheme and advertisements to attract customer attention
  • Create an exciting window display that capitalizes on the theme of the New Year to bring foot traffic through the door

Use the Slower Period To Tackle Major Business Projects and Refresh Your Store

If business continues to be slow, you can make the most of the spare time by tackling long-standing problems and projects. You might opt to:

  • Set up a business website, or update your current website, and include an online shopping page for your customers
  • Take stock of your current inventory and calculate how much additional product you’ll need to order for the upcoming months
  • Check your accounting records to prepare for the upcoming tax season
  • Install an upgraded point-of-sale system to make your life – and your customers’ lives – easier
  • Do a deep dive into your company’s budget and identify other areas where you could be saving money or maximizing profits
  • Consider renovating the interior of the store or redoing the floor plan to attract more walk-in customers

Make Plans for Maximizing Business During Boom Times Later in the Year

Slow periods are an ideal time to plan for boom times later on. Start laying the groundwork for more business later in the year by:

  • Designing spring, summer, fall, and holiday marketing campaigns to bring in more seasonal business
  • Trimming down on certain seasonal expenses, such as additional temporary employees, where possible to help maximize revenue
  • Sourcing exciting new products or designing new services to unveil to customers

Even if you regularly invest in your company’s marketing efforts and help protect the business with appropriate Retail Insurance, you may find that sales lag during the traditionally slow month of January. Fortunately, you can help pick up more business by following these key pieces of advice.

About Byrnes Agency

At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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