December can be “make it or break it” for many retailers for their year-end earnings, especially for those who may not have done well during Black Friday and Cyber Monday sales. This year’s holiday sales are projected to grow by nearly 5 percent compared to last year due to people staying home and needing entertainment and studying essentials. But while it may be tempting to dive deep into holiday retail marketing efforts, there may be long-term marketing pitfalls.
There are some common missteps companies tend to make when it comes to retail marketing during the holidays. Businesses in all retail subgroups need to avoid certain pitfalls to stay loyal to their brand and remain memorable well into 2021.
Here are 6 post-holiday marketing pitfalls to avoid.
Run Through the Finish Line
Some businesses might think that they have to make it to Christmas and be fine with sales. But while most retail sales come to a close when Santa finishes dropping off his gifts, there is likely an excess of inventory to get rid of. Now is the time to continue your marketing efforts and gear it toward the end of year sales or New Year’s promotions. This will attract post-holiday shoppers with gift cards to spend or more items they want to buy to supplement their holiday haul.
Putting All Inventory Clearance Out There
It might be tempting to put your “need to go” clearance inventory all out on a single shelf. But customers might not want to search through a mountain of singular objects that didn’t sell well. Instead, retailers can create a sense of urgency and display a small fraction of the total product to entice potential buyers.
Putting Off the Debut of New Products
Typically, retailers see a slowdown in their sales come January. However, launching and creating excitement around new products or services in January is a great way to keep sales up, cash flow running smoothly, and customer interest well into the new year. This can also help compensate for any losses and missteps you may have experienced during the holiday shopping season.
Not Staying Up to Date with Insurance
The end of the year is an excellent time to review your local Dayville Retail Insurance supplier’s liability insurance coverage. Not being current with your business’s needs regarding being safe from customer claims can have long-term effects on your reputation, legal standing, and bottom line. Having updated insurance provides your retail operation peace of mind heading into the new year.
Ignoring Mobile Customers
More customers are shopping on their mobile device or their computers rather than heading to an actual brick and mortar store. This has never been truer as COVID-19 continues to linger in the United States, causing in-store shopping to shudder from state to state. Retailers need to share their focus to handle online shoppers and those who choose to shop on their phones and tablets instead of computers. Mobile customers present an excellent opportunity for businesses to utilize popular social media platforms to spread awareness of company culture, hot deals, flash promotions, and mobile-exclusive offers.
Ending Holiday Sales Too Early
It used to be that people waited for Black Friday. Then came Cyber Monday. Then Cyber Week. Now, consumers are shopping throughout the entire year, even after the typical holiday shopping season. Give your customers what they want and advertise your store’s extended holiday sales or year-end promotions for an extra week or two. This will help to keep a steady stream of customers interested and give your year-end earnings a boost.
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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