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The final weeks of the year are crucial for business owners. This period often brings a surge in consumer spending as the holiday season approaches, presenting an opportunity for businesses to maximize their sales and profits. The outlook for companies in the remainder of 2024 maybe promising. According to the 2024 Deloitte Holiday Retail Survey, shoppers feel more optimistic and plan to spend an average of $1,778 this holiday season, marking an 8% increase in spending compared to the previous year.1 In addition, 8 in 10 retailers expect to see sales growth this holiday season.2
With reports of robust holiday spending and a positive economic outlook among consumers and business owners, all signs are pointing to a successful 2024 holiday season. If you wonder how your business can capitalize on this momentum, read this Balboa Capital blog article. In it, we discuss simple, effective strategies to boost year-end sales.
Ramp up your holiday marketing efforts.
Marketing is a year-long strategy involving strategic planning and various tactics and approaches that align with long-term goals. In contrast, holiday marketing is more focused—the central themes revolve around exciting sales, deep discounts, and exclusive offers that resonate with shoppers during the year’s final weeks. Because these messages are tailored to immediate consumer needs and spending behavior, they can be developed and deployed more quickly than broader, year-long marketing.
As we approach the start of 2025, now is the time to ramp up your holiday marketing efforts. Remember that consumers are looking for bargains to maximize their holiday budgets. Therefore, it’s essential to stand out with holiday promotions and offers that stand out in a crowded market.
Promote your holiday offers on social media. Create engaging social media posts highlighting your deals’ benefits, using eye-catching graphics and captions with hashtags to attract your audience’s attention. Additionally, make sure that your website features a dedicated section for holiday promotions and offers, making it easy for visitors to find what you offer.
Market to your existing customers.
Many businesses focus their marketing efforts on attracting new customers during the holiday season. However, one of the most effective strategies you can employ is to market to your existing customers. These individuals already know and trust your brand, making them more likely to respond to holiday promotions and special offers. Please note that this strategy is effective if you have compiled a list of customers in a customer relationship management (CRM) system. Additionally, having an email opt-in feature on your website is crucial. This feature enables visitors to subscribe to updates and promotions and helps you build a database of interested individuals who have given their consent to receive marketing communications from you.
If you have a list of customers, review it and craft a holiday marketing email to send them. The email should include a personalized greeting and exclusive holiday promotions highlighting your products or services. Remember to include a clear call to action to encourage your customers to purchase or engage further with your business during the holiday season.
To comply with the CAN-SPAM Act, include an email opt-out option in your communications. This feature should be prominently displayed in every email, allowing recipients to unsubscribe from future messages easily.
Ensure a smooth buying process for holiday shoppers.
The holiday season will be bustling with eager shoppers filling stores, each determined to find the perfect gifts. When shoppers wait in line to complete their purchases and observe a lack of sales support—such as insufficient staff to assist them or answer questions—they may abandon their purchases and go to a different store. To prevent this from happening at your business, have adequate staff to manage checkout lines during the end-of-year rush.
Next, consider optimizing your store layout for increased foot traffic during the holidays. Clear signage and shelf toppers can enhance the shopping experience, allowing customers to find what they need quickly and efficiently. Consider displaying your holiday sale items in prominent locations that draw immediate attention. This could be near the entrance or in high-traffic areas of the store.
If you sell products online, ensure your website is easy to navigate and allows online shoppers to make their purchases quickly, easily, and securely. Offer multiple payment options, the convenience of which can increase sales conversions.
Offer free shipping to online shoppers.
Does your business sell products online? If so, offering complimentary shipping can be a game-changer for increasing sales during the holidays. Online shoppers are often deterred by unexpected costs at checkout, particularly shipping fees. Eliminating this barrier can encourage more online sales and increase customer satisfaction.
You should only consider implementing a free shipping policy if your products are manageable in size and weight. If your product range consists mainly of small, medium-sized, or lightweight items, you may find that offering free shipping is financially feasible. However, shipping costs can be significantly higher if your products are large, bulky, or heavy. In such cases, offering free shipping could impact your profit margins, potentially leading to losses. Most shoppers understand that large products cost more to ship, so the shipping costs will hopefully not discourage them.
Sources:
1, 2 https://www2.deloitte.com/us/en/insights/industry/retail-distribution/holiday-retail-sales-consumer-survey.html
Balboa Capital is not affiliated with nor endorses Deloitte. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.