With Halloween behind you and Thanksgiving fast approaching, it’s just a matter of time before the holidays are upon you. The winter season represents a major opportunity for businesses like yours, but it also presents its fair share of challenges that can overwhelm small business owners. In order to take advantage of the holiday rush, you can use these tips.
Maintaining Your Supply
If you want to make your holiday fortune, you can’t afford to underestimate your sales figures. This can leave you without the products your customers want, and that results in the loss of countless potential revenue. You’ll need to prioritize your sales forecast in order to stay abreast of how far your inventory will take you, and you’ll have to use that information in order to get the products you need from your distributors.Creating a dependable supply chain is also imperative, because you can’t afford to rely on distributors and wholesalers that will leave you hanging during this pivotal time of year. Because the holidays can be rough for companies rushing to meet increased demands, that same pressure is exerted upon your company and the businesses within your supply chain. Therefore, vetting your suppliers in order to find the partners that can handle the added pressure is an absolute must if you want to do the same. Shopping around for the distributors that can offer you the best prices and quality while also remaining reliable is one of the most important ways that you can prepare for the busy 4th quarter.
Meeting the Expectations of Your Customers
In addition to requiring a more robust inventory during the winter season, you’ll also need to account for providing the types of products that your customers expect during the holidays. This can mean a variety of things. For example, consumers expect retailers to carry seasonal items during most of the seasons and especially in proximity to the more festive holidays. This means that your business will need to provide Christmas themed decor such as Santa Claus, snowman, and reindeer decor. It’s also important to take note of the most anticipated Christmas gifts of 2020 in order to provide your customers with a place to get the toys their children want, for instance, as well as hot fashion items that are coming out in Q4. Meeting not only the increased demand, but also the demand for specific products is the crux of the challenge of this time of year, but it’s within that challenge that the opportunity for profit lies.Employing Seasonal Marketing
Marketing is always a priority for your company, but the marketing demands of the holiday require a different tool kit in order to meet a different set of criteria. For starters, you’ll want to make use of holiday themed imagery in order to drive interest in the special offers on the must have products this holiday season. Again, the most anticipated gift items need to be front and center, and your advertising and other marketing materials need to highlight these items in order to inform your customer base of the products they can expect from your company. Moreover, companies tend to advertise holiday products and sales well in advance. This is because customers are more likely to buy certain gift items when they have ample time to incorporate those items into their shopping lists as early as possible. Last minute shopping is never a customer’s first choice, but it also prevents them from making the kind of informed decisions that can lead them to the big ticket items that will help you make your fortune this winter.The holiday rush is the best of both worlds. It can be a time of great profit, but eking out those profits can have you pulling out your hair if you’re not adequately prepared. These tips will help you make the most of Q4 in 2020 by building the necessary infrastructure.
