Is there such a thing as healthy competition during the holiday season?Dec 20, 2023
The “holiday season" unearths an array of consumers. Naturally, this creates competition between retailers. Types of consumers include...
1. The 'conscious' consumer, who slows down, spends considerately and shops locally
2. 'Click frenzy' consumer or panic buyer, who trolls the web at all hours, revelling in the hype of limited offers and impulse spending
3. The 'strategic' consumer, who’s been following your socials and newsletters for months, comparing offers and products so they can plan when, what and how they will invest their hard earned money!
As a retailer, the revenue you make during the holidays is very much up to you! You can either compete and engage with your target market, or, stay in your own lane!
What will you do to turn this one-off “season” into long-term success? How can you make the competition you create or compete with, 'healthy'?
Strategies to support you over Christmas (and Boxing Day Sales!):
1 - Your success is also your neighbour's success. If you’re in an area which has an array of successful retailers, you’re already winning! The foot traffic generated by them (or you!) guarantees more consumers through your door. So, respect this advantage and keep your shopfront and neighbouring patch clean and tidy, have your opening hours clearly advertised, and hang lots of signage both inside and outside your store for consumers on foot (or in their car) to see and entice them!
2 - Review your customer analytics before offering any deals or making any big changes. Don’t feel pressured to go on sale i.e. Boxing Day, just for the season, or for the sake of it! If your product is quality, it will sell itself. And remember, your storefront and indoor merchandising is your biggest asset to encourage customers to buy, so use this to compete against other retailers if they are advertising offers!
3 - Advertise convenience. Use organic marketing heavily during this time. Consumers are on their phones A LOT over Christmas. A true consumer never switches off! They are looking for news, deals, seasonal content and new products, so be sure you are engaging on your socials, podcasts, newsletter and blogs!
4 - Drip feed NEW products to go live in 2024. And it doesn’t have to be products, it could also be a facelift for your store, the opening of a brand new location, new staff, better software and systems, memberships, services etc. This will ensure you are actively competing [against yourself!] to achieve your goals and the targets you have set for yourself!
Do you ever daydream about starting your own successful business, thriving online store or beautiful retail space but don’t have a single clue where to begin?
Is your excitement and enthusiasm continually squashed by confusion and doubt over what you physically need to do to get started?
Perhaps you feel like you don’t have the right tools in your kit to actually build your dream business?
Let me tell you right now - you are definitely not alone! In fact, when I launched my business back in 2009, I had no idea what I was doing. I am the living proof that you can start a business without any prior knowledge.
But… a little help never goes astray, right?