With growing business competition and promotional offers for the holiday season just around the corner, sales are peaking off charts for some and the others are hoping for a better, more profitable holiday season. Why do businesses fail to forecast sales and apply appropriate strategies from the third quarter, so when the holiday season approaches, they enjoy higher sales.
It is not just all about marketing and sales strategies, economic factors and weather conditions are a deciding factor too, for higher customer traffic and increased sales. Predicting the real reason for low sales level and taking adequate measures will make your business flourish in the holiday season.
When the third quarter is about to end, you need to ask yourself whether you are ready for the holiday season. These questions might help:
*Do I have adequate no. of employees to serve the rise in customer traffic during holiday season?
*Are my employees trained and charged up to reach their holiday sales goals?
*Have you made any changes to your shop displays that would attract customers?
*What products in your shop do you deem as the best-seller and do you have enough stock?
*Have you had the chance to visit your neighboring competitors? You should try to find out what they are up to.
*Pricing and promotion, are you aware of the changing trends?
*Do you consider staff rewards and incentives necessary for improved sales?
If last year was a real downer for small businesses like you with even lower customer traffic, there is no need to lose hope because this is how competition plays out. However, what you can do is sit together with your marketing, production, sales and finance department or think alone (sole proprietor) to make a bang on strategy for this holiday time, which comprises:
*Forecasting Holiday Sales through Most Recent Sales Statistics (Use quarter results rather than previous years for more accurate planning)
*Preparing Production And Marketing Budgets
*Prepare Sales Forecasts
* Decide On Promotional Offers
*Keep An Eye On Competitor’s Prices And Promotions
*Apply Appropriate Pricing Strategies Etc.
If you think carefully and plan accordingly, you might feel very optimistic about the upcoming holiday season than the previous year because the key to retail industry success is constantly adapting to the environment, changing conditions and varying customer tastes. Some common mistakes that retailers do which kill their holiday sales are:
*Fail to advertise their promotional offers and price cut-offs
*Fail to stock enough inventories
*Fail to employ enough reps to control extra foot traffic
A retail consultant can help you turn around your sales by increasing the foot traffic in your shop. With the holiday season approaching, you can seek advice from a retail consultant on promotional strategies, merchandising, store layout and choosing a store location if you are in search of one. Retail consultants are specialists on customer perceptions of products and services, displays, attractive promotions etc. If you are considering hiring a retail consultant, you must layout your needs and goals to make a smart choice.
Scaling Retail is your destination for consultancy on holiday sales. We analyze your 3rd quarter statistics and advice you on measures that maximize your profit.