Big retailers aren’t the only ones who can benefit from the Black Friday madness that will take hold on the 25th November. Your business might not have the resources to match Amazon or Walmart, but with the right software and forward thinking you can still get your hands on a piece of the pie.
Here are 5 tips to help improve your seasonal sales for years to come.
1. Start Selling on Social Before the Season Starts
Social media is a sure-fire way to get people interested in your products before the shopping season starts. Unless you’re spending money on paid ads, the only cost to your business is time. Promoting any upcoming offers you have planned and getting other people to talk about your products not only extends your reach, it puts you front of mind for when Black Friday does roll around.
2. Don’t Compete on Price. Offer Your Customers Something Special
Unless you’ve got an exclusive relationship with your supplier, it’s safe to say you won’t be able to beat the big name on price. Luckily, there are other ways to compete during the holiday season.
- Offer a free gift wrapping service on your most popular products
- Tailor your products to the time of year with limited edition bundles
- Include a small unexpected freebie in every order to delight your customers
Making a lasting impression on your customers doesn’t have to put you out of business. Think of small ways you can go the extra mile and surprise your customers. It might not seem like much, but a personal touch could make the difference between a repeat customer and a one-off purchase.
3. Centralise Your Inventory Management to Maximise Your Sales
The last thing you want to happen during a Black Friday sale is run out of stock. That normally means ordering a bit extra, but what happens if your best guess ends up costing you in unused inventory?
Making use of a centralised inventory management system like SAP Anywhere gives you the power to look back at previous months and years to determine exactly how much stock you need. Making your purchase orders more accurate is one benefit, but a centralised system can also help streamline your business, decided when to add/remove old lines, and automatically submit new stock orders.
4. Boost Your Revenue by Selling on Multiple Marketplaces
It should already be obvious that listing your products on more than one marketplace will result in more sales. If not, then consider a couple of facts shared by Stitch Lab’s Brandon Levey in this article.
Data shows businesses that use a single marketplace in addition to their branded shopping cart site make an average of 38 percent more revenue. And those leveraging two marketplaces see an average revenue increase of 120 percent. Simply put, it pays to expand your online presence.
5. Don’t End the Relationship after You’ve Made the Sale
Bain & Co. studied the online shopping habits of 522 users and found that in the apparel category, a given shopper’s fifth purchase was 40 percent larger than his or her first purchase, and the 10th purchase was a whopping 80 percent larger in value than his or her first one.
Repeat customers are also less price sensitive, better brand advocates and require a lot less marketing to entice them back for another purchase. Ask your customers to sign up for an email newsletter with exclusive offers, or make sure you stay in touch with them on social media.
A little bit of effort now could mean a lot more profit for your business later.
So there you have it. You don’t have to miss out on Black Friday just because you’re a small business trying to compete in an ocean of giants.
If you’d like to learn more about how to build better relationships with your customers or streamline your business, then check out SAP Anywhere.