Wednesday, February 21, 2024

Growing your business through the seasonal demand boom

by damith
November 19, 2023 1:10 am 0 comment 181 views

After a couple of not so good seasons, the Christmas and New year holiday season will arrive soon, so people are anticipating what the new year will bring.

Christmas is a busy time for businesses, so it’s essential to start planning your Christmas marketing strategy early. By starting early, you can try out different ideas and approaches without feeling too pressured and benefit from the seasonal sales boom that generally happens.

The best time for you to prioritise promotional efforts is now. Right now your potential customers will be more eager to do business with you out of the holiday spirit but are also more willing to look for alternate options. By making sure your tactics are sound during this crucial time, you can start off on a good note with high certainty and increase your chances at success in the year 2024.

Over the next few weeks, you will see your competitors accelerate their promotional strategies. This is because they need to compensate for any missed growth opportunities that may have caused a loss of revenue during turbulent times we experienced in Sri-Lanka.

Promotional strategies

The operating environment this season is more stable than the past couple of years. Changing economic circumstances call for goals and promotional strategies to be re-evaluated and re-set to match the higher demand but with greater competition.

Brand building in times of growth is fine, but short-term sales objectives or share expansion may be more relevant. The use of short-term growth strategies such as end-user value offers, seasonal decor, or e-marketing will increase as a proportion of your marketing budget.

Competing on price is not the only option during the season while it may help in the short-term cash flow but the very same action can further deteriorate your ability to survive due to sharp gross margin erosion with cost escalating very frequently beyond comprehension.

Customers will always want value depending on which consumer profile you are targeting. Generalising and taking a conservative approach to stay afloat may not be the wisest decision. You may wish to attack your competitors to expand your footprint where appropriate to do so.

The concept of value needs to expand beyond economic value. Value can be created through quality, benefits, delivery, information, extra services, customer satisfaction and relationship management. Now more than ever, companies need to assess how they can add value rather than merely competing on price.

An aggressive promotion doesn’t have to be costly, but it does need to be different, creative. It comes from truly knowing the needs of customers more than the competitor does to create a sustainable means of competitive advantage and an understanding of how to effectively and efficiently communicate with potential clients. The message is clear. Tough economic times create an opportunity for imaginative entrepreneurs who look for innovative and integrated marketing strategies that generate higher sales by increasing the loyalty of existing customers and attracting new ones.

While many businesses are seduced by the need to cut costs when the chips are down, the visionary entrepreneurs would be asking, what promotional strategies can I introduce to improve the customer experience, to grow despite adversity?

Best time to connect

The holiday shopping season is a great time to connect with customers, drive sales, and raise brand awareness. With many companies vying for holiday shoppers’ attention, it’s important to stand out. Rise above the noise with these holiday marketing tips, ideas, and strategies.

Launching a successful promotional campaign during the holiday shopping season isn’t only about hanging festive banners or offering seasonal discounts. It requires strategic planning, a deep understanding of your target audience, and the ability to weave a cohesive narrative that resonates with the spirit of the season. Whether this is your first attempt or you want to refine your existing approach, a blueprint will be needed to ensure your 2023 holiday campaign shines brilliantly.

Decide on a theme

No matter how busy you are, or how much experience you think you’ve already got from previous companies or previous campaigns, past experiences remain our greatest teachers. That’s why it’s always good to delve into the data from your past holiday campaigns to discern your victories and pinpoint areas ripe for refinement, before starting any other work.

You might have remembered things not 100% like they were last year. Data never lies. Understanding and defining your target audience is the cornerstone of any effective marketing campaign, especially during the bustling holiday season.

By diving deep into your buyer personas, you can unravel the distinct preferences, habits, and pain points of different segments of your audience. If you’re in a fiercely competitive market, standing toe-to-toe with industry giants, an irresistible, unique offer could be the game-changer that sets you apart.

Decide on your holiday campaign theme; Now that you know what your audience likes and dislikes, it is much easier to identify which holidays and events will captivate your audience. You can’t participate in every little cheer if it does not fit with your target audience, so let’s start by identifying which holidays and events are vital for you and your customers.

The best practice is to plan this in advance. Holidays always happen on the same dates yearly, so plan early if you haven’t already planned it.

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