The National Retail Federation projects that holiday sales (both online and offline) will likely cross $950 Billion in 2022. At the time of this writing, news outlets are reporting that consumers have already dropped a whopping $9 million in online sales alone.
With all this money floating around, how do so many businesses struggle to make sales during the holidays, while others sell out of everything immediately? In this article, we’re breaking down three steps you can take to make sure you get your piece of the holiday pie.
Holiday Marketing Tip 1: Analyze Past Campaigns
What information are you using to plan your holiday campaign? Do you find yourself looking to see what your competitors are doing, or is your first instinct to focus on what you know will work for your business?
The first step to ensuring you will succeed with Holiday campaigns is to determine what campaigns are working best for your business right now, so that you can focus your promotion around that. Take a look at your best selling products/services and your most effective marketing channels, and let the data drive your holiday campaigns!
You may find that it’s easy (and profitable!) to run the same, or similar, campaign you’ve run in the past!
Holiday Marketing Tip 2: Keep it Simple
As human beings that are also entrepreneurs, it’s in our nature to make things way more complicated than they should be. And holiday marketing is no exception.
When you’re bombarded with ads featuring mega bundles, massive bonuses, and unbelievable discounts, your mind may start to tell you that you need to put something similar together for your business to compete. But here’s a few reasons to avoid impulsing into a complex offer:
- Not everything that glitters is gold. You have no way of knowing if these offers are even converting well (or if they’re any good)!
- Competition is greater online during the holiday season than any other time of the year. The more complex your promotion is, the less likely you are to convince your prospect to buy from you amongst everyone else.
When in doubt, remember the timeless business advice: “If you confuse, you lose!”
Holiday Marketing Tip 3: Don’t forget your existing customers!
As mentioned in the section above, competition is fierce during the holiday season. And rightly so… there’s nearly a trillion dollars on the table! But one major mistake many online businesses make in their quest for holiday success is ignoring their existing customers, and focusing solely on customer acquisition.
No matter what platform you end up on during the holiday season, you’re guaranteed to see advertisements. But what if, instead of competing with lots of different companies to acquire NEW buyers, you focused on getting your existing or past customers to buy more from you?
There’s a simple, scientifically proven business truth that has withstood the test of time. And it says that it’s FIVE TIMES cheaper to sell to an existing customer than it is to acquire a new one. Use this truth to your advantage this holiday season!
What would you do with 5X your typical profits?
In this post we’ve discussed three critical marketing tips that can help you reach your holiday season and end-of-year goals. Implementing the insights presented in this article will help you create the perfect offers, to the perfect buyer, so you can have the most profitable holiday season ever!