Planning is ongoing for every retailer, but preparation for the busiest shopping time of the year should include a detailed review of last year’s holiday sales strategy and performance. This information can be used to determine inventory, tailor deals, create promotional offers and set revenue goals for the season.
“Make sure that the goals you set for yourself are reasonable and attainable,” said Stefan Lewinger, founder and CEO of Sock Fancy. He also reminded fellow business owners that they don’t have to define their goals solely on revenue. “Other metrics, like customer engagement and social media following, are … great tools to measure your success,” he said.
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Alex Tran, a digital marketing strategist at Hollingsworth, recommended using analytics to manage, distill and interpret all of the information you need to shape your business goals for the holiday marketing season. “There is software that tracks POS [point of sale], inventory, etc. and can help you forecast what your business needs to succeed,” Tran said. “Without data, you will not be able to make informed decisions.”
Spend some time researching the holiday sales strategies of your top competitors and determining the marketing strategy you will use to reach your target customers. Lewinger suggested getting your products included in holiday gift guides or “best of” lists. You should also take the time to look at which online strategies worked well for your business in previous years and see how you can apply them to this year’s plan to help set your business up for online success.