From businesses closing down to mass redundancies, the impact of the ongoing Coronavirus pandemic has been devastating and with local lockdowns and people staying in rather than going out, the retail and hospitality sector has been hit hard. For the first time in 11 years, the UK is in recession. If you are worried about sales during this last quarter, maybe it’s time to start thinking about the upcoming marketing days and how you can use them to your advantage for a positive customer retention strategy.
The upcoming Holiday season comes around quicker and quicker each year. With everything that’s going on in the world, many retailers have unleashed sales earlier than ever and are offering even bigger discounts. Whether you’re planning for Black Friday, Cyber Monday or general Winter sales, here’s some suggested strategies.
Plan early and re-think your sale duration
One of the best ways to ensure you have a profitable fourth quarter is begin planning your strategy early. Another is to re-think your sale duration and think about how you can match your competitors. Think about which products and services you want to promote, where you will advertise these offers and if you’ll offer in-store or online deals.
Give them an offer they can’t resist
When it comes to holiday deals, it’s important to analyse the offers of your competitors to make sure you are on par or surpassing them. At least 25% off for mega marketing days such as Christmas, Black Friday or Cyber Monday is advised. Anything under is likely to be ignored. Consider your industry, your competition and allow that to be your guide when choosing what discount to offer.
Don’t forget about people who are buying for themselves
It’s not just people buying Christmas presents that use days like Black Friday to shop. It’s important to remember those who are looking to treat themselves and think about how you can position your products in a way that attracts them too!
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