It can easily be the most wonderful time of the year as a business owner if you know how to leverage consumer behavior at the end of the year. People tend to be more ready to purchase products and services since they’re looking for great deals and ways to give during the holidays. How people make buying decisions has changed to some degree due the world’s current state but it doesn't mean you can’t make moves to succeed.
Consumer behavior trends for you to be aware of this holiday season
Here are some quick stats on consumer behavior during the holidays that you should be aware of:
Consumers will be less likely to gather with friends and family this Christmas. In fact, only 72% plan to meet up compared to 86% in previous years.
2/3 of consumers expect to spend about the same amount they have in past holidays.
6% of consumers expect to avoid celebrating the arrival of the New Year altogether.
Approximately 60% of consumers are more comfortable shopping in-person now that vaccines have been available.
70% of consumers switch retailers or brands instead of waiting for their preferred items to come back in stock
Consumer trends are still evolving since 2020 but there are still ways for you to grow this holiday season. You can use the information above to make informed decision moving forward with your current marketing plans.
All of the tips shared below are practical and will help you achieve your sales/marketing goals as the year comes to an end.
Use these tips to achieve your revenue goals this holiday season
Now that you have a better understanding of buying trends this holiday season, let’s talk about practical ways to grow your business. Keep in mind that most of these tips won’t cost you additional money. They’ll require some time but the ROI on these tips are high.
Ask for reviews
It’s hard to get reviews if you don’t ask for them! Reviews are one of the best ways to strengthen your brand image and gain traction with your target audience. 93% of customers read online reviews before making a purchase. As you increase the number of your positive reviews, the opportunities for more revenue goes up. People care about the social validation that comes from other consumers so make it easier on yourself to sell more products/services!
Reply to all of your reviews
Customers want to see how you handle both positive and negative reviews. You can show that you’re listening when reply to every review you receive. This best practice goes for every platform you receive reviews on from Google My Business to Amazon. Do your best to be prompt and reply with 24 hours.
Update your product/service listings
One of the ways to disappoint your customers and prevent them from coming back is not setting realistic expectations. If shipping times have changed, update that info. Do you have new features in a product that you’ve been selling? Update that info. The same goes if you’ve changed operating hours. Review everything you offer to make sure your information listed is accurate.
Announce your discounts/special promotions
No one will know about your promos if you don’t share them with your target audience! It’s best if you announce these discounts and sales through all of your marketing channels such as:
Facebook
Email marketing
Instagram
Pinterest
Schedule out your posts ahead of time so you can strategically share the information. For example, you can announce upcoming sales on Instagram a month ahead of time, the week prior, then the day of. Give your brand every chance to grow and increase sales.
Partner with other brands (businesses and influencers)
An effective way to gain visibility with more potential customers and clients is to collaborate with brands and influencers who have the same target audience as you. There is a lot of power in brand synergy that you can benefit from. Here are a few examples of brand partnerships to give you some inspiration of who you can collaborate with for your business:
Nutritional supplement company and a exercise equipment company
Snow removal company and a handyman company
Yoga teacher and a physical therapist
Catering company and a wedding planner
You can do a variety of things with your brand partners to increase your sales. Some of these partnerships can include co-giveaways, discount codes, and pop-up shops. Find ways to be creative. You’ll receive more opportunities to grow and thrive as you work with others.
Make adjustments each week based on your data
As you’re consistent with your marketing efforts, you’ll have a steady stream of data to work with. Use the information you’re gathering to make adjustments to your marketing plan. Pay attention to statistics like your overall web traffic, engagement on social media, and your total revenue.
Provide a consistent brand experience
If you’re an e-commerce business and your rule for yourself is to ship orders within 24 hours, you do it. If you’re a barbershop who always offers a soda to every client, you do it. Stick to your standard operating procedures at all times. It’s part of building a real brand that people can trust.
All of the tips above are effective and practical. You can quickly implement them in your marketing plan to get the results you want. The longer you wait to take action, the smaller your window is to thrive during the holiday season. Start working these best practices into your overall strategy this week.
Do you have any questions about taking advantage of consumer behavior during the holiday season? Fill out the form below and we will get back to you shortly!