Customer loyalty and brand advocacy play a major role in contributing to a brand’s overall sales. As a retailer, increased loyalty among your...
6 Ways to Boost Sales & Revenue During the Holidays
Christmas and the New Year around the corner spells promotions and sales - a perfect opportunity for a business like yours to maximize sales and revenue.
Ah, the year end. This season puts people in the holiday mood with bright lights and festive decor - but that's not all.
Christmas and the New Year around the corner also spells promotions and bonuses for the hardworking common man (and woman) – a perfect opportunity for a business like yours to maximize your sales and revenue.
While there are many marketing strategies to choose from, here are the top six that have never seemed to fail.
1. Flaunt Festive Merchandise
Take advantage of the magic in the air and put those creative juices to work by releasing one or more festive-themed products. Not only has this method worked well for Christmas, but brands and businesses have replicated the same strategy for many other holidays, including Chinese New Year, Valentine’s, Hari Raya and more.
While not necessarily festive, myBurgerLab recently partnered with Mihoyo to sell anime-themed merchandise alongside burger sets inspired by the respective anime. This drew massive crowds to their participating outlet, and they completely sold out their stock of the day on just the 3rd day of this promotion.
2. Go Crazy With Gift Sets
This sales method is especially effective for customers who already love your product. Innisfree does a fantastic example of how you can combine pre-existing products with a festive theme and sell them at a slightly lowered price than the regular individual cost.
By bundling several products together, you will not only be able to sell more items at once, but also generate significant revenue. It also helps to have relatable designs and to know what interests your audience may have. Innisfree’s Snoopy design targeted their female customers who once watched that very cartoon on their TV screens during their childhood.
Think about the emotions that drive your customers and what they care about to sell them a product that they will truly want. Now that’s what we call knowing your customer.
3. Push A Loyalty Membership
If you haven’t established a loyalty program already, now is the perfect time to do so.
Marketing a loyalty program as your brand or business’ way of giving back to your customers (i.e. the very people who have supported you this far) will tie in appropriately with the generosity of the season, while also starting a new incentive for your customers to keep coming back to your business for more.
4. Give Out Promotional Points
We have stressed again and again how beneficial it is for both customers and businesses to build on a loyalty program that accumulates points.
Take it from Grab. They’ve had a campaign running for double the points when customers order from participating vendors, which can then be used for a wide variety of rewards.
Whether you’re just starting or have had a loyalty program for a while, this tactic will help you to gain new loyalty members and retain the ones you already have.
Not only will your customers feel valued, there’s also a likelihood they will make purchases more often.
5. Two Words: Gift Cards
This is the best sales invention retail has come up with for the many instances that we have been at a loss of what to get a great aunt, a picky nephew, or a colleague whom you’ve only spoken to twice.
Starbucks does an excellent job of selling their gift cards, creating new ‘collectible’ designs for each and every season. For this year’s Christmas, they launched a red and green takeaway coffee cup-shaped gift card – with a minimum activation of RM100.
If that’s not an effective way of marketing gift cards, we don’t know what is. Plus, their gift cards tie in to their loyalty program, giving buyers a reason to keep purchasing from their stores.
6. Throw In Exclusive Discounts
Of course, every business at the end of year fights to offer the best prices on products and services within their market.
However, Clarus Commerce reports that 60% of consumers are motivated to join a premium loyalty program in return for instant discounts.
By simply offering an additional percentage off your sale items, you will not only gain a loyalty member, but also their contact information, and the opportunity to continue remarketing products to them that they already have an interest in. It’s a win-win situation.
With all of these methods of increasing sales and revenue during the holiday season, it is also important to choose the strategies that are relevant to your brand and customers.
If you're ready to start a loyalty program, Eber is ready to help your business with a loyalty program that’s tailor-made for your needs. Talk to us now to find out how you can do it!