The holiday season is more than just a time to spend celebrating with loved ones. For many business owners, the holiday season marks a time of vast potential. This year, consumer confidence is high and unemployment is low. These two key factors could contribute to a positive holiday retail season for business owners who have made the right preparations before the season begins.
With the right strategies, businesses have the capability to reap a lot of financial gain at the end of the year. So, what are the top financial strategies businesses can use to maximize holiday season profits? Below, entrepreneurs from Forbes Finance Council share their top financial strategies for making the most of the holiday season.
1. Use Google Ads, SEO And Content Marketing
The best way to tackle the holiday season is through targeted advertising combined with strong SEO and content marketing. Research what people are looking for this holiday season, create good content and copy for your merchandise and keep them with a decent sale offer. Additionally, customers will still be drawn to the site even after the holiday season. - Greg Herlean, Horizon Trust
2. Optimize Your Inventory
One common way that online retailers leave money on the table during the holidays lies in failing to accurately forecast consumer demand and purchase stock accordingly. One advantage online retailers have over their offline competition is the wealth of data available about existing customers and site visitors. Ensure you make the most of this data and use it to drive your purchasing strategy. - Ismael Wrixen, FE International
3. Focus On Quality Over Quantity
The online retail market is incredibly competitive, particularly during the rush of the holiday season. The key is not in the quantity of dollars put towards campaigns across social and SEM channels but, rather, the quality of your targeting. Understand your product and the consumer audience. Orchestrate your marketing such that you can optimize for these markets so that your dollar goes farther. - Atish Davda, EquityZen
4. Get Started Yesterday
Start early! Make sure to begin planning your marketing campaigns and ads well before the holiday season. Try to learn which products in your niche are trending and stock up on those in bulk in order to save on inventory costs. Sell early and often by offering discounts for customers buying two or more pieces. As the holidays come to a close, offer a blowout sale to get rid of remaining inventory. - Jared Weitz, United Capital Source Inc.
5. Focus On Your Past Customers
It’s too late for SEO; either you have it down or you don't, and a few weeks will not make a huge impact. Instead, focus on your past customers. They purchased from you before and are likely to purchase again -- and hopefully refer some business, too. A successful email campaign to your past customers, possibly advertising some gifts for referrals, can really make a big impact. - Vlad Rusz, Vlad Corp. USA
