The holidays are the peak season in the retail industry. Whether the economy is in a good condition or doing poorly, consumers are still bound to make purchases during this time of the year. But how you can lure and engage customers towards your boutique and make them opt to buy your merchandise as opposed to shopping from your competition instead? By implementing effective marketing strategies, starting with the ones we’ve included in this nifty holiday checklist.
(image via nymag.com)
However, before proceeding to execute any kind of tactic, here are two important things that both retailers and designers have to take care of first:
1 ) Do market research
You have to review current trends to have an idea of what your customers want to purchase or even receive come Christmas time, and come up with promos that will cater to those demands.
2) Make the most of your advertising budget
In addition to setting aside your ad budget, you’ve got to determine where to place your promos in a way that will attract more potential shoppers. Make sure you use channels that suit your brand, merchandise, and target market the best.
Once these preparations are done, you’re all set to start checking the other “to-do’s” off your list:
3) Store windows & displays
Increase your foot traffic by putting together eye-catching windows and displays that will attract the attention of potential customers. These are prepared in advance, depending on the size of your shop, how elaborate you intend them to be, and how much is allotted for spending on materials. Even a small investment in decorations can result in exponential growth in sales.
(image via Ricky Zehavi via blog.bergdorfgoodman.com)
4) Gift guides & gift sets
Consumers normally have a budget for their Christmas shopping. Maximize their money’s worth by offering them gift sets and gift guides. In most cases it’s more effective to place gift sets under various categories on the gift guide to make it easier for your customer, but you can also opt to just do either one of them.
5) In-store promotions
Holiday promotions are a great way to give your customers the most bang for their buck and boost your own ROI. Some of the more popular ones include:
– Early bird specials — Set a certain date and time when shoppers can avail of much lower prices for gift items.
– Free gift wrapping and shipping — Can be offered when customers reach a certain price point, or without any conditions.
– Loyalty rewards — Your loyal customers will appreciate special treatment in the form of exclusive discounts, deals, and merchandise.
– Special deals — These include buy-one-get-one-free deals, offering gift cards/certificates when customers spend a certain sum of money, giving out free gifts when they purchase from a certain collection or line, and so on.
– Contests — You can generate excitement among customers by holding contests where they get a chance to win fabulous prizes (e.g. raffles, interactive in-store games, etc.).
(image via londonfashionweekend.co.uk)
With the right combination of marketing strategies for the holiday season, you’re bound to notice an increase your sales. But the work doesn’t stop with what you can do inside. So stay tuned to find out more about retail strategies that go beyond the four walls of a store.