How to Effectively Communicate the Big Ideas That Set Your Business Apart From Other Brands This Holiday Season
With unprecedented global economic challenges, retailers should dedicate their efforts and resources to what they can control during the upcoming holiday season. In the previous year, the retail sector achieved a 16 percent growth driven by various factors. For instance, the stabilizing job market and government stimuli boosted discretionary income, thus supporting consumers' purchasing potential.
Unfortunately, the inflation sting doesn't create optimal conditions for the retail sector in 2022. Therefore, retailers should brace themselves for challenges such as supply chain delays and rising operation costs. Furthermore, consumer spending has reduced significantly owing to inflation that has peaked in most parts of the world. Nevertheless, retailers can mobilize their resources to achieve the best in the upcoming holiday season by adopting the following strategies.
Popularize Holiday Sales Offers as Early as Possible
The economic turmoil has forced many consumers to research the best offers instead of simply walking into malls and shopping areas to purchase. As such, they research and collect opinions from their friends before they settle on any retailer and/or product. Therefore, it's recommended to send a message to potential buyers to make up their minds and purchase your product or service. The communication should include the discounts and exceptional deals they'll enjoy during their holiday shopping expeditions. Smart retailers advertise their upcoming holiday offers through their social media pages and websites. The goal is to show the immense savings they will earn customers.
Launch Sales Earlier Than Competitors
If you advertise your products earlier, consumers will yearn to purchase when available. Successful retailers refrain from keeping their customers waiting for long periods because they may switch to other sellers. Consequently, they may purchase from other retailers and brands with available products in the market. Therefore, it's crucial to launch your products early enough, even before the official kickoff of the holiday season. Sometimes it feels overwhelming to launch the entire offer, therefore, it's best to start with minor sales to avoid running out of stock during the peak season.
Always understand that supply chain issues are normally experienced during the holiday season, especially with the current inflation causing consumers to shop earlier. As a result, retailers should operate cautiously to avoid running out of stock before the peak season. Bringing products to market before your competitors is essential for educating consumers about a product's qualities. Those who get early experiences with the product play a role in promoting it among their friends and family. It's a great way to boost customer loyalty.
Create Multiple Channels for Sales
During the last holiday season, retail sales grew across several channels. Physical store sales surpassed online sales by enormous margins for the first time in several years. Nevertheless, the e-commerce sector has shown tremendous growth that retailers should capitalize on to attain their goals. As such, retailers should scale their omnichannel strategies to maximize their reach to customers.
In conclusion, predicting consumer behavior in the upcoming holiday season is impossible because trends have significantly changed. However, soaring inflation is likely to encourage the behavior of selectivity among consumers. Thus, retailers should strategically make their offers known to shoppers via early promotion and launch. The scope of promotion should also be widened to reach more potential customers.
Christena Garduno is CEO of Media Culture, a multichannel brand response media agency that drives growth for global clients with innovative and performance-driven media campaigns.
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Christena Garduno is chief executive officer of Media Culture, a multichannel brand response media agency that drives growth for global clients with innovative and performance-driven media campaigns. Christena spent her career building the company from the ground up, leading with forward-thinking vision for the agency. With her dedication to leadership and excellence, she has led the agency through expedited growth, continuing to navigate the rapidly changing industry and pilot the path to unwavering success. She is a member of Forbes Agency Council and the recipient of an Echo Award for her work with Turbo Tax.