A third of small businesses believe seasonal trading is vital for their growth, with 21% of the year’s revenue typically taken over this period. And with Black Friday looming, experts are predicting that consumers will spend £2.4 billion on deals in stores and online this weekend alone, demonstrating why the seasonal sales period could make or break a small business.
So what can you do to ensure you are ready? Here are some great tips for entrepreneurs to make the next few weeks as successful as possible:
- Ensure your website can handle increased traffic, as visits to retail websites increase by 270% over the festive period
- Consider running special offers and use social media smartly to promote these. A quarter of British shoppers say a discount of 20-29% is enough to convince them to buy a product
- Make adjustments to your delivery times and discussed plans with your suppliers and customers to handle volume and prevent customer disappointment
- Ensure you have enough stock of popular items. Many customers say they would use another retailer or brand if the product they wanted was out of stock
- Consider being involved with Small Business Saturday. 48%of people who shopped at a small enterprise on Small Business Saturday in previous years said they spent more than they would usually, and 75% of local councils supported the campaign, increasing by 55%
If you are interested in learning more about marketing for your food or drink brand, please email email@example.com for more information on how our Elevation Marketing programme for SME’s in the food and drink industry could help you!
SOURCES: Accenture, Kantar UK Insights, Experian and Retail Research