If you think all of the profits in the holiday season are generated on these two days, you’re wrong.
There is a tremendous amount of money spent over the holidays.
Are you doing your best to maximize your holiday profits?
If you don’t know what you have, you can’t sell it very effectively. One of the worst things that might happen is having a boost in sales that doesn’t match your inventory. Then, you’re not only losing sales, you’ll also be losing future customers who can’t trust you with future purchases.
If the holidays are a busy time for you and your blog, seek out help. Getting a freelancer to help write a few articles or create some holiday graphics may free up more time for you to focus on the more profitable elements of your blog. It may also allow you to take a vacation this year – something that can be tricky for many bloggers.
It’s tempting to let the madness of the holiday season extend into your financial records. Fight back. Holiday season is followed by tax season, and you will absolutely need to have clean records of profits and expenses if you hope to avoid paying unnecessary taxes and potential audits. And what a financial drag that would be.
For daily boosts in profit, consider offering flash deals or daily specials. Tweet out your special in the morning and post it on your site. Customers then have the option to take advantage of your special offer. You can continue to offer specials year round, of course, but they are all but expected this time of year, so why not capitalize on expectations?
Tweeting isn’t the only way to find customers anxious to spend money. Facebook has millions of users who can follow your page and all future advertisements and specials. A few well placed ads may lead to new subscribers, boosting not only holiday profits but year round revenues as well. Once you have more subscribers you can include daily offers for members. A deal that feels exclusive plays well with customer psychology.
If your blog has a shopping cart feature or is a portal to a more traditional ecommerce site, are you taking full advantage of shopping psychology? Window shopping is a real thing, and customers will load up a cart, check out the price of things and then walk away. That cart is still there, however, and it is your job to convince them to come back and complete the purchase. Sometimes a reminder email is all it takes to remind them of what they wanted the day before.
If the simple email isn’t enough to get potential customers excited enough to pull the trigger, give them what they want – a price break. Often customers load up carts to check prices and shipping costs. Email them about the abandoned cart and offer a small discount. Suddenly your prices look much more affordable.
The holidays are buying season, but if you’re selling the same thing as everyone else, you are forced to compete on price. And offering super low prices may mean offering items at cost or even slightly below – that’s no way to make a profit. It may make better business sense to offer unique items or services customers can’t find anywhere else. Those may inspire them to pay a premium.
Everyone likes a good bargain, and with an online store the best way to present a bargain may be to offer a bundle of items. This is also a great way to pair a slow seller with other faster sellers to help clear your inventory. A customer buys a single item for a set price or you can offer him the option to buy that item plus three related items for just a bit more and there is definitely an impression of value which should translate to higher sales.
Again, offering a service that customers need is a great way to boost sales and revenues. If you can’t offer unique items consider offering unique services like complimentary gift wrapping. Customers buy your items and you’ll wrap them for free. Not even Amazon can offer a service like that. Granted, you’ll need to be careful about the cost and labor requirements of gift wrapping if you sell high volumes of items.
- Extend Warranties
Warranties are another service you can add to your items to differentiate them from others who may be selling the same thing. If a manufacturer offers a small warranty, offer to extend the warranty or at the very least offer extended customer service or a limited warranty for a set period of time in the future. It may wind up costing you nothing at all, but still boost sales.
Customers don’t have time to be hassled during the holiday season. They want to find what they want, click on it, load it up, check discounts and buy it. Be sure your shopping process is as simple as it can be for customers. The fewer clicks there are the less frustration there will be. Less frustration equates to higher sales and more profit.
This is an expensive season for your shoppers. They could definitely get behind some free items. Use your social media accounts to promote freebies with purchases and definitely include reminders of freebies on the site as would-be customers are navigating around selecting items. While you won’t make money on items you’re offering for free, you may make more money on the items that go along with that freebie – it creates implied value. Just be sure to give away something customers want!
Billions of dollars are spent every holiday season. You should be doing your best to be sure as much of that money is spent though your blog and online shop as absolutely possible! Even just adding one or two new specials or deals is enough to boost sales. And every boost in sales should translate to a boost in profits!
Powered by WPeMatico