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Given the facts we’ve just noted, it’s certainly a good idea to get your business ready to reap maximum benefits from all that’ll happen in the final quarter of the year. The following are steps you can take to do just that:
Stock Up on Inventory
Begin by evaluating the past year’s sales data and forecasting the demand for this year. You need to ensure that you have adequate stock to meet customer demand. Running out of inventory can lead to missed sales opportunities and leave your customers feeling unsatisfied.Plan Promotions in Advance
Consider what types of promotions will appeal to your target audience. This can include discounts, buy-one-get-one offers, loyalty points, or giveaways. Decide on what works well ahead of time, and market your promo packages early enough. Whatever you do, be sure that the promotions are feasible and won’t drastically hurt your profit margins.Revamp Your Online Presence
A growing number of customers do their shopping online, especially during the end-of-year sales seasons. You’ll want to make the most of the traffic that’ll come into your business via the web. So, ensure that your website is mobile-friendly, user-friendly, and can handle a surge in visits. It’s also a good time to invest in online advertising to attract a broader audience.Sign up for the Connect Nigeria daily newsletter
Strengthen Customer Support
Regardless of any increase in the number of inquiries, complaints and other communication from customers, prospects, and the general public, you need your customer service centre ready and able to handle them all. Your customer support representatives have to be up and doing. You may want to train your team on handling high-pressure situations and managing a larger volume of requests.Plan for Returns and Exchanges
An increase in sales will inevitably result in a higher number of returns and exchanges. Deciding to talk your buyers into settling for something they’re keen on will seldom turn out well for your business or its brand. Instead, be ready to receive more returned items. But you should also have a clear policy in place concerning returns and exchanges, and ascertain that both your team and customers are aware of it.Engage on Social Media
Don’t be wary of engaging your customers and the rest of the public via social media. It’s where a lot of meaningful conversations happen these days. Promote your sales there, showcase top products, and create a buzz around your brand. Social media advertising can also help target specific demographics.Maintain Cash Flow
Although sales can lead to a significant increase in revenue, expenses like purchasing additional inventory and hiring temporary (seasonal) staff can strain your cash flow. Keep a close eye on your finances and make sure that you have enough liquidity to cover operational expenses.Analyze and Adapt
Once the sale begins, keep a close eye on analytics. Find out which products are popular, which promotions are working, and what the general consumer sentiment is. This real-time data can help you make mid-course corrections if needed.Register to attend the CN Business Mixer
Final Words
End-of-year sales are a goldmine for businesses, but they also come with their own set of challenges. If you prepare in advance, you can ensure that your business capitalizes on the increased demand while providing an excellent experience for your customers. Featured Image Source: iStockGot a suggestion? Contact us: editor@connectnigeria.com
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