After the holidays, it’s not uncommon for sales to slump a bit. Not only have people just spent a ton of money on their holiday celebrations but they have family members to pay attention to and jobs to get back to (eventually).
So what do you do to keep your January from being a low revenue month? Well, if you’re like most businesses, you start planning your sales. When you’re planning your post-holiday sales strategy, here are some things to consider:
4 Tips to Get Out of a Post-Holiday Sales Slump
1. Holiday Merchandise If you still have holiday merchandise featured, it’s time to price it to move. I’ve bought Easter goods at Target for as little as ten cents on the dollar. While there isn’t always room to take such a steep price cut, it’s time to move these products out the door so you can feature more timely things that people are interested in buying now. Lush priced their Christmas inventory at 50% off a few days before the holiday was even over and was sold out in days. The timing and percentage of the discount can help to make at least some of your money back. Plus, you don’t have your website or store cluttered with things people aren’t currently interested in.
2. Inventory This can be a tricky thing to balance. If you have too much of any one thing, it’s time to consider a discount. No matter the season, if something is sitting around in droves it could be a sign that it didn’t resonate with your customers the way you’d hoped. Discounting these items can help you to make a profit in a traditionally slow month.
3. Best Sellers Alternately, if you have an item that always sells like gang busters, advertising it on Facebook or putting it on sale could help bring people to your store that may not have otherwise been planning to attend. Knowing what the correct price point here to lure people in and still make a profit can be tricky. But, if it gets people in the store (and hopefully buying more) it can be worth it to use something traditionally popular to get people’s attention.
4. Ad Budget Not sure how to reach more people? This is a great month to review your ad budget and determine whether you can afford to spend a little more money than normal in order to reach customers. It can be worthwhile to bring people in during a slow month so that you can still cover your costs, even in a post-holiday environment.
January is a traditionally tough month. Many businesses struggle after the holidays. But with the right post-holiday sales strategy, you still have time to make this month a success.