3 Ways To Boost Your Small Business This Holiday Season
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If you’re a small business owner and land new customers as part of your holiday push, you might get repeat customers that benefit you long after that initial sale:
- 72% of consumers return to the same small businesses each holiday season;
- 88% of customers are likely to buy again after that initial holiday purchase;
- Yet, the smallest businesses (under 10 employees) are less likely than their bigger counterparts to make specific holiday preparations or offer holiday promotions
These are just some of the findings in the Constant Contact Small Business Now report, which surveyed more than 1,800 small business owners and nearly 2,500 consumers across the United States, Canada, the United Kingdom, Australia, and New Zealand. November is National Small Business Month, and there are still almost five weeks left in Q4, so even if you missed the Black Friday push, you still have time to make a year-end push. Here are three ways to boost your small business this holiday season:
1. Focus On Revenue Generation
According to the Small Business Now report, 60% of small businesses say the fourth quarter of the year accounts for up to 50% of their annual sales.
Don’t get distracted with operational items that can wait
The high stakes of Q4 may increase anxiety but also provide a major opportunity. Your customers are spending money right now, so of all the initiatives you have on your to-do list (e.g., tax planning, organizing your calendar), focus on revenue generation.
Prioritize activities that most directly lead to sales
Contact current customers to thank them for their patronage, and put yourself back in front of them. Check in with current customers and prospects about end-of-year and Q1 plans that might be something you can help with. Circle back to prospects who didn’t buy to see if now is a better time or to uncover the specific needs they’re willing to pay for now.
2. Emphasize Seasonal Deals
To convince customers to buy, discounts and sales were cited as the most effective promotions (mentioned by 51% of Small Business Now respondents running promotions).
Think of promotions that are easy to launch
With just a month left in the year, there is probably not enough time to create an offering from scratch, so look at what you have readily available. If you’re a knowledge provider, do you have programs that you hosted before that you can easily repeat? If you sell physical goods, do you have existing inventory ready to sell?
Be careful not to cut too far into your profits
While revenues are important, be careful not to discount so much that you don’t profit from these extra sales. If your prices already reflect a thin profit margin, consider bundling items to encourage more sales without dropping prices for individual items. You could also offer an extra item that doesn’t cost you much. If you sell physical goods, you could add products that haven’t been selling on their own, or if you sell services, you could add an additional service free. For example, a marketing consultant might offer all clients who commit in the next few weeks, exclusive access to a Q1 workshop. Even if you’re a freelancer or consultant, you have options in how you negotiate price.
3. Prioritize Social Media In Your Marketing
A higher percentage of the Small Business Now respondents named social media marketing as the most impactful channel for holiday marketing – 40% v. 18% for email marketing.
Measure what works for you
You don’t have to do what everyone else does. Check your own sales, and verify where your customers are coming from. If email marketing works for you, double down on that. If referrals are a big driver, consider a special referral bonus for bringing in customers over the next few weeks.
Prioritize the social media platform where your customers are
If you’re a knowledge provider, optimizing LinkedIn might be the best way to be seen by your ideal customer. If your work is visual or design-heavy, Instagram might be more relevant. Social media marketing doesn’t mean being on every platform.
Bonus Tip: Control What You Can Control
Whatever you decide to try at year-end, focus on your own efforts and not what everyone else is doing, including the market. The Small Business Now report highlighted inflation and weak customer spending as top business concerns (32% and 22% of respondents, respectively). Nearly half of businesses surveyed reported negative impact from recent tariff policies. By all means, lobby your local representatives to let your voice be heard on policies that impact small businesses, but in the meantime, control what you can control. Don’t get sucked into limiting beliefs that tell you there is a ceiling on what you can earn.
