Avoid The Year-End Slump – How to Increase Sales In December
In 2014, retail holiday sales are slated to increase by 4.1%. Retailers offer deals to attract new and loyal customers, naturally increasing the end of year boost.
For those of us who don’t work in the retail sector, but still want to increase revenue by year-end, here are a few ideas:
Ask for Referrals
The best advocates are loyal customers, but sometimes they forget to recommend you. Your customers have a million things on their mind, and you’re just one. To get “top of mind” again, create a special referral program and send a few reminders over the month of December. Giving away a promotional item, whether it’s a tablet or a cup of tea, can add a spark to the program and make it grow quickly.
Incentives work well in many situations, including closing new customers, improving renewal rates and selling more to existing customers. As customers, we appreciate incentives because we’re getting extra value that wasn’t there before. The “bonus” is the nudge we need to close the deal. Make sure the incentive is relevant to your customers and put a specific timeline on the offer. Whatever offer you use, stay true to your brand’s image and keep customer experience as a top priority.
Need help managing account and customer information? Consider a powerful, simple CRM like Claritysoft.
Bundle Products in a New Way
If you can create new and innovative product bundles, wonderful! A creative package is something fresh you can communicate to existing customers and prospects. Take inspiration from restaurants and retailers who have mastered this technique with value meals and gift baskets. Even local butchers sell “holiday” packages of meats and produce, especially selected for hosting parties.
Create a Special Year-End Communication
Thank your customers for their continued support with a special end of year communication or holiday message. This tactic is very different in that you do not ask for the sale. Rather, simply use this communication as a touch point with customers to express your gratitude. Who knows? A warm, friendly message may remind a customer to call you and buy again.
For a few creative ideas on how to thank clients and customers, check out this article.
Offer Discounts to Prospects
While many experts do not recommend discounts as a first tactic, they are effective at times. For both businesses and customers, year-end budgets are tight, and a slight discount helps your buyers with little wiggle room in their financial plans. Just be sure to use pricing that will allow your business to stay sustainable!
Pro tip: When selling to businesses, you can make your discount stand out by offering 7% or 12% instead of 5% or 10%. The extra two percentage points increases the perceived value. Plus, if the customer asks for an even larger discount and you wish you to grant it, the next discount is a smaller leap.
There are a number of reasons customers leave or check out mid-way through the sales process. You can offer special deals to customers to “come back” to you. Like all offers and incentives, keep the special relevant to the customer. If possible, personalize the special so that it has special meaning and value.Offer “Come Back” Deals