Each year, we hear small business owners ask the same question: “How can I boost my income?” Well, timing plays a critical role here. And what better time to pick than the holiday season? Here are our top tips that will (mostly) cost you just a little bit of time:
1. Plug and play eCommerce
One of the easiest ways for small business owners to grow their income requires little to no effort at all! By plugging in Stor to your website, you can drag and drop items to create an online storefront and allow your customers to purchase products directly. This intuitive platform is ideal if your knowledge of websites is minimal and you don’t want to worry yourself with website maintenance, updates, or security issues. You can start using it for free and tailor your pricing as you grow your business. Since you don’t have to do any work, that’s easy money!
2. Try Bundles
Bundles are one way to convince customers to spend more. It pairs products and services to encourage consumers to spend a little bit more on something they otherwise wouldn’t have bought. If you are selling physical products, you can market them as gifts or craft limited-edition package deals to increase interest.
3. Anchor pricing is your friend
Have you heard of “Anchor Pricing” yet? Essentially, it’s the practice of setting a price that customers can use as a guide for decisions. Every time you see “£100/ £75” as part of a discount, the £100 is the anchor price for the £75 sale price. There is truly no such thing as cheap or expensive products – everything is relative. It’s human nature to compare prices when valuing products, so anchor prices allow them to do so easily and increase your sales.
4. Focus on providing value
In every purchase decision, consumers consider the price. However, they don’t automatically buy the cheapest item. A good balance between price and quality will win at the end of the day, so focusing on providing value to your customers should be key. Talk about the quality of your goods and services and be genuine – customers will buy based on how they think your goods will work in their lives and not the other way around. Talk about the long-term value you’ll bring to their life and give them a reason to take the plunge.
5. Offer your customers what they want
Even though Black Friday sales seem more optimistic than last year, spending habits won’t change considerably. Competitive prices will be crucial to attracting customers this holiday season, together with frequent discounts and free shipping for physical goods.
According to IntelligenceNode, 64% of consumers are also thinking about sustainability, so think about how you can integrate this into your business practices.
6. Upsell
A “Thank You” email is a wonderful way to express your appreciation to former and existing customers during the holiday season. Send the message any time after Cyber Monday and before New Year’s Day. Include a special offer to your customers as a way of thanking them for their business and reminding them of the value of your brand.
7. Remarketing campaigns
Best used during the holiday season, remarketing can be incredibly practical to encourage conversions for products and services as well as time-sensitive offers. You should expect that some of your prospects won’t make a purchase on their first visit to your website. Ads will be displayed to people who have visited your site but haven’t made a purchase through a remarketing campaign on search engines or social media. Your sales funnel will be more effective if you keep them interested and engage them.
8. Make your social media channels festive
There’s a reason almost every commercial you see between Halloween and New Year’s Day features a holiday theme. Post insights, tips, best practices, photos, and videos that reflect your holiday message on your social media accounts. It’s important to keep in mind that year-end content can be relevant irrespective of the time of year. The goal is to capture the enthusiasm that everyone feels at that time of year.
To wrap things up, we’d also like to offer some final advice. As you execute the techniques above, remember that your holiday promos should be about authenticity at a time when prospects are most open to the idea of self-improvement. This will have a positive impact on your business before we do it all again next year.
