post by:
Donna Cohen
The holidays have come and gone, but your job isn’t done yet. It’s important to capitalize on post-holiday opportunities. With that in mind, we’ll share some insider tips with you, so you can better navigate Q1.
Are you exhausted from the holidays? Running nonstop campaigns and keeping up on inventory is a lot of work. Q4 is the biggest quarter of the year…it’s supposed to be at least. Now, it’s time to keep that momentum going and prepare for Q1. How do you do that, you ask? We’re going to share some wonderful tips with you. Get out your thinking caps! We’re going to get you those post-holiday sales and keep your eCommerce business thriving well past the winter season.
1. Retarget Your Audience
With the holiday season coming to a close, you need to begin retargeting. This means advertising to those who are already familiar with your brand or “warm audiences.” Amazon has many options for advertising, including “sponsored display retargeting,” which drives the right customers to your site. It’s similar to behavioral targeting, rather than keyword-based targeting. If there are customers who have visited or purchased from your site in the last thirty days, the program will focus on them, so act quickly.
2. Revisit Your Advertising Budget
It’s smart to scale down your advertising budget around mid-December. Shipping cut off dates and shopping is going to slowly decline, which means your ad spending should lower, as well. Gradually do this and you will save much-needed funding for Q1. Once the holidays are over, you’ll need to revisit your advertising budget, so you can plan for campaigns the following year. Prepare for the Q1 holidays and the products that you’ll need to push during their respective seasons.
3. Stay Updated
Customers need to stay engaged somehow. This means keeping updated on current trends and holidays. You need to adjust your site and advertisements to match the popular purchases. Amazon has a tool called “manage your consumer” which allows you to target customers who are already following your brand. Prioritizing this market will keep your customers updated and returning to your site more often. Don’t underestimate them; even after the holidays are over, they’ll be watching out for new deals.
4. Use Q4 Profits
Reinvest your Q4 profits into Q1. There are many customers who missed their chance to get good holiday deals, want to start early on next year’s gifts, and those who just got gift cards. Q4 was a big quarter with big profits. Use it to stock up on inventory and adjust your advertising campaigns. Be ready for that post-holiday slump by taking advantage of your profits and using them wisely.
5. Reuse Winter Holiday Items
Holiday items don’t have to be just for the holidays. Often, they can be advertised as “cold season” items. Reach out to customers in cold climates. More often than not, they’re still interested in buying your winter coats, skis, snowboards, and gloves. Some places still have five months of winter left, even after the darkest day of the year passes by. If you have leftover stock of these items, promote them with discounts or simply as “new products.”
6. Diversify Your Inventory
It’s important to keep a balanced array of items in stock for year round purchases. Products with low turnover rates are always good to keep on hand. You can mix in some high-turnover items, but keep these minimal. Unless you’re a seasonal business, it’s good to diversify your inventory. This accommodates more customers throughout the year. In short, don’t rely solely on the winter holidays to get you through, despite the generous profits.
7. Prepare For Upcoming Holidays
People want to celebrate! There are many holidays during Q1. Valentines Day, St. Patrick’s Day, Easter, and the Super Bowl are opportunities for you. Keep all the basics in stock, such as candy, decorations, electronics, and gift baskets. Adjust your website and advertising for the upcoming celebrations. Push your chocolates during the love holiday and push gift baskets during Easter. Things like this will keep customers coming back to your store every time they need to celebrate.
8. Don’t Overestimate Q1
Never compare quarters to one another. Q4 is a big money maker, so do not expect the same results in Q1. It is better to prepare for Q1 by looking at Q1 in previous years. You need to plan your quarterly budget according to the sales you predict at the first of the year. Each quarter has its own expectations and “personality” if you will. People will spend differently throughout the year due to what’s going on around them. It’s your job to adjust to them.
9. Look Into Inventory Financing
Keeping stocked is key if you want to capitalize in Q1. If you are struggling to meet customer demand and need cash to supply your goods, inventory financing would be a good route to take. It’s a lower risk than most loans, because unlike others, you’re only gambling your inventory and not your other assets. This type of funding will give you a boost, so you can better prepare for product launches and keep up with any spikes in sales volume.