Every business has a peak sales period. The seasonal sales period is of utmost importance for business organisations as it helps them to earn substantial profits and cover up their losses, if any. As it is said, “Make hay while the sun shines,” business organisations should make full use of the seasonal sales period. To take advantage of the seasonal sales period, business owners must prepare well in advance. If you strategise properly, you can easily be ahead of your rivals and deal with the increased demand.
10 Effective Strategies to Prepare for Seasonal Sales Period
Meticulous planning is the key to be successful during the seasonal sales period. If you plan early, you have ample time to make the necessary adjustments. You should adopt a comprehensive planning approach that includes all the aspects of business and the resources required during the peak period. Business organisations should plan for the finances, human resources, machinery, stock, etc., to outperform the competitors and capture the market.
2. Sales Forecasting
Business has become data-driven. Business data can provide valuable insights that can be used for its growth and development. In today’s knowledge economy, business owners should use past sales data to predict future trends. If you can predict future sales accurately, you can strategise easily for the seasonal sales period. You can study the pattern and know which products are demanded more, what quantity should be manufactured, what resources would be required, etc., and act accordingly.
3. Budgeting and Arranging for the Finance
It is immensely important to budget for the seasonal sale period. You should not fall short of money in the crucial period of the business. A seasonal sales budget helps you to know the approximate amount of money required. Business organisations should arrange the required finance.
Additional money is required for extensive marketing efforts and additional staff hired during the seasonal sales period. It is wise to have spare money to meet unforeseen expenses during the seasonal sales period to ensure smooth operations. You should not have a scarcity of working capital during the seasonal sales period.
Business organisations should keep track of their financial transactions and expenses during the seasonal sales period. A complete recording of financial transactions helps you to stay within your budget.
You can use the exemplary OkCredit app to make electronic ledgers and keep track of financial transactions. This app is very useful as you are not required to follow the traditional ledger-keeping method, which is cumbersome. OkCredit app aids budgeting for seasonal sales periods as well by reflecting the true financial position of your business.
4. Managing Inventory
The role of inventory can not be ignored in the success of a business. It is essential to have sufficient stock to meet the increased demand during the seasonal sales period. There is pressure of heightened demand in the seasonal sales period. You should not run out-of-stock as it will hamper your revenue streams as well as profits. You should keep extra stock of widely demanded products during the holiday period. You should back-order the required stock for meeting the purchase orders on time.
5. Hiring Human Resource
Human resource is an intangible asset of a business organisation. Trained and skilled human resources pave the way for the success of your business. Business organisations should ensure that they have adequate staff during the seasonal sales period. Organisations should hire additional staff and train them properly before the seasonal sales period to provide a fulfilling customer experience.
Training of recruits should be complete before the beginning of the holiday season. Business organisations should also motivate their staff to perform outstandingly and deliver remarkable customer service. Small and medium-sized business owners can take the help of the OkStaff app, which is an all-in-one staff management app. You can track the performance of your employees and encourage them to perform well during the seasonal sales period.
6. Marketing and Promotion Strategy
To make full use of the holiday season, entrepreneurs should craft an all-inclusive marketing and promotion strategy. It is difficult to rule the market without a well-thought-out marketing plan. A goal-oriented marketing strategy enables you to enhance the demand for your products and acquire many customers. You should emphasise your strengths and unique selling proposition to be a market leader. You should offer something new and innovative to the customers which your competitors can not offer.
Digital marketing has assumed immense significance in the current scenario. Businesses are going digital and capturing the online market space. You should also explore the digital space and create your website to promote your products. You can also use other online marketing tools like e-mail marketing, social media marketing along with traditional means of marketing.
7. Watch your competitors
Business organisations should always be vigilant and keep an eye on the moves of their competitors. You should be aware of your competitor is doing and how he is preparing for the holiday season. Knowledge of competitors' strategies would help you to plan better. You can learn from the competitors and avoid making the mistakes he has made. This would ensure that you build a robust and productive plan to operate smoothly during the seasonal sales period.
8. Use MOQ-Tactic
The sole aim of a businessman during the holiday season is to increase sales and earn profits. For this, business owners can use the tactic of MOQ- Minimum Order Quantity and sell in bulk at lower prices. Minimum order quantity would increase the cash flow and attract more customers to buy your products. It is a tried and tested tool for customer acquisition and retention during the seasonal sales period.
9. Be Creative
It is extremely important to be ever creative and innovative in business. Customers these days are very smart and demanding and want something new. Those business organisations that constantly strive for improvement and excellence and keep offering novel ideas and products to the customers can only dominate the market. Small and medium-sized business owners should try to think out-of-the-box to enhance their brand awareness and expand their reach.
10. Be Calm
Seasonal sales period is a period of immense workload and pressure for business organisations. Business owners should try to be calm and act patiently during this time. Increased levels of stress and work can adversely affect your performance. Hence, it is advisable to work calmly without getting tense. A calm mind can help to overcome problems and challenges more efficiently.
All the business organisations want to earn more profits by amplifying their sales. The holiday season is the opportune time for businesses to meet their annual sales targets. They should make the most of the peak period to outperform others. An immaculate plan of action would help the business organisations to achieve their objectives in the seasonal sales period.
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Q. What things should be included in the seasonal budget?
Ans. While making a seasonal budget, you should keep in mind the amount of stock, human resources, machinery required, and other day-to-day expenses to be met.
Q. How can I record financial transactions for arranging the required finance during the seasonal sales period?
Ans. You can use various apps available in the market to record your financial transactions, like the OkCredit app, which offers holistic solutions for maintaining electronic ledgers and records all the financial transactions.
Q. What marketing strategies can be used during the seasonal sales period?
Ans. Business organisations should devise a marketing strategy that uses both the traditional as well as digital marketing channels to enhance their brand image and demand for their products.
Q. Why is it important to watch the competitors?
Ans. It is of paramount importance to watch your rivals as it helps the businesses to prepare better and counter the competition to rule the market.
Q. How can we motivate the employees to perform better during the holiday period?
Ans. You can offer them incentives for achieving the targets. You can also motivate them by building a trustworthy relationship with them and instilling a sense of belonging and ownership in them.