Small Business Saturday, the Saturday after Thanksgiving, is rapidly approaching! American Express originally coined this annual sales event in 2010, and the Small Business Administration has been cosponsored since 2011.
This annual event is not just a day of sales but a celebration of the vital role small businesses play in their communities. It encourages consumers to support their local businesses, recognizing the unique value they bring. However, this support doesn’t always translate into massive sales for small businesses.
If you want to leverage the holiday and succeed, here are five helpful strategies.
Ramp up your marketing efforts
You can only generate revenue if customers know you exist! While marketing your small business year-round is always essential, it’s even more critical if you want to win during Small Business Saturday.
Take advantage of Q3 to ramp up your marketing efforts. Send out email blasts, encourage customers to sign up for newsletters, utilize social media—do whatever it takes to put your business on consumers’ radars.
Other ways to expand your marketing strategy include collaborating with local businesses or hiring local social media influencers.
Get your team ready
If you effectively market your business, you should see increased foot traffic in and out of your doors. Before Small Business Saturday hits, investing in your teams is crucial.
Some of the most critical things are to outline your expectations around customer service and teach them how to effectively de-escalate a situation with an upset customer or potential shoplifting and appropriately handle life safety events (active shooters, belligerent customers, threats of violence).
A knowledgeable and well-equipped staff will keep your store running smoothly and provide customers with the best possible experience. Customers who have a positive experience in your store are likely to return.
Create your seasonal sales strategy
During Small Business Saturday, customers are looking for the best deals, presenting a significant revenue opportunity for your business. As the holiday season approaches, it’s time to craft your seasonal sales strategy and maximize this potential.
Take a deep dive into your business’s analytics. What items are your top-selling SKUs? Where can you lower prices or create specialized bundles to attract customers without killing your profit margin?
Effective promotions excite customers, drive significant foot traffic into your doors, and earn you new clientele.
Check your inventory levels
You can only expect to move a massive amount of product if you have inventory! Running out of stock can lead to lost sales and disappointed customers.
After creating your seasonal sales strategy, you should analyze your current inventory levels. Place your orders as far as possible to accommodate unforeseen circumstances such as shipment delays, constrained inventory, and supplier issues.
In addition, having larger inventory levels will allow you the flexibility to pivot your sales strategy more easily if initial stock depletes.
Create a customer retention strategy
After the event, how will you attract customers back into your store? This is the moment where your customer retention strategy comes into play.
While providing the customer with excellent customer service is the key to cementing customer loyalty, sometimes it also requires additional incentives to convert buyers into repeat patrons.
Excellent ways to incentivize customers are offering bounce-back coupons, implementing a loyalty program, signing them up for newsletters, and utilizing CRM systems to send out targeted offers based on their past purchases.
Small Business Saturday is an excellent opportunity for your small business to shine. By planning strategically, you can turn this annual day into a strong revenue driver and set your small business up for continued success beyond the holiday season.
