Retailers across the country will be anxiously waiting for the school holidays to begin and with good reason. Many of you would have already experienced a successful long weekend. Being forced into isolation, and then not being able to travel overseas, has encouraged people to go out and explore their own backyard. Australians will travel and spend money in Australia more than ever before, according to predictions.
In order to start recovering―keeping in mind that the future is very uncertain―it is imperative we take advantage of the present moment. This is our time to get as much cash as possible, and hold onto it for a rainy day.
Here are 5 tips on what you might consider doing during the holidays to increase your sales and start the road to recovery.
1 Let go of your stock in order to get cash.
Cash is king right now, and this is not the time to hold onto stock. If you have any stock that has been lying around gathering dust, put it on sale and get your money back (or offer it as a gift when people purchase over x amount).
If there were to be another lockdown, or people stay at home because the pandemic numbers go up again, the last thing you want is stock in your shop and no cash in your pockets.
2 Use the EOFY stock your purchased on sale to increase your sales.
Buying merchandise during EOFY is not meant to be for you to increase margins, keep the RRPs and have the stock move slowly. Pass on these discounts to your customers so that you can get some more cash. The sale will endear you to your customers, and, right now, you want them to love you more than ever.
3 Create a giveaway during the holidays.
Take advantage of the increased foot traffic during this time, and collect as many email addresses as you can. Many retailers have built a website during this period. Now you need a database of email addresses. There are many other strategies you can use to gather email addresses, such as offering them a five per cent discount if they join your database.
4 Offer your customers a gift or a discount to leave you a review on google.
Let them know your business has been affected during Covid and this is one of the best ways they can help you recover.
Word of mouth is the most useful marketing strategy on the planet. If you have a website, reviews are very important―Google likes reviews. Make sure you learn how to do this yourself before you ask your customers to do it. We highly recommend you get them to do it on the spot as they often forget or have difficulty doing it.
5 Talk to some of the other businesses on your street to see how you can collaborate in order to increase the traffic coming into your store.
You might offer a FREE coffee to a cafe, and in return, the cafe would hand out a 10 per cent voucher to their clientele. Ideally you don't pay for the coffee though. The cafe should offer the FREE coffee to attract new and loyal customers.
This is a great time to start taking business seriously. It is good to have a positive outlook and think strategically. However, there is power in being alert to possible setbacks. Imagine being on an oil rig in middle of the ocean. There are a lot of risk factors and positive thinking does not work in some situations. During a crisis where there are a lot of unknowns it is important to be positive but act with caution.
By Tui Cordemans, Koh Living