Business Advantages to Holiday Planning

holidaydecorIntegration of the various holidays that occur throughout the year can benefit a business in many ways. Recognizing that many customers are looking for specific holiday themed merchandise can draw prospects toward your products and once they are in the door or visiting your web site additional interactions either directly or indirectly (such as through social media) will commence. Bundling related products together and offering seasonally-colored merchandise makes it easy to target holiday shoppers who are ready to purchase such items at an impulse.

Planning for an upcoming holiday should start a few months in advance so that appropriate merchandise can be created, decorations can chosen, and prospective customers know that you are recognizing their interests. The specific holidays that you participate in will depend on the demographics that you are trying to appease. Some holidays are specific to religion (i.e. Christmas) while others are regional specific (i.e. Fourth of July in the United States). There are even specific shopping events surrounding some holidays (i.e. “Black Friday” for in-person store visits and “Cyber Monday” for online purchases). However, be aware that advertising too far in advance of a holiday can be a turn-off for some customers.

Finally, when it comes to decorations for a holiday one will want to keep it new and fresh rather than rezzing out the same old decorations year after year (some of which might be utilizing inefficient scripts that does not take advantage of the new mono LSL scripting).  Also be sure to establish a budget and stick to it when shopping for new festive decorations to ensure the business maintains a profit that still covers tier and marketing otherwise any additional sales as a result of the holiday will become a burden rather than a benefit.

Advertisements

Taking a closer look at Business Strategy and Competitors

forumsWriting a business strategy and marketing plan is not required in order to start a new business, however it will challenge you to answer important questions regarding every aspect of your business. The business strategy should provide, at minimum, both short-term and long term goals and can be used as a blueprint when making decision during the course of business. One of the most challenging, yet very important, areas of the plan to investigate is potential competition. Such investigations of competitors may include lessons learned from failed competitors from the past, current competition, as well potential competition in the future should a non-competitor decide to expand their business into your market.

Many consumers will compare competitive products on price alone, therefore your marketing strategy should also determine it’s pricing position. The three common pricing methods are undercutting, matching, and premium. Undercutting the competition by pricing your products at a lower price has the potential of increasing market share, but could also suggest to potential customers that your products are cheap and low quality. Matching prices set by the competition requires including a similar feature set as other’s products, however it can be very difficult to stand out and gain market share if you are both selling the same similarly-priced quality items. Premium pricing allows you to stand out from the competition by highlighting exclusive features and an impression of high quality, however due to the higher price the competition might gain a higher market share in the short term.

Every business is unique in how they include social marketing in their long term e-business strategy, however the general goal is to increase interactions with both customers and prospects. Potential prospects will want to submit inquiries about available products including how they compare to the competition. Existing customers will have support inquiries on how to best utilize their recent purchase to benefit them and/or will request new features to be added based on advertisements received from your competition. It is important to reply to these inquiries and monitor review boards and discussion forums for communications between customers and prospects. Fortunately, many product review places allow a follow-up reply to be posted for all to see as a demonstration that the business owner cares about their customers.