What is it that people tend to spend on after the holidays? One common trend is self-improvement. The other is indulgent spending. According to data published in 2016, ringing in the New Year causes people to think about the purchases they deferred during the year or which may have seemed self-indulgent. With a simple Google Trends search, you can get a better idea of what people tend to look for in this period. For example, in 2020, the topic of “seasonal sales” saw a 250% rise in popularity, which, in itself, is an indicator that people are ready to spend. You just have to predict the why and the what.
Sales and Promotions
If you take a look at the Google Trends data above, you’ll see that people may not spend as much during the post-holiday sales slump. But, they’re still open to making purchases.
So, if you’ve got the stock, now may be the perfect time to organize sales and promotions. Are you making room in your inventory for new items? Trying to keep the ball rolling? This is a great time to retarget consumers who failed to purchase in November and December. Moreover, now may be the ideal moment to start implementing that loyalty program you’ve been putting off for months.
Now, you may be thinking that advertising campaigns aren’t a spend worth making during the post-holiday sales slump. And that may be true for some businesses. But, it still doesn’t mean you shouldn’t invest in optimizing your ecommerce store.
The slow period at the beginning of the year is the perfect time to look over your content and make any necessary adjustments. If there are any articles you haven’t gotten around to writing or some that need updating – now’s the time to do these tasks.
Furthermore, now is the ideal time to start investing in SEO so that your website is fully optimized for organic traffic once your buyers become ready to spend.
As you’re well-aware, social proof is one of the most effective forms of marketing. And it’s even more powerful when you combine it with visuals.
The great thing about the post-holiday season is that you’re probably coming out of a period of heightened sales. And that means you can create campaigns that encourage shoppers to submit reviews and user-generated content.
Ideally, you’ll use these assets in one of two ways:
- You will add them to your website as trust signals.
- You will include them in your content and social media marketing campaigns.
Encourage clients to submit by sending out email campaigns or by creating a social media hashtag. If you do it right, you’ll get access to free and effective social proof. Plus, you’ll be in the position to reach your clients’ social circles with convincing advertising that guarantees high returns.
Use Any Free Time Wisely
While there’s a lot you can do to avoid the post-holiday business slump, it’s still good to plan for ways you can make the most of a slower pace.
It’s no secret that productivity thrives after rest. Perhaps January is the perfect opportunity to give your team some time off? Or maybe you could benefit from a week of relaxation that serves to recharge your batteries.
Alternatively, you can use the slower months to brush up your employees’ skills. Now could be the moment to implement new work methods. Or, make that switch between software solutions, with enough time to work out any possible kinks.
Sure, consumer behavior tends to be predictable – but the reality of things is that we’re nearing the end of an economically turbulent year. And that means that people may not behave as they would have a mere year ago.
With this in mind, preparing for any slowdowns in business becomes crucial. To prevent losses, start planning your 2021 strategies now.
Sarah Kaminski is a freelance writer and social media marketer. She works with a number of small businesses to build their brands through more engaging marketing and content.