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Many local businesses had high hopes for Small Business Saturday. If yours didn’t pan out, here’s your game plan.
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The first Small Business Saturday shopping event took place in 2010. And since then, small businesses have relied on the Saturday after Thanksgiving to enjoy an uptick in sales and revenue.
But what if this past November’s Small Business Saturday was nothing but a big letdown? Maybe you didn’t get nearly as many customers as you expected. Or maybe you just couldn’t compete with the deals that retail giants like Target and Walmart were offering up on Black Friday and Cyber Monday.
You may be feeling down and worried if your Small Business Saturday sales numbers were truly nothing to write home about. If that’s the case, make these key moves ASAP to regroup.
1. Come up with a compelling year-end promotion
Many consumers end up rushing to finish their Christmas shopping at the last minute. So it’s definitely not too late to take advantage of the holiday boom.
Now’s a good time to come up with a great promotion that entices customers to give you their holiday business. Offer a free item with a purchase of a certain threshold, or a discount on purchases over a certain level. You may be surprised at the number of people who are willing to come in and swipe their credit cards to complete their holiday shopping lists.
Another idea along these lines? Extend your hours the week before Christmas so last-minute shoppers have more options for visiting your business.
2. Give consumers a reason to come back next year
The start of a new year can be a tough time to draw in customers. Many people resolve to cut their spending in the new year. So unless your business focuses on fulfilling an essential need, you may find that people are generally cutting back on purchases in January.
That’s why it pays to take steps now to entice people to show up once 2024 arrives. One promotion you may want to consider between now and Dec. 31 is a 10% off coupon (or some other percentage off) for purchases made between Jan. 1 and 31. Or, offer up a small amount of store dollars for customers to redeem in the new year.
3. Host events to draw in customers
Some people may be more apt to spend their money when they’re getting entertainment on top of a product. So to that end, see what wiggle room you have to host events in your space.
If you own a bookstore, see if you can find an instructor to host a writing workshop one evening a week. Charge a modest cover for the cheese and crackers you’ll put out and to cover your instructor’s fee, and see how it goes. You may find that customers end up opening their wallets to make purchases once they’re already in your store for another reason.
It’s hard when you anticipate a successful shopping event and it ends up falling short. But don’t let one less-than-stellar Small Business Saturday wreak havoc on your confidence. Instead, take steps to drive more customers to your door and set yourself up for success in 2024.
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