What small businesses should know about holiday preparation
As you know, the retail industry always thinks about holidays in advance. Autumn (and winter) is approaching, and preparations for the holidays for the retail industry's biggest sales season are in full swing. From inventory management to marketing to return policies-small business retailers are evaluating last year’s results and quickly adjusting to meet this year’s expectations. (hope!)
We understand that this can be a stressful but exciting time for our SMB friends and customers, which is why we have prepared a small business guide for the retail holiday. Our guide brings together ideas, insights, and suggestions from the entire Rubicon network to illustrate the reasons for a successful small business holiday sales season.
There are many things to digest, but what impresses us is some facts and statistics that we encountered in our research. This is a quick outline (set to some of our favorite holiday tunes), which may inspire you to make some adjustments to the store plan.
Well, the advertisements outside are terrible
We all know that advertising competition is fierce, but this is really terrible. According to a report by SJ Insights, people are exposed to an average of 5,000 advertisements and brands every day. Among these thousands of advertisements, only more than 150 are worthy of attention in people's consciousness. Can you guess how many ads people actually participate in?
That's right-traditional advertising is unlikely to be beneficial to you (probably not), so be prepared to think outside the box this holiday season.
Grandma was run over by reindeer
Some of the most famous advertising campaigns tend to focus on humor, offering some relaxed and fun versions. Companies that use this strategy do so for the purpose of attracting customers to buy their products.
The truth is: audiences like to be entertained, not to be promoted. Compared with factual or serious advertisements, consumers pay more attention to humorous advertisements, which makes themselves vulnerable. Keywords, impact. (Website note: You need to make sure that humor is suitable for your products and your customers.)
Key takeaway: Giving people something ridiculous will make people stop and think about your store. Consider opposing traditional holiday cheers and instead make a funny laugh in your social media posts and in-store signage.
Top, top, top... I made you out of clay
People are more free to share ideas and inspiration on the Internet than ever before. What followed was the idea called the "Maker Movement".
Essentially, manufacturers (or DIYers) are forming their own communities. Whether through their own networks or using third-party sites (ie Etsy, Quirky, and Kickstarter), people are vocalizing that this movement has begun-because more and more people have become "makers themselves ". Pinterest is a good example of this movement nationally and globally.
It can even be seen in a local area.
In fact, due to growing demand for the "Maker" movement, Parker Markets, Washington’s largest craft show, recently added nearly 50 booths.
Key takeaway: Take advantage of the artistry and originality of your small business and the products you sell in the store. Whether your inventory is made by you or other artisans, sharing stories of "handicrafts" at local farmers and handicraft markets will help build a loyal following for your store this holiday season.
And the partridge on the pear tree
Did you know that retailers with a 90-day return window receive fewer returns than retailers with a 30-day return window?
Surprised by this? So are we.
But why is this?
Ryan Freling, a PhD student at the University of Texas at Dallas, attributed this phenomenon to the “endowment effect”-the longer consumers have an item, the more attached they are to it, and the less Probably return it.
Key takeaway: Think about your holiday return policy, and whether the benefits outweigh the disadvantages of relaxing a little bit this holiday.
Learn more facts, statistics, and recommendations from the complete retail holiday preparation small business guide, or check our blog every week for the latest tips and thought enlighteners for small business success.
Editor's note: References to companies in this article do not imply that Rubicon endorses these companies in any way.