The few weeks before and after the holidays are the time of year for the most consumer spending, whether that shopping is online or in stores. According to a survey from the National Retail Federation, in 2014, the average shopper did almost 50 percent of their holiday shopping online. This number was estimated to increase almost 9 percent each year, meaning that online blogs and businesses have a chance at attracting an online audience who will spend a large percent of the money that is spent throughout the holiday season.
However, consumer spending slows as the season wraps up in January. Self-reported daily spending has decreased between $17 and $18 from December to January over the last four years before picking back up in February. This post-holiday lull is a good time try a few of these business strategies for increasing cash flow.
Have a Sale
First, you need to recognize what your target audience will be looking for most from your blog in the new year. Depending on the products you offer, pick some items that were popular during the holidays and that you can afford to discount. Make sure that having a sale is the right option for you, and if it is, you can reap the benefits from driven customer decision-making that comes with limited time sales and word-of-mouth opportunities when people gloat about the discounts they received.
Appeal to the Online Shopper
According to Statista, the most compelling information for digital shoppers is extra discounts on already clearance-marked items. Everyone is always looking for a deal, so if your business has the opportunity to offer discounts on discounts, that is a definite way to grab some consumer attention. A close second to additional discounts on clearance items is storewide discounts, which means that if you’re able to offer all products at a slightly discounted rate as well, you are targeting over 50 percent of online consumers’ soft spots for deals. This can increase your chances of higher revenues. Make sure your online shopping site is attractive, easy to navigate, and offers quick checkout options to encourage that impulse purchase.
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Plan and Launch Your Next Marketing Campaign
The first few months of a new year smell like opportunity and are a good time to launch that marketing campaign you’ve been considering. Sponsor some local social media celebrities to rep your products and increase your local prominence, or invest in an SEO specialist that will help increase your presence online.
If you’re not sure how to fund your marketing venture, it’s also a good idea to apply for a small business loan. Depending on your financial standing and the likelihood of success in your business, this may be easy to acquire. If you’re not sure what opportunities your current credit standing will allot, there are some options for getting a small business loan with bad credit.
Another option is to open a line of credit. This is a good option if you’re unsure how much you need to spend and don’t want to borrow a lump sum. Borrowing only what you need when you need it will provide you with wiggle room for your business expeditions and can take a load of stress off your company.
Host an Event
Hosting events is a good way to draw positive attention to your business and get people excited about visiting your site.
By hosting an online New Year’s charity auction or drawing, you will reach potential customers in real time, help a charity of your choosing, and attract a new online community who is interested in spending money for fun and a good cause. Donating to charities is good karma for businesses and is cheap and easy marketing.
Customers who know their money is going to charity tend to spend more, and it gives everyone an opportunity to write off sales and purchases from their taxes. If possible, team up with a local non-profit that will put a face to the charity as well as attract additional community members.
Teach an Online Workshop
As an internet startup, you are part of a growing online community that more businesses are looking to join. You have knowledge to offer about your area of expertise that no one else can offer in the same context. Consider teaching an online workshop about how your business accomplishes its goals. Having participants tune into a live event online increases traffic to your site and humanizes your business. Not only can you use this time to promote your own company, this also establishes trust and gets people to your blog where they can see what you have to offer.
Add Bitcoin Payment
Accepting cryptocurrency is a contemporary way to open your business up to new audiences. Bitcoin has increased in value enormously over the last few years, with one bitcoin worth almost $15,000. To add this option to your online website, find a programmer to set up Bitcoin payment as part of your checkout options.
Decrease Unnecessary Expenses
Finally, the new year is a great time to review your budget and pinpoint unnecessary expenses. If you previously invested in an expensive internet plan that you’re not utilizing, find a better one. Do the same for your other variable expenses. A penny saved is a penny earned, and regularly reviewing your budget is a good way to shed any deadweight your company may be accruing. Make sure your employees are not costing you more money than they are bringing in.
Trying to boost your cash flow right after the holidays can be tough. People are spending less money on a daily basis than they did the month prior and a lot of them got the shopping bug out of their system too. Events, marketing campaigns and online platforms are great ways to get eyes looking in your direction, and the new year is a perfect time to go out on a limb and try out some of these strategies.