Plan Your Holiday Sales Strategy in July, Advises Wyoming SBDC
07 July, 2023
The Wyoming Small Business Development Center (SBDC) Network, an initiative of the University of Wyoming, is urging business owners to start planning for the holiday sales season as early as July. The advice comes in an effort to help businesses maximize their profits and ensure a smooth holiday sales period. The SBDC network offers a wealth of resources to businesses across the state, including gym marketing strategies and advertising for gyms, making it a valuable partner for those looking to increase their customer base and revenue.
While the holiday season may seem far off in the heat of summer, starting preparations now can significantly reduce stress and ensure a successful sales season. Early planning allows businesses to create a thoughtful and effective holiday marketing plan, which can help prevent common issues such as overspending on inventory, underperforming advertising campaigns, and staffing shortages.
According to the National Retail Federation, holiday sales account for approximately 20% of annual sales across most industries. In some sectors, this figure can even rise to 30% or more. Therefore, having a well-thought-out plan in place can make a significant difference in a business’s annual revenue.
A comprehensive holiday marketing plan should include several key elements:
1. A clearly defined budget: This includes inventory costs, seasonal staffing expenses, decorations, and staff benefits. Businesses should also consider their previous year’s income and expenditure data when setting their budget.
2. A sales goal: This should be a specific target that the business aims to achieve during the holiday season. It should also include actionable steps that will help the business reach this goal. For instance, if a gym aims to attract more gym members and increase sales by 10% compared to the previous year, they might consider implementing a gym lead generation strategy or running targeted Facebook ads.
3. A staffing calendar and schedule: Early planning allows businesses to identify any potential staffing issues well in advance of the holiday season.
4. Industry research: Understanding industry trends and consumer preferences can help businesses tailor their offerings and marketing strategies to meet customer demand.
5. A list of digital and physical advertising plans: This includes social media strategies and paid advertisements. These plans should be incorporated into both the budget and the calendar to ensure all advertising deadlines are met.
The Wyoming SBDC Network offers free advising and technical assistance to Wyoming entrepreneurs looking to start, grow, or reinvent their businesses. In 2022 alone, the network helped launch 68 new businesses, supported 2,411 jobs, and brought a capital impact of $5.3 million to the state.
The network’s advisers can assist with creating a social media strategy, setting a holiday or annual budget, conducting market research, and more. If you’re ready to start planning for the holiday season, schedule an appointment with your Wyoming SBDC Network adviser today.
The Wyoming SBDC Network is funded by state funds from the Wyoming Business Council and a cooperative agreement with the U.S. Small Business Administration. To ask a question or schedule an appointment, call 1-800-348-5194, email [email protected], or write to Dept. 3922, 1000 E. University Ave., Laramie, WY 82071-3922.