With the holiday season underway, it can be a particularly stressful time, but also a crucial time. It can be a valuable time to re-evaluate and focus on next year’s goals and the strategies to get there. Fiddle has compiled some tips to help your brand gain some momentum going into the next year.
Breathe & Reflect
It is important to take a step back to breathe and recover after the rush of Black Friday and Cyber Monday. Taking time to recover gives you the endurance to keep pushing forward. While it can be easy to jump into your next project, pausing to reflect on what worked and what didn’t will help you realign your efforts. Take a second to look into the data and client demographics.
It is a great time to look at your historical sales data. This data will offer you a clearer picture of the sales channels that yielded the best velocity. Your sales and marketing metrics can show you the areas that might not be reaching their full potential, and where you should be putting your marketing spend in 2023.
Evaluate Pricing & Product Offerings
As your holiday sales are coming to an end, you will be busy replenishing inventory and placing PO’s for 2023. Now is a great time to request new pricing from your manufacturers and suppliers, as many raw ingredients and freight prices are coming down. With your latest sales history and forecasting, you could find yourself in a new price tier and benefit from larger economies of scale.
Which products were your top movers this holiday season? Evaluating your top movers can help you determine where a line extension would be beneficial. Limited Time Offerings and flavor extensions can produce a quick uptick in sales and give your existing customers something new to engage with. Products that have limited availability provide a sense of urgency to purchase. In order to keep customers coming back for the latest and greatest, you will want to have a full product development pipeline and new product launches in que.
Engage with your New Customers
The holiday season brings new customers that not only purchase your products, but also gift them to friends and family. Getting to know both the giver and receiver can help establish a loyal return customer. By providing education on new products or services, you can provide additional value to these new customers.
The first exposure to your product is often the most telling of the customer’s experience. Reviews are a great way to see what your new customers are saying. By engaging with your new customer while the relationship is still fresh and by thanking them for their recent purchase, you could solidify a long standing relationship with them.
Simplify
There is beauty in simplicity and ease. In many areas of business there are commonly workarounds that have been created in order to get the task done but are not necessarily efficient. It is hard to capture the lost money and revenue in these inefficiencies. Taking the time to evaluate what areas of your business could use a little TLC, can help you determine where to invest in systems and automation. Automation can be a great tool to help streamline your processes, reduce human error, free up resources, and eliminate busy work. While it can be labor and time intensive up front, the benefits can be seen in the long run. Fiddle is a great place to start to track inventory movement, sales and much more around production and costing.
Now that the holiday season is underway and the New Year is quickly approaching, it is a great time to evaluate your 2023 goals. Taking time out to reflect on your business will help with the longevity and overall success of your company. Here at Fiddle we are here to help you with every step of the way, because your success is our success. We wish you and your customers the best for this holiday season and cheers to a successful New Year!
