4 Golden Rules for the Golden QuarterBy Liz Coulson, October 1st 2018
Since February, you've been counting down the weeks until Golden Quarter, right? Well, now it's upon us. To help you make this three month period as profitable as possible, we've put together our Golden Rules for the Golden Quarter.
Now this may seem obvious, but at the busiest time of year, it's the one of the, if not the, most important thing to get right – stock levels.
Okay, so put yourself in a consumer's shoes.
There's nothing worse than finding the P-E-R-F-E-C-T product, particularly if it's for that really awkward person you never know what to buy for, to find that it's completely out of stock, right?
Make the buying process as easy as possible for your customers. Not only will they be chuffed with their purchase, but they'll also be singing your praises to everybody they come in contact with because you've saved them from having to settle for their 'backup present' option.
If your products were out of stock, not only will it have a negative impact on your sales the first time around, it could negatively impact on people's opinion of your business. If they were to come across your business again, they may not explore your website further as they'll associate you with “the business that was out of stock”, when in fact that product's back in stock again, further impacting your sales.
When preparing for your increased sales during the Golden Quarter, make sure you review your data and trends from previous years. This will help you forecast more accurately.
As we all know, some pretty big events happen during the Golden Quarter, Halloween, Black Friday, Cyber Monday, Christmas and of course, Boxing Day sales which all cause the retail bonanza.
Be aware of the time when people actively look for your product or which event during the season your product is most suited for. This is when you should focus your marketing efforts.
This doesn't mean you should put all of your marketing efforts into one time during the Golden Quarter, it just means that you should strengthen your presence at that particular time. By doing this, you will find your marketing efforts will have more impact and your sales will be maximised.
You spend a lot of time making your products the best they can be, so why not make your customers' experience the best it can be too with a bit of personalisation?
We know you're incredibly busy during the Golden Quarter, but think back to the last time you opened a parcel to find that somebody had gone the extra mile and included something personalised. Felt pretty awesome right? Possibly even special? Which is exactly why you should do the same.
It's probably safe to say, this is the main draw of the Golden Quarter for customers. If you're going to offer discounts during the Golden Quarter, in particular around Black Friday and Cyber Monday, make sure that you offer the right discount. Customers usually return to businesses when they feel like they're getting great value for money, but you still need to make sure you're making a profit.
With our Golden Rules for the Golden Quarter, we're sure you'll have a profitable three month period. Happy shipping.