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Top 5 Ways To Boost Business In January

January 2016

1. Seasonal Sales & Promotional Offers

One of the proven ways to get customers through the door in January is to host a sale on your stock. Post Christmas is when most people are looking to save money and a sale can entice shoppers to find a few spare pounds to buy something they didn’t even know they wanted. Colour association is a proven method of affecting buyer psychology, red labelling is a subconscious trigger for customers that the price is low or that it’s on sale and whatever the price, it immediately forms a perception which can influence the purchasing decision.

2. Competitive Pricing

Alongside seasonal sales, lowering prices can keep you competitive in the quieter months. You may have to lower your profit margin, however acquiring a customer could mean you recoup this and more in the long term. Customer Lifetime Value (CLV) is a key concept to consider – companies in industries such as insurance or food retail will even look to acquire new customers at an initial loss because they know that the lifetime value of that customer is worth it long term.

3. Customer Loyalty Schemes

Loyalty and customer retention schemes can encourage and incentivise customers to spend money little and often – without straying to the competition. For example: Morrisons Loyalty Scheme requires customers to spend £40 a week for 5 weeks in the run up to Christmas – as a reward the customer then received a voucher which discounted their shop for the Christmas week. Businesses can adapt this concept to give their customers an incentive to spend money in the quieter periods after the New Year.

4. Customer Referral Schemes

Referral schemes are a great cost effective way to generate new business and encourage both word of mouth and positive PR for your company. Many businesses offer their existing customers money, vouchers or discounts as an incentive for referring a friend or family member as a new customer. If you look at the average cost to acquire a new customer through the usual marketing channels you employ – the investment in a customer referral scheme, if successful, can result in a very good and potentially better ROI.

5. Additional Marketing

Putting some money behind a marketing campaign in the quieter months can generate good results for your business at a time when you need it most. Depending on what industry you operate in, this time of the year can be crucial to revenue and overall survival of your business. Whether you increase your investment in current marketing activities/promotions, or trial a new platform (e.g. PPC, email marketing, social media) – now is the time to focus on increasing awareness for your business and generating interest.

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