Tip #3 – Know The Market
Once I have a sense of my previous year's sales on an internal level, I take some time to consider outside factors. The current market can have a big impact on your holiday sales. It helps to ask the following questions and think about your answers when making decisions about how to sell this holiday season:
- What was the mood like last year?
- How does the economy compare now to what was happening last year?
- Overall, has the price point for gifts increased or decreased since last season?
- What are the overall retail numbers saying?
- What are the predictions for the holidays?
Call this the macro part of your research. I find it helpful to consider the big picture. This can be important, especially when preparing for shows. If the mood is more optimistic than last year, it might make sense to plan a more elaborate display and play up the luxury angle of a product. If the mood is more austere, keep it simple, and plan on offering a lower price point product perfect for gifting.
Making sure you asses outside factors when making decisions will prove helpful. Take the time to do your research and ensure you're making the best business decision. You'll want to decide on pricing, inventory, marketing efforts, and more.
I'm sure the wheels have already been turning in your head. How have you prepared for the season thus far? Share with us in the comments below - we all love to get great advice.
Look for more tips next week!