How Social Media Can Help Recover Business After the Holidaysby
There are many things your business can do to recover after the holiday season. The early months of the year are the perfect time to begin planting seeds that will eventually blossom into future sales. One of the best ways to prepare for the upcoming year is to increase your use of social media.
The holidays are a festive and exciting time of the year. For many businesses (especially those operating in the retail space), the holiday season triggers a major increase in revenue. Considering that the holiday season also coincides with the end of most business’ fiscal calendar, this is also a time of the year where many businesses begin finalizing financial statements and preparing to achieve a new set of annual goals.
While the holidays can be quite profitable, they can also create a diverse set of challenges for some business owners. The apparent “sugar rush” of commercial activity is often followed by an economic lull during the months of January and February. In some cases, this sudden decrease in cash flow can make it difficult to continue operating smoothly.
Fortunately, there are still quite a few things your business can do in order to recover after the holiday season. Though you may not be able to entirely match revenues from December, the early months of the year are the perfect time to begin planting seeds that will eventually blossom into future sales.
One of the best ways for your business to prepare for the upcoming year is to increase its use of social media. With an active and ambitious social media strategy, your business will be able to build stronger relationships with its current customers and also further expand its reach. In this article, we will discuss some of the ways your business can leverage social media and prepare itself for a successful first quarter.
Secure Relationships with Existing Clients
In almost every industry, it is well documented that the cost of selling to an existing customer is significantly lower than the of trying to attract (and then sell to) a new customer. Harvard Business Review states that attracting a new customer can be 25 times more expensive than selling to an old one. Naturally, this means that if your business has attracted a sizable population of clients, it will be worth the time and effort to try to establish a loyal relationship.
Social media is an excellent platform for communicating with existing clients and building the relationships you need to continue generating revenue. Businesses that directly engage with their followers (answering questions, commenting on posts, liking content, etc.) can show that they care about what these individuals have to say. Considering that many of your customers may have just recently made a purchase—and further considering many of them will be off of work—the days and weeks following the holidays will present an excellent opportunity for these sorts of interactions.
Direct Potential Clients to Your Company Website
Each of your social media accounts (Twitter, Facebook, Instagram) will give your business a powerful platform for directing clients to your company website. The easier you can make it to shop for products or services online, the more likely your followers will decide to splurge on one of your products offers.
There are many ways to direct a potential client to your site. Some businesses will use hyperlinks that are connected to specific product names or social media keywords. Others will use a more direct approach and incorporate phrases such as “Buy Now”, “Click Here to Shop”, or even just “Visit Our Website.” Furthermore, working with an outsourced accountant partner will make it much easier to create an eCommerce platform that is easy to shop with.
Increase Exposure to Other Digital Content
In addition to your business’ social media pages and your general website, there will be plenty of other opportunities for establishing a digital presence. Creating blogs, guest posts, company placements, and other types of content can help attract interest to your business and present it in a positive light. For example, if your CFO decides it’s time to expand or open another location, you may want to announce this via a widespread press release.
The beginning of a new year is a great time for these sorts of announcements because even if there are no major developments taking place, you can announce your company resolutions and general goals for the coming year. Once the content has been published, you can boost clicks and views via social media.
Highlight Charitable and Socially Conscious Programs
According to a recent study published by USA Today, about 18 percent of all charitable activity takes place in the month of December--notably more than any other month. With an increased emphasis on the social accounting concept of the triple bottom line, businesses of all varieties are discovering that giving back to their community has become an essential component of the overall business cycle.
Charity gives your business an opportunity to help those in need while also improving your business’ overall image. Social media can help encourage those connected to your business to engage in these charitable efforts (drawing attention to a holiday coat drive, for example) while also demonstrating that your business plays an important role in the broader community. Whether you are announcing the results of your charitable efforts or trying to accumulate interest, having multiple social media accounts will be very beneficial.
Generate Sales with Exclusive (and Limited) Discounts
Following the mid-December commercial rush, many businesses want to lower their inventory and scale back operations. In order to liquidate assets and turn them into cash, the very end of the year is an excellent time for many businesses to offer post-holiday sales (in some cases, decreasing inventory can decrease future tax obligations). Social media is one of the easiest ways to inform potential customers about any future sale. Additionally, if you make the sale exclusive to those who follow your business on social media, you may be able to prompt your followers to check your pages more often in the future.
Use Client Feedback to Improve Current Strategy
Social media is an excellent tool for getting feedback from your customers. These platforms can be used to ask questions, encourage positive reviews, and also try to learn how your company can improve. Identifying common concerns and areas to improve will make it much easier for your business to enhance its 2020 strategy and enhance its operational outcomes. While negative feedback is something you’ll naturally want to be limited in the public eye, having a consistent flow of constructive suggestions will certainly be quite helpful.
In the 21st Century, social media plays a very important role for businesses of all kinds. Social media can help direct buyers to your eCommerce selling platform, enhance relationships with clients, and immediately expand your brand exposure. Even though the post-holiday season creates difficulties for some businesses, social media remains an excellent tool for helping to keep your business afloat.
Vinnie Fisher has been married to Debbi for almost 25 years and has 4 beautiful children. Vinnie has built many businesses and has had the privilege to grow 4 of them to 8 figures.
Today, Vinnie is the CEO and co-founder of Fully Accountable which opened in early 2015. With his team, they built an Outsourced Accounting and Finance firm...