In the ever-changing arena of retail marketing, consumer preferences are always shifting. Things are no different during the holidays. In fact, product shifts tend to be even more dramatic during the most wonderful — and stressful — time of the year.
While it’s pretty much impossible to predict exactly how consumer preferences will change, there are a few strategies that can help you mitigate these product shifts. With a little preparation, strategy, and flexibility, you’ll be well on your way to navigating the hectic holiday season!
Here’s everything your business needs to know about gracefully handling holiday product shifts.
Prepare for the Preparable
We live in an uncertain and highly volatile world. New trends can rise to prominence seemingly out of nowhere, and they can fade away just as quickly. However, some things don’t change.
As the leaves begin to fall, people gravitate toward warm colors, cozy socks, and autumn-themed beverages — pumpkin spice latte, anyone? The first signs of winter have holidayers reaching for reds and greens, gingerbread cookies, and egg nog. And on Black Friday, shoppers are drawn to trending products, great deals, and sometimes, straight-up insanity.
In retail marketing, so much changes on a daily basis that it can be tough to keep up. Fortunately, retailers can count on a few constants each year. Use this knowledge to your advantage and fill your food coolers with the products consumers love year after year.
Assess the Landscape
Another effective holiday strategy is to look back on consumer trends from previous quarters. Ask yourself, “Is there any information here that indicates what will likely happen in the coming months?”
The data can be very revealing.
For instance, perhaps in-person retail shopping has fallen while online orders have gone up. In this situation, it would not be far-fetched to assume that Cyber Monday will be more popular than it has been in previous years.
Furthermore, meat alternatives have become increasingly popular over the last few months, according to a recent report from Mintel. As a result, Thanksgiving may see more Tofurky and Halloween more vegan candies as consumers move closer to a plant-based future.
While recent trends may not be able to foresee exactly what the holiday season will look like, they can tell you what to reasonably expect. In fact, data from consumer trends will give your business the information necessary to adapt your retail marketing strategy appropriately.
Skillfully Stock Up
Stocking up before the holidays can be challenging and stressful. Get too little and you miss out on added revenue; get too much and you risk not selling products after the holidays.
Luckily, you have the information necessary to make a highly educated guess. Using past consumer trends, you can predict what products shoppers will be looking for. With that knowledge, your store can stock its shelves full of buyers’ most in-demand products.
When preparing for the holiday season, it’s crucial to have enough product to satisfy your customers. However, once the holidays have passed, it’ll be hard to sell holiday-themed items. Not everything sells as well as Halloween candy on November 1.
Implement a Versatile Retail Marketing Strategy & Stay Flexible
With retail marketing intelligence at your disposal, you can devise the perfect holiday marketing strategy. Be sure to plug the contemporary favorites — like plant-based protein — but don’t forget about the beloved classics — like gingerbread or pumpkin spice.
Retail marketing is unpredictable. Shifts happen every single day. Sometimes they’re very small, minor changes, but other times, they can be industry-rocking revelations. When things change, flexibility is key. Although you may have a solid plan to begin with, always be ready to adjust it if need be.
Retail Marketing During the Holiday Season
The holiday season is stressful for everyone — especially for those of us in retail marketing. Luckily, there are ways to mitigate the stress that occurs during the happiest season of all.
Doing your homework to learn about past trends is crucial in developing a successful retail marketing strategy. Using that information, you’ll know exactly what your customers are looking for, and when they see it on your shelves this season, you can be sure they’ll come back.
To learn more about how we can support your refrigeration needs this holiday season, contact us!