Are we jumping from one Sale Offering to another?
It appears that sales for UK retailers took a hit in October, as shoppers seemed to hold off for Black Friday bargains. Supermarkets, clothing stores, and even online mail order businesses all experienced declines in sales, which the ONS (Office for National Statistics) attributed to consumers postponing purchases ahead of the annual Black Friday sales.
Pre-budget anxiety contributed to this trend, as many middle earners anticipated significant reductions in their current and future spending power. The public is essentially preparing for challenging times ahead.
We have yet to see the outcomes of November’s sales and how they will impact what is, for many, the crucial Christmas sales season. Early indicators suggest that consumer demand is likely to remain weak. It’s clear that many customers may choose to delay their purchases until the next sales events in January. Research firm GfK reported a decline in consumer confidence in October, with a spokesperson noting that there is “little in the current financial climate to lift expectations.”
So, what can we, as SMEs, do? I certainly do not advocate for a race to the bottom in pricing, but we can leverage our strengths:
• We know our customers, some even by their first names, and many have been with us for years – ensure you keep them engaged with your brand.
• Smaller businesses can respond swiftly, so keep an eye not only on your expenses but also on any niche sales opportunities that may arise.
• Don’t halt your marketing efforts – many business owners look at their expenditures and might suggest “pausing this for now.” Instead, reassess your target market, focus on them, and seek out free methods to communicate directly with them.
• If you must hold a sale, ensure it is justifiable; avoid undermining your brand’s reputation by resorting to cheap tactics as you may lose your higher-paying customers along the way.
Creatively Yours Ltd helps businesses like yours succeed online through website design, website development, and our Helponomics system that offers support and training as you need it and highlights areas that could increase your sales.
For more on our thoughts please find us on our social media channels Twitter, Linked In, YouTube, Instagram or to read our previous blogs click Here
Then why not drop us a line to helping@creatively-yours.co.uk, or simply call us HERE