Ready-Set-The Great Indian Festive Season- Go
The Great Indian Festival witnessed companies like Amazon and Flipkart mint over $4.6 billion in the year 2021.
It’s not called the Great Indian Festival without a reason. Almost 64% of Indian households come together to participate and shop during the festivities that roughly begin in the month of August.
What does that signify for a brand?
The need for a game plan to stay afloat during the festive season.
I list below three game plans that could change your growth trajectory.
Check them out to see how you can help yourself as a B2B as well as a B2C brand.
First things first. Maintaining the cash flow positive will take you a long way as a brand. While it’s necessary to create your brand and generate sales leads, it’s vital to swiftly cultivate “free cash flow” — revenue coming into your company over and above expenditures. Without money, you won’t be around to worry about other things.
If possible, keep 10 to 20% of monthly revenues on hand so you may spend on your business’s growth — from buying more product or service lines to roping in more suppliers or expanding your team.
Here are my top three methods to keep corporate income flowing:
- Know your expenses- Discounting can help you attract new clients, but selling at a loss won’t boost your cash flow. Thoughts? Discount never. If you do, recognize the costs and consequences of what you’re selling. You’ll need to know your overall cost basis, or what you paid. Know how much you should charge, the cost of your offer, and your profit margins. How else will you know if your discount is profitable? Break-even calculator.
- Bundle items- Value-adding is preferable to discounting. Businesses can add perceived and tangible value to their offers by bundling items or services. Some automobile manufacturers now provide maintenance agreements with new cars. This type of service helps assuage a primary consumer fear or annoyance — paying for a breakdown or dealership time — and limits out-of-pocket maintenance costs. Simply put, you can boost your pricing since a guarantee reduces perceived risk.
- Repeat business- Repeat customers are the golden grail of retail cash flow, profit, and growth. Most customers don’t start profiting until the third, fourth, or fifth transaction. You must work to attract clients to return more regularly. Loyalty schemes, VIP bonuses, and frequent-shopper programs can boost recurring business. “Free” is a great incentive for buyers, and you may offset the costs of a freebie with extra inventory or low-cost, valuable add-ons.
Another profit-minting technique is personalisation to acquire new customers. Consumers are more accustomed to festive campaigns than ever before, thanks to the growth of online shopping. They frequently see the same trick year after year, so conventional sales and marketing strategies may cause their eyes to glaze over. The same themes that emerged in eCommerce last year will apply to festive marketing techniques as well.
The “content-first” approach that innovative and trending brands are using today will be a recurring theme during the holidays. Brands will offer more personalized shopping experiences, such as discount codes and holiday gift guides, using content marketing as a method of reaching customers. If you’ve introduced a new brand voice or customer marketing strategy in the last year, make sure to incorporate that new messaging into your holiday campaigns; otherwise, your customers may have a disjointed experience. The key is to make your customer feel at ease and be seen. We are all humans, after all!
Psychology also says that staying relevant is an inherent need for human beings. However, as per marketing, in a crowded market, omnichannel marketing allows you to stay relevant and competitive. With so much competition, you must find efficient and effective ways to stand out and truly connect with your customers.
In today’s rapidly evolving digital landscape, omnichannel marketing enables you to connect with your customers through a personalized experience that can convert them into lifelong customers.
Make it simple for your customers to interact with you by using a consistent message. People trust brands that are honest and consistent, as well as those that pay attention to the small details that are important to the customer. You can market to a customer based on the steps of their digital behaviour and provide them with an extremely personalized experience if you take a detailed approach to your strategy. Make it easier for them to find you and communicate with you through the channels they already use.
So what are you waiting for?
Implement these ideas today and see your brand shine as bright as the festive season!
