The holidays, between Black Friday and Christmas, can be an exciting time for the retail industry and extremely profitable. However, most seasoned Amazon sellers know the dreaded “slow season” that follows in January.
Customers have spent all of their money during the holidays and take the new year as a chance to pull back on their spending. As a result, most retailers know that their sales are bound to slow a bit. However, it does not mean that you are subject to lean times because the bustling holidays are over. Here are 5 tips on how to continue growing your business during the post-holiday slump.
Tip #1: Feed the Beast
“Feed the Beast” is a common phrase used in the Amazon seller world that means to keep the inventory stocked. Keeping your inventory stocked is a great way to help boost your sales. If you continue to send inventory, you will keep Amazon happy and have more to sell.
Inventory is often depleted after the mad rush of the holiday season. Now that you have time to make sure that everything is stocked back up again and you are ready to sell.
Tip #2: Check Your Prices
Too often, sellers will price an item when they start to sell it and never check on it again. However, supply and demand is a dominant factor when it comes to moving your product. Keep an eye on the market to make sure that you price your products competitively. There may be a new supplier with a lower price, or maybe the industry as a whole is not priced as high as it used to be.
You can sometimes get away with higher prices during the holidays when customers are desperate to get their hands on certain products, but by the time things slow down you should be sure to make sure that your prices are competitive.
Tip #3: Connect with Influencers
Slow seasons give you the perfect opportunity to change up your marketing strategy to get more buyers. Influencer marketing has become extremely popular in recent years as the world of marketing is changing. People are reading magazines less and turning to blogs, YouTube and Instagram for the newest products they need to buy. You can market to your target audience by finding influencers in your industry that can promote your product.
There are two ways that you can go about finding the right influencers for your brand:
The first is searching for influencers on your own. Scan through favorite YouTube channels, blogs and Instagram accounts that have to do with your industry. Beauty and makeup channels and accounts might be the right place if you sell beauty products, Mommy bloggers are a great option if you are selling something for babies or kids, etc. You can ask them directly how much they charge. Most popular influencers have a set rate that they can quote you.
The second option is to find an influencer through a networking site. They can connect you directly with influencers that would work well for your product without you needing to search. Although more convenient, it is typically more expensive because you are paying for their services as well.
Finding the time and effort needed to create a successful influencer marketing campaign can be difficult during busy seasons. Take advantage of the slow time and use influencers to help boost your sales.
Tip #4: Work on a New Product
Use the time that you now have available to expand your business. Instead of spending your time trying harder and harder to make sales on the products that you have, look to expand the products that you offer.
It can be challenging to find great products, source the right manufacturer and list your products during the holiday rush. Plus, it can also be tricky if something goes wrong in the beginning during a busy season. You could find yourself with too many negative reviews before you can revise the listing, product, or packaging. Take advantage of the slow season to work out any kinks that your new product may have so that you are ready with even more products for the next rush.
Just because you are not drowning in work after the holidays does not mean it is time to sit back and relax. You can set yourself up for more success selling on Amazon by exploring new possibilities during the slumps.
Tip #5: Get Customer Feedback
It is also a great time to interview your loyal customers who enjoy your product. Customer success stories can be great for your brand and demonstrate to potential customers what your product can do for them. Let your customers do your selling for you by posting your interviews with them. Interviews are also great for finding ways that you can improve your business and get feedback if you want to release something new.
There are multiple ways you can do a one-on-one interview with your customer, including:
Facebook/Instagram Live Interviews. These are interviews that are streamed publically on social media. Get customers that have expressed to you that they love your product and get them to tell everyone else. They can say how they found your product, how they use it, how it helps them, etc. Because it is made and streamed simultaneously, it is the easiest way to get the interview to your audience. That watching also have the chance to ask questions themselves, which makes for a more engaging interview.
Beta Product Interview. You can offer products that you do not sell yet to loyal customers to get their feedback on it. Keep in mind; this is only for personal feedback and not a review on Amazon, which is against their terms of service. If you do decide to launch a new product (see tip #4), beta product interviews can give you a great view of how your client base will respond to the product.
Customer Feedback Interview. These are straight-forward interviews where you can get customer’s overall impression about your products and brand. Because it is your store and products, it is impossible for you to be objective. Customer feedback interviews can give you useful clarity. Plus, they can be used to help endorse your brand in promotional material.
Interviewing customers takes time, so use the slow seasons as an opportunity to get helpful feedback and marketing.
Use the Post-Holiday Slump to Grow Your Business
Although you could use the slow season in your business as an excuse to take a vacation, it could better be used to carry your Amazon business to new heights. By investing time that you do not have during the high-volume times, like the holidays, you can still make great sales and set yourself up for an even better year.