Small business finance: 5 tips for managing cash flow effectively
December is the merriest (and busiest) time of the year with people letting loose and indulging in all the season’s festivities, from gift giving to get-togethers.
As a retail or hospitality business, there’s no better time to take advantage of the influx of customers and bring in extra dollars before the year ends. Here’s six business strategies to entice more customers through your doors.
Tips for increasing foot traffic during the holiday season
1. Throw an event
The holidays are all about celebration, so why not host an event that will bring people together for a merry old time? Selling tickets is a great way to generate more foot traffic.
Obviously, the event you put on will look different depending on your business. If you own a restaurant, it could take the shape of a sit-down degustation with a glass of bubbly. If you operate a retail store, you could have a sip and shop with drinks, or nibbles and exclusive sales. If you run classes like candle making, it could be a special session where customers can create candles with the colours, scents and shapes of the season. The choice is yours!
You could even go one step further and partner with another business to create something truly special.
2. Bolster marketing
Gaining a new customer is much harder (and more expensive) than getting repeat business from customers that know you.. So, make sure you’re harnessing data to offer existing customers with holiday specials and save the time, effort and marketing spend attracting new ones.
3. Deck the halls
Get customers into the festive spirit, as a little festive cheer can help to boost sales. You could dress the doors, windows, walls, tables, counters, or anywhere that could use a festive boost. Or get your team to wear Santa hats or reindeer ears if you want to go all out! Consider adding a photo booth for customers to pose and send to friends or post on social media, with an official hashtag, to boost brand awareness.
When decorating your venue, try to stay true to your branding. For example, if you run a 70s style cafe, look for old-school posters of Santa Claus. If you’re running a minimalist boutique, look for modern wreaths to add that elegant touch. The key is to dress to impress, in a way that suits your business.
4. Offer holiday specials
Specials are a winner during the holiday season. Whether it’s a Christmas menu infused with festive flavours, personalising your products or service, or deals that give customers a discount or a freebie – giving back to your customers will go a long way.
To encourage more foot traffic, offer free gift-wrapping to online shoppers, when they collect in-store.
5. Take payments in-store and online
If you’re a retail business that doesn’t offer online payments, now is a good time to consider it. Offering pre-orders and pick-ups will ultimately improve your customers’ in-store experience, as they can collect their goods when it suits them, and it offers an additional revenue channel for your business.
Tyro eCommerce makes it easy to bring your in-store and online businesses together by integrating the transaction processing, reporting, and reconciliation across both your website and Tyro EFTPOS machine(s).
Want a queue-busting payment buddy? Consider purchasing a Tyro Go EFTPOS reader, which takes minimal space on your counter and can be taken anywhere.
6. Ask your customers for a referral and boost your loyalty program
A final business strategy to increase foot traffic is offering customers some sort of treat for referring your business or joining your loyalty program. This is a great way to spread the word about your brand, while also giving back to your customers.
We hope these tips help you make this festive season count!
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