Getting Ahead for The Golden Quarter
The build up to Christmas, otherwise known as the Golden Quarter, is when independent high street businesses traditionally see an increase in takings. Preparing for this early can support a stronger and more successful Christmas to come.
Marketing plans need to be ready by the end of September if you want to take full advantage of consumer’s spending habits at this important time of the year. A study by Appinio shows nearly a third of consumers start their Christmas shopping 10 weeks ahead of Christmas - mid October.
People are already browsing, mentally bookmarking gift ideas and comparing prices. What deals and discounts are you intending to offer, and when? The canny Christmas shopper will be looking to spread the cost and make their festive pound to go further.
So what can you do now to maximise this peak time?
Review and plan
Look at last year’s performance, what issues did you face and what can you put in place to avoid them this year?
Set clear goals
Define your golden quarter goals. They need to be:
- Clear: realistic giving you focus, knowing precisely what you want to achieve. Give yourself a clear goal for each area of your business (stock, sales, team, marketing etc.)
- Achievable: make sure the goals you set are achievable within the team and resource you have available
- Timed: set a timetable for actions. For example, start by put aside 1 hour each day over a week to create your Golden Quarter action plan. Set a completion date for when you will have merchandised your shop for Christmas or when you will have you winter and Christmas menu ready to launch.
Goals are more likely to be achieved when accompanied by a plan.
Plan your stock
Increasing stock levels is crucial, don’t be caught out by best-selling items going out of stock. Be sure, where cash allows, to have ordered additional quantities for peace of mind you will not run out.
Look at display tactics. “Theme link” items - think about what groups of items will sell well together to a gift buyer.
Stock new and unique finds alongside regular gift products keeping it fresh and your customers coming back for more.
Expression Insurance give you one less thing to worry about by having seasonal stock increase as standard. The stock sum insured is increased by:
- 25% during the months of November and December
- and 25% for a period of 15 days before and after any Bank or Public Holidays outside the period of November and December
Put impulse purchase products by till points
These lower valued items, ideal as impulse-buy stocking fillers, should be well positioned and visible to queuing customers.
Tills points are also perfect for gift wrapping essentials, sticky tape, ribbons, and tags for the prepared and not so prepared shoppers!
Introduce Christmas gift cards
Gifts cards, although not a new idea, are a great way to give more choice and enable the recipient to choose a gift they actually want.
Statistics from the GCVA and KPMG UK, state gift cards sales have increased, with in-store sales accounting for 54.7% of purchases as consumers continue to return to the high street.
Put the Christmas icing on your customer service
Customers are more likely to return to a business that has gone the extra mile, making them feel ‘special’ than a retailer that looks upon them as just another transactional shopper. You could consider offering a free gift-wrapping service, an offer gratefully received by busy shoppers.
Give your business a ‘festive’ clean
Before the start of the Golden Quarter look at giving your business a festive clean.
Remove old stock and used boxes, making sure it is spotless and welcoming both inside and out.
Ensure heating is serviced and in full working order, a warm shop, café or restaurant can be a big draw on a cold winter’s day.
Include a place to store wet umbrellas, making sure the water does not pool in the entrance leading to a slip hazard.
Don’t neglect the outside, plan monthly themed window displays, Halloween, Bonfire Night and Christmas. Catch shoppers’ interest with ever changing and eye-catching displays, showcasing top selling products or promotions drawing the customers in.
Pavement signs and A-boards can be a useful way to highlighting seasonal promotions. If you are planning on introducing these now is a good time to check your insurance cover provides Public Liability. Expression Insurance can provide the level of Public Liability required by your individual business up to £10 million.
Ensuring your business is welcoming and safe reflects the care and attention you place on running your business. Carrying out regular risk assessments can prevent accidents. With the winter months approaching, the risk of slips increase. Small things like adding a well laid non-slip mat at the entry of your business and documenting you have checked this on a regular basis could protect you and your business from the risk of your customers or employees being injured and making a claim against you.
Partner with a local charity
Christmas is for giving and what a great time to look at working with a local charity to help raise funds and donations whilst boosting your brand awareness.
· Customers could donate at the till point, potentially link up with the Charity for gift wrapping services
· A percentage of every sale goes to your chosen charity
Working with a charity builds brand awareness, increases footfall, unlocks new networking opportunities, and enables small businesses to give back to the community.
Transparency is key when partnering with charities, be clear with customers how their purchases will benefit the charity. Look for legal guidance from a professional to ensure compliance.
Staff
It’s not just Santa that needs additional help at this time of the year. As your business moves into the golden quarter you will become busier. Look at opening hours and current staffing levels, do you have resource for addition footfall and sickness cover. Don’t leave it until the last minute to recruit additional staff. By planning it now, you will ensure they are trained, in place, ready to provide a great customer experience for the start of the great rush.
In short, the run up to Christmas is a great opportunity for high street businesses to make the most of the increased demand. Taking time to plan will enable you to relax with peace of mind that you have given your business a huge boost for your golden quarter and a springboard launching you into a successful new year, a real Christmas bonus!
If you want to find out more about how Expression supports independent business owners who love their business visit www.expressioninsurance.co.uk