Though it may be hard to believe, now is the perfect time to start planning your marketing strategy for the upcoming holiday season.
In 2023, about half of consumers started making their holiday purchases in October, and this year’s shopping behavior is likely to be the same. The sooner you can get your holiday marketing plan ready, the higher the number of sales your business could make in October and beyond.
Ready to get started? Here’s what to expect during the 2024 shopping season, along with tips that can help you build your holiday marketing strategy.
Why Businesses Should Plan for Holiday Marketing Now
Knowing there are lots of early-bird shoppers out there is just one good reason to plan your holiday marketing strategy right now.
Other good reasons to get a head-start:
- Create sales and promotions. Starting early gives your business the opportunity to develop a series of sales and promotional events leading up to the major holiday.
- Budget more effectively. Starting right now allows you to spread out expenses rather than saving it all for the last minute.
- Save money on advertising. Secure contracts with advertisers early before these costs increase during the holidays.
- Set new trends. Be the first to set holiday trends in your industry and stand out from the competition.
- Develop high-quality content. Get enough time to develop quality videos, photos, and sales copy.
- Dive into data and analytics. Gain more time to study analytics and upcoming trends.
- Resolve supply chain issues. Looking for and anticipating potential supply chain issues can help you prepare for hiccups and also resolve problems before the holiday shopping rush.
- Collect consumer feedback and make necessary changes. Last year, an estimated 36% of consumers said they invested more time into researching products online before making a purchase compared with previous years. Keep in mind that online reviews often play a major role in the consumer research process.
What to Expect During the 2024 Holiday Shopping Season
U.S. household debt increased by $800 million from 2022 to 2023, while credit card debt grew by 16.6%. Inflation has played a significant role in these factors, reports Time Magazine.
Businesses should realistically expect less consumer spending in 2024 as a result. However, though overall spending may be lower, a number of analytics firms predict that more consumers will do most of their shopping online to produce a rise in e-commerce sales.
Rise in E-Commerce
In 2024, e-commerce will make up nearly 20% of total holiday retail sales, predicts Emarketer. Holiday retail e-commerce sales in the U.S. could break records this year to reach more than $271 billion, which is a 9.5% increase from 2023. It adds that these predictions only take November and December into consideration, and they do not include the 28% to 29% of e-commerce sales that will likely take place in October.
Shopping online is often extremely budget-friendly for consumers, as it allows them to shop around for the best deals and save money on local travel expenses. Hassle-free returns are another advantage of e-commerce, as are bundle deals and “flash sales” similar to Lightning Deals offered on Amazon. Flexible payment options such as “Buy Now, Pay Later” are also a major perk for holiday consumers struggling with household and credit card debt.
An Uptick in Online Reviews
Given the expected rise in e-commerce, it makes sense that the number of online reviews could rise with it.
Online reviews can help your business grow and improve your digital footprint. They can also provide your business with valuable feedback and help you earn the trust of consumers.
An estimated 95% of consumers check reviews before buying a product, and 86% consider reviews an essential part of the purchase journey. EmbedSocial adds that positive reviews encourage consumers to spend 31% more and that 53% of consumers expect businesses to respond quickly to negative reviews. Displaying reviews on your website could even increase your conversion by a whopping 270%, reports Spiegel Research Center.
Keep these statistics in mind for the 2024 holiday season, and find ways to use them to your advantage.
How to Start Your Holiday Marketing Plan
There are several ways to jump into your holiday marketing planning, and you can go with the route that works best for your business. Here are some pointers to help you get started.
Develop Your Sales Funnel
A sales funnel is the path, or journey, your prospects will take to become a customer, from beginning to end. Steps you can take to develop your sales funnel, as suggested by HubSpot:
- Identify the problem you want to solve for your customers. This can be achieved by understanding your audience and their interests, expectations, and problems.
- Define your goals. Your goals could be leads, purchases, or subscriptions to your newsletter.
- Create an initial offer to generate leads. Examples include a free trial or ebook.
- Qualify leads to confirm an interest in your products and services. This may involve separating in-house leads versus third-party leads or segmenting leads by their original channel (such as social media or paid ads).
- Nurture your qualified leads. This may be done via direct messaging or an email drip campaign.
- Close the deal. Keep communication lines open until the deal is closed.
Create Special Offers
Consider creating one or more special offers that could serve as the central point of each of your campaign initiatives. Types of offers to consider include ebooks, videos, templates, and online courses. Think about what your target audience wants and services that could benefit them, and go from there.
Build Your Multi-Channel Marketing Assets
Multi-channel marketing is the practice of using various channels to reach and engage with your audience. This typically includes both digital and traditional channels, including social media, blogs, billboards, and trade shows.
Identify the channels that will likely be the most effective for your target audience and work with your marketing team to build your multi-channel campaigns.
Does your business need help developing its 2024 holiday marketing strategy? At Katava Marketing, your vision is our mission! Our full-service marketing agency can help you prepare for the upcoming holiday season with services including SEO, digital marketing, and more. Contact us today at 973-998-8008 to get started!
