Not tapping the festive demand for products and services could be a missed opportunity for both big and small businesses. After all, the festive season is when businesses get the opportunity to generate a relatively higher revenue than the rest of the year.
Unfortunately, the festive season is often loaded with multiple challenges that manifest in the form of stiff market competition, better incentives by market peers, and rigid sales strategies. However, businesses willing to boost their sales during the festive season can also retain growth by simply revamping their sales and finance strategies a little.
On that note, check out the pointers below to take a cue.
E-commerce portals have intensified market competition among businesses by offering customers multiple options to choose from. In such a situation, businesses are well aware that targeted customers will always choose services that extend favourable terms and incentives. Keeping this in mind, businesses may consider providing lucrative offers and discounts to customers, which they simply cannot refuse.
For example, they can offer flexible repayment options such as zero down payment facilities or no-cost EMIs to attract customers. They can also offer cashback, discounts, voucher facility, or rewards to incentivise customers. By doing so, businesses will be able to boost sales and generate revenue, thus scaling their growth-oriented targets during the busiest and most competitive time of the year.
Improve Customer Service
Indeed, festive seasons are the busiest time of the year. With an influx of more demand and a number of customers, businesses find themselves short-staffed. This often stagnates the flow of customer service and assistance, making the business appear less approachable. It often leaves customers feeling neglected. As a result, they move on to companies that can assist them at the earliest and provide them with attentive services.
To avoid such unpleasantries, businesses should consider improving their customer service. For instance, they should consider hiring more temporary or contractual staff to shoulder the added requirement. They should boost their online presence and extend online chat assistance services to resolve customer queries in no time. Such changes can help businesses pay full attention to their existing and prospective customers who are likely to come back after the festive season.
Consider BNPL Facility
The ‘Buy Now Pay Later’ is one of the most effective ways of ensuring stock clearance and generating revenue during the peak season. Such an arrangement proves beneficial for both businesses and their customers. For instance, it allows consumers to pay for products much later or in affordable installments. This makes expenses lighter on their pocket, especially during the festive season.
On the other hand, it enables businesses to attract new customers and clear out their stock even when their peers are trying their best to hold on to existing customers through lucrative offers and discounts.
Hence, by implementing the buy now pay later facility, businesses can successfully scale their growth targets for the festive season. That said, they can work towards the same success by approaching platforms like KredX that extend the BNPL services at lucrative terms.
Indulge In Active Marketing And Promotion
The festive season should not be an excuse for a lag in marketing and promotion. In fact, this is when businesses should be more proactive in advertising their products and offerings to target new customers. Also, active promotion could be an effective means of informing customers, both new and old, about the lucrative offers and help gain their attention. Needless to say, such a practice can draw in more customers and help edge over competitors, in turn, allowing to achieve growth targets with effect.
Another organic means of achieving organic growth is through revenue-based financing. It helps businesses leverage their projected revenue and access a portion of it as funds without incurring any debt. Since the sanctioned amount will be a portion of the estimated revenue, businesses will access substantial funds to meet their requirements.
Any business with a revenue of at least Rs. 10 lakh can benefit from revenue-based financing and meet their growth-oriented objectives easily. Also, if they opt for RBF through KredX this festive season, they could receive funds within 48 hours* and avail cash backs and other rewards.
Businesses can scale their growth targets during this festive season by tweaking their sales and marketing strategies a little bit. To support the same, they can leverage their offerings and provide alternative payment arrangements such as BNPL to retain the existing customer base and attract new ones. By doing so, they will be able to retain their growth and generate more business during the festive rush.