WELCOME to the holidays! When everything is jolly and merry. It is that time of the year when people get together to share time with their loved ones.
And it is a great time for advertisers and businesses. Or is it?
The Market During the Holidays
The holidays are very exciting for everyone, and businesses will usually see a spike in sales. As jolly and merry as the holidays are, they represent one of the most competitive times for businesses and advertising: attention is the new-age currency, and, during this time, standing out becomes an art.
As the holiday season unfolds, you will find yourself in a jingle-filled battlefield: everyone is looking for attention, and promotions are EVERYWHERE. Since the holidays are peak times for consumer spending, they also bring a surge in ad placement pricing. As demand for advertising space peaks, so do the costs associated with getting noticed.
The forecast for the 2023 holiday retail sales in the United States reached about 957.3 billion U.S. dollars, according to Statista. While the promise of increased sales is exciting, your advertising strategy during the holidays should be more cautious and well-planned: your cost per lead might increase the same way your conversions and opportunities are on the rise.
Managing Advertising Budgets During The Holidays
We all love to be budget-conscious: throwing your hard-earned advertising dollars down the drain is never the goal. A well-thought-out budgeting strategy is essential: while visibility is crucial, depending on your industry, you might need to consider a more conservative approach to the holidays.
Investment opportunities (like crowdfunding campaigns, for example) tend to perform poorly during the holidays as people rarely look to invest during this time of the year and will not consider buying an investment as a gift. On the other hand, According to USA Facts, clothing and accessories retailers, electronics and appliance stores, general merchandise stores, non-store retailers, and furniture and home furnishings stores tend to perform better during the holidays.
Assuming that your industry can take advantage of the holiday season and the spike in sales, planning your holiday strategy and allocating resources based on a realistic assessment of your business’s financial capacity can give you that extra push to increase your sales.
How Can I Have a Successful Holiday Campaign?
It all comes down to one thing: PLANNING.
- Strategic Timing: Timing is everything, especially during the holidays. Plan your campaigns to sync with key shopping periods, ensuring your brand remains the glittering star atop the holiday tree during crucial decision-making moments. From Black Friday to Cyber Monday and through the post-New Year sales, strategically aligning your promotions will keep your audience engaged throughout the season.
- Creative Content: Do you remember those classic Coca-Cola ads with the polar bears? They were not only visually appealing but they were emotionally resonant content. Heartwarming stories, festive visuals, and interactive experiences that bring joy can captivate your audience’s attention. The holidays call for content that stands out like a beautifully wrapped gift under the tree.
- Adaptability: Be ready to adjust your strategy based on real-time data. The ability to adapt to emerging trends and consumer feedback can give you a significant competitive edge: listening to your audiences is always a good strategy
The holidays are not just about selling but about connecting. During this time of the year, your audience is not only looking to “buy stuff”, they are looking to build relationships with others and spend time with friends and family: your goal should not be only “make them buy” but be part of their celebration.
Here’s to a season filled with successful campaigns, cheerful customers, and a sleigh full of holiday joy! Happy advertising!
Already late for holiday planning? Let’s work together to make the most out of this time for you and your business!
