As a New Year approaches, the Millennium Systems education team shares how to get off on the right foot.
Evaluate Your Inventory
Figure out which of your retail products are dead-stock or slow-moving using your software’s inventory reports. With that, create bundles and packages of that inventory with your top-sellers. Also, analyze the past year’s product sales so you can predict your ordering trends for the first few months of the year.
Evaluate Your Marketing Campaigns
Determine which types of promotions were the most popular, which medium had the highest conversion/ROI (email, social, word-of-mouth), which types of emails had the highest open rates, which types of social media posts had the highest engagement, where money was wasted in your marketing budget, and analyze gift certificate sales and brainstorm new ways to increase sales for 2019, including the ability to purchase online.
Improve Your Business Culture
Schedule end-of-year reviews with each team member to discuss the year’s goals, future goals and constructive yet empowering feedback. Find new ways to show your team how you appreciate them, which can even be done by creating a budget for continuing education.
Outline Your 2019 Marketing Plan
During the holidays, ask clients if their contact information is correct so you can start 2019 campaigns with up-to-date information. Segment clients based on persona and create campaigns that cater to specific needs, wants and marketing consumption preferences (email, social, etc.). Additionally, determine how you can create or modify your loyalty program with incentives that motivate clients to perform behaviors that grow your business, such as refer new clients, frequent your business more often or spend more. millenniumsi.com