According to Bloomberg News, business experts are noticing that many companies are making serious mistakes this autumn as they must ride through inflation, thereby facing challenges in hiring, disruptions in supply and demand chains, and coming to outweary as the pandemic prevails and has been lasting for the last 20 months. On asking about the mistakes that these entrepreneurs are making this holiday season, the following errors are being listed here.
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The Mistake 1
Reducing the price so that customers are attracted and fostering year-end income.
Why is it being Seen as Bad?
For entrepreneurs that have adopted this step, it will be difficult for them to return to their before pandemic normal. This is because next year during the holiday season, customers will be expecting again for further lowering of prices. In this way, the income per customer in the long-term cuts down remarkably.
How to Fix the Problem
To fix the problem, experts say that it is best to keep the prices stable. If you want to promote your products or services during the holiday season, it is best to offer “free” stuff or add-ons. By doing so, customers appreciate the extras that they get to enjoy.
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The Mistake 2
Skipping the seasonal services, add-ons, and products.
What is it Bad?
Many customers prefer shopping seasonally. If you do not offer seasonal products, you will lose out on a major sect of clients in the process.
How to Fix it?
Offer seasonal products and inventory and if it is possible, make sure you start offering products for New Year as well. Many customers try to shop for stuff before the approach of the holiday season.
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The Mistake 3
Many B2B entrepreneurs believe that customers get or remain distracted particularly during the holiday season. As such, they pause their marketing efforts for the time being and stop recruiting in November and December. But this is a wrong move.
Why is it Bad?
By doing so, the months following the holiday season get impacted adversely. You will open the New Year to a sluggish market and sales. Many entrepreneurs in December so that their tax revenues can be offset in 2021.
How to Fix it
Bloomberg News reports that entrepreneurs can hire during this phase so that these recruits can hit it off right away from the very first month of the New Year.
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The Mistake 4
Blasting promotions during holidays across social media platforms.
Why is it Bad?
Avoid doing so because by doing so, you will not be able to build genuine followers. Users of Facebook prefer easily digestible and fun-filled content, while Instagram users will respond to visually brilliant content, and LinkedIn users will take in information related to business.
How to Fix the Problem
Build s strong audience on one, two, or more channels followed by marketing to this strong set of target audience.
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The Mistake 5
Not taking a cue from the major competitors about timing and their strategies.
Why is it Bad?
You may not like it but the customers usually pin their hopes for the best products on the larger competitors. The bigger banners are already promoting their stuff for Black Friday sales and wooing clients with their ads. The small entrepreneurs must do the same.
How to Fix the Problem
Try and follow successful trends. If the stalwarts are playing wisely, you must as well.
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The Mistake 6
Not showing appreciation for the employees and rewarding them.
Why is it Bad?
These days, Bloomberg News reports that it is important to retain talent. Since hiring is not the same anymore, it takes time to hire a good talent again. So, while they are with you, value them.
The Fix
Offer more pay to them, or give them a good deal and offer better benefits, provide training and opportunities. Also, provide facilities for remote working.
