How to capitalise on the Santa Economy
Posted on by Katie Hook
Estimated read time: 4 mins
We all know that Christmas presents a huge opportunity for small businesses. With shoppers everywhere clamouring for bargains – and fuelled further by the oh-so-alluring call of Black Friday and Cyber Monday, the festive season is a time when business owners should be rubbing their hands in glee.
The statistics speak for themselves. In 2016, during the peak shopping season, Experian were receiving up to 500 address validation requests per second1 and that figure is expected to rise by at least 20% this year.1
We Britons spent a whopping £5.8 billion, of which £2.8 billion went to online retailers.2 Not a bad haul!
So if you’re not ready to capitalise on the ‘Santa Economy’ for your business, you’re missing out.
Wishing you a data driven Christmas and a very prosperous New Year…
So, what’s the key to success in planning your festive strategies? Well according to Experian’s Rebecca Hennessey, it’s data. She explained “Businesses need to ensure a high level of data accuracy to successfully service today’s huge numbers of online customers. Discount retail events are only going to grow in popularity.” Experian expected to see over 28 million requests to validate contact data during this year’s Black Friday weekend.1
“The Santa Economy only runs for a short window and data accuracy can make or break the season.”
Here are just a few reasons why:
It could be easy to get swept up in the ‘go big or go home’ rhetoric that seems to surround so many festive marketing campaigns. However, it’s key to remember that this is a time when consumers are being inundated with sales messaging from all angles. Data will help you to keep your own promotions relevant and help you make sure you’re only contacting those people you have permission to.
Processing customers more efficiently
Out of date and incorrect data can seriously hinder the speed at which you can process transactions online. Equally, it will impact the number of successful transactions you are able to process – and that’s going to directly affect your bottom line.
Targeting your marketing efforts
As with any marketing campaign, your Christmas promotions need to be targeted effectively so you’re reaching the people who are actually interested in buying your products and services. The more data you have on your target market – and where to find them, the more impact your campaign will have.
Reducing financial risk
With more customers coming through the door (whether that door be digital or physical!), your business is exposed to more financial risks such as fraud or unpaid debt. Data plays a key part in reducing these risks and allowing you to maximise on the benefits of the season with none of the downfalls.
With Experian Business Assist, you can get full credit reports on any UK business (including your own) as well as access to our marketing data so you can find the right customers quickly and efficiently and reap the rewards of the ‘Santa Economy’ for your own business. If you’d like to learn more, you can chat to one of our team by calling 0844 481 0030.
Sources: 1. Experian data, 2. Centre for Retail Research
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