Brands can leverage the scarcity factor, during the holiday period and beyond, to increase sales.
Marketers can design efficient marketing strategies to entice prospects by having a thorough understanding of the consumer psyche during holidays. The article notes, brands must utilise “nonrational drivers” amid the holidays to drive sales, instead of just relying on analytical data.
Due to stress factors like financial and time constraints, consumers' rational decision-making is subdued, and they tend to make more irrational decisions. Businesses can reposition messages to convey why their products are ideal for holidays, as people are willing to spend more for their loved ones.
A brand’s public perception and social proof can also influence holiday buyers, as most believe in-demand brands are of greater value. Investing in social awareness media content like TV ads and PR campaigns can boost holiday sales.
[4 minute read]
