Despite reports that UK households plan to spend an average of £757 this Christmas, with 22% allocated to small businesses, new research reveals the industries at risk of a potential £53.8 billion revenue loss this festive season.
The sales engagement experts at Sopro surveyed 2,000 UK workers and found that December 17th is the most common date employees begin to wind down, resulting in reduced productivity for five full working days leading up to Christmas.
This workforce slowdown can significantly impact companies, with reduced efficiency and output contributing to a potential revenue loss of £53.8 billion across the 15 top-earning sectors – but which industries are hit the hardest?
Steve Harlow, Chief Sales Officer at Sopro, offers his advice on avoiding the ‘December dip’ and keeping leads warm into the new year.
Harlow said, “While the festive season is a time of celebration, it’s vital for businesses to maintain their productivity levels right up until the Christmas closure period to ensure they remain profitable and competitive. With many workers starting to switch off ahead of this date, it can be challenging for companies to generate enough new business leads, which can result in a slump in sales – commonly known in the industry as the ‘December dip’.
“Luckily, you can combat this dip by keeping the momentum going with your prospecting. Just because sales are slowing down doesn’t mean you should too. While some businesses may have gone over their budgets, others might want to spend their surplus before the year ends. This makes December the perfect time for upselling.
“Plenty of businesses also plan their strategies for the new year in December, so it could be the perfect opportunity to get on their radar. You could offer incentives like discounts or make your offer time-sensitive to encourage hesitant customers. Incentives will keep you in a customer’s mind, helping to keep leads warm into the new year.
“As the December dip often means fewer leads on the horizon, it’s wise to focus on the ones that are most likely to convert. Assess the quality of your leads and score them on their purchase intent and potential value to your business. This will help you prioritise leads and bolster sales to offset the festive slump.”