Q3 Forecast: How We Plan to Bring the Heat
Evaluate Product Inventory
Our Marketplace Partnership team uses Q3 as the perfect time analyze their clients’ product inventory by reviewing sales data, stock levels, and product performance, helping our brands to:
1) Identify slow-moving or discontinued products and clear out inventory to make room for Q3 and Q4’s launches.
2) Decide which best-selling products to overstock in order to meet increased demand during the holiday season while still maintaining a sustainable approach.
3) Better plan for seasonal product releases or limited-edition collections that cater to holiday trends.
4) And help brands to consider embracing end-of-summer clearance sales or discounts on discontinued products to build customer loyalty while clearing space for new products.
Start Planning Early
Our DTC team gives “Christmas in July” a whole new meaning. With the holiday season just around the corner, our team knows its best to prepare early to avoid last-minute scrambles. Creating a successful holiday marketing strategy starts with:
1) Developing a comprehensive plan that includes email marketing campaigns, social media promotions, influencer partnerships, gift sets or bundles, and paid ads strategies.
2) Planning for increased customer support needs during peak shopping seasons (e.g. increased social engagement, time-sensitive promotions).
3) Scheduling social media content in advance using a content calendar that includes captions, exclusive content, UGC, and more to ensure consistent posting of diverse and eye-catching content throughout the holiday season.
Address and Reassess
Q1 and Q2 provided valuable insights into consumer behavior and purchasing patterns. Beauty brands should analyze this data to identify trends, best-sellers, and areas for improvement. By assessing key performance insights from Q1 and Q2, beauty brands can:
1) Identify top-performing products, categories, and channels to focus on during the holiday season.
2) Determine which marketing strategies and tactics worked well (or didn't) during the first half of the year.
3) Use customer data to inform product development, marketing strategies, and inventory management decisions.
4) Optimize email marketing campaigns by segmenting audiences based on purchasing behavior and preferences.
By understanding what worked and what didn't during Q1 and Q2, beauty brands can refine their marketing strategy for Q4, ensuring a stronger focus on high-performing products and channels.
With the right plan in action, you’ll be set for well beyond Q3 and your BFCM plans can become even easier. Let our team do the heavy lifting for your brand as you head into this pivotal time of year. Visit https://www.frontrowgroup.com/contact/ to start your partnership today.