03 Dec Product Seasonality – know your market!
As we approach the inevitable onslaught of Christmas products lodged down our throats, we thought it would be a fantastic time to talk about the different types of product seasonality and how it can be applied to your company!
Speaking of Christmas, it would only be right to start with holiday seasonality. Some examples of Holidays would be Christmas, Valentines and Guy Fawkes Night. A company could find themselves in a position where a certain event could be their peak time of the year. Some companies have peaks that actually pay for the rest of the year when they aren’t as needed. A good example for this would be fireworks. They are only ever really bought in the winter months when nights are darker and colder. From an event point of view, it’s primarily used a week either side of Guy Fawkes Night. In the summer months however, I can imagine they get sales but nothing compared to the autumn/winter months.
If you understand your market and know when your product is in its highest demand, then applying extensive marketing strategies during peak times will only benefit your sales.
The more obvious factor that plays into product seasonality would definitely be the actual seasons! Some companies strive when the sun is shining whereas others thrive when it’s freezing! The best products can weave their way throughout the year with high demand throughout. This is a very difficult task for some industries however people can find ways to market it annually.
A more obscure example of an annual product (as stuff like stationary would be too easy) would be ice cream. In the summer it is marketed as a “go outside and have fun” product. However in the winter season, they have started to market it as a “stay in and treat yourself” product. They have found a way to push a very seasonal product annually, which for an industry specific company is golden. An example of a product stuck in its season would be de-icer. In the UK, we usually only get 2 or 3 months of weather cold enough for de-icer to be needed. This means that the demand in the other 9 months is next to nothing. This makes it vital that their marketing during those peak months are perfect to maximise sales. They can also balance their product range by having some which appeal in those other months.
Take a look at the products you sell. Is there a specific time of year that is relied on for your annual turnover? Is there a way you can angle your product to appeal outside of that range?