Christmas is a season that is dedicated to commercialism; with stores flaunting a number of deals and sales, every form of media is bombarded with offers and promotions and then you are set the task of fetching everything from everyone’s wish list. From a businesses perspective, however, there is a substantial amount of time, effort and money set aside to bombard you with said adverts. To maximise profits and sales during the busiest time of the year, randd uk explain how research and development can help your business prepare for Christmas and help you stay one step ahead of the competition.
The first step in preparing your business for the Christmas rush is planning your strategy and outlining what you want to achieve. Obviously, Christmas is a time where money is thrown around like confetti at a wedding so you are going to want to maximise your profits as much as you can. With that being said, however, your goals should focus around how you can achieve this ultimate goal as effectively and efficiently as possible. At the end of the day, research and development is all about finding new and innovative ways of succeeding, as well as being as efficient and eco-friendly as possible. With this in mind your goals could be a number of things, such as:
“I want to manufacture the latest must-have gadget”
“I want to produce all of my products at the lowest cost possible”
“I want all my manufacturing to be as environmentally friendly as can be”
Like we said, your goals should not be focused around how much money you want to make, but they should instead focus around how you achieve that ultimate goal. By implementing the following research and development strategies, you can prepare yourself and your business for the festive period and you can ensure that you meet all of your pre-determined goals.
Particularly for e-commerce companies, engineering, technology and production will play a huge role in how you plan to cope with the increase in demand. If one of your goals is to make the production process as cost efficient as possible, then researching ways of reducing the costs of production and developing your existing production process in accordance to that research will allow you to refine the whole process. By setting aside the time to review your manufacturing process, you will identify areas of your production line that can be improved, reduced or scrapped, thus achieving your goal of improving your production line.
Finding a new way of achieving this goal, whether it be through the use of technology or through research into the efficiency of the manufacturing process as a whole, will qualify your business for research and development tax credit relief. Not only do you save money along the way, but your business should also receive a cash reward for furthering the development into one of the most common areas of business and production.
One of the most powerful tools your business can utilise over the Christmas period is marketing and advertising. For businesses of any size, marketing is the most popular way of attracting consumers to your company and to your products, and an effective campaign will help transform the ‘mmm maybe’ into an ‘I need this now!!!’. Therefore, by dedicating a specific team and a large amount of time and effort into creating a campaign that is specific to your target audience, you can capitalise on the rush of Christmas.
In terms of research and development, there are a number of ways you can help prepare your business for Christmas from a marketing and advertising perspective. First of all, you must identify all the channels of media you wish to utilise and administer your campaign through. It is important to take the time to determine who your target audience is, if you have not already done so, however. This step will prevent you from pursuing the wrong avenues, such as targeting a slightly older generation through social media and by targeting teenagers through newspaper adverts.For example, a quick Google search will show you that the majority of social media users are between the ages of 24 and 35, and the average age of a newspaper reader in the UK is 51. Once you have devised your plan, make sure you are selling your products. It may seem self explanatory, but it is important to take the time to research the most effective forms of advertising for your your business and your products. Analyse any consumer trends that form during the Christmas period and conform to those trends. Also take the time to see what your competitors are doing to make sure you do not miss any tricks. Once you have planned your marketing strategy, develop your whole process by using that research to improve any existing strategies.
Although these strategies will help your business prepare and cope for the Christmas onslaught, being proactive within your industry and within your company will allow your productivity and efficiency to consistently improve. Research and development is a way of reviewing your practices and using any findings and results to help improve your performance and to benefit your industry as a whole. These snippets of information are great for ensuring consumers are drawn to your site and persuading them to purchase your goods, but there are a number of other strategies that can help improve the practices of your business, regardless of your industry. It must be said that research and development is not specific to companies within the e-commerce sector, so to find out whether your business could qualify for research and development tax credits, take a look at our previous blog, labelled ‘The Many Aspects of a Research and Development Company’ or head over to our ‘Qualifying’ page.
Research and Development Tax Credits
If you believe your business may qualify for research and development tax credits, then get in touch with our research and development tax credit specialists today by contacting us via our online contact form or give us a call on 01332 477 070.