If your promotional products business isn’t quite where you’d like it to be, and you’re wondering what you can do to increase your sales, I’d like to share my story with you.
Many years ago, when I first started my promotional products business, industry education, training and mentors were in short supply. Everything I learned was the hard way, and frequently I had to fly by the seat of my pants. I made so little money the first year, I was ready to quit and go back to my low-paying teaching job. But eventually, through many mistakes and missteps, my business took off. In fact, it was doing so well that within a few years it made the 100 Fastest Growing Company list in my region.
What made the difference? Here are six smart strategies that turned my business around and tripled my sales that can work for you too!
1) Focusing on Profitable Niche Markets. People want to do business with experts and they are much less likely to price shop and view you as just another commodity vendor when you have expertise in their niche. I recommend to my coaching clients to become an expert in one or more growing and profitable niche markets that they are attracted to or have a natural affinity with. For me, it was healthcare and education. I was a health and human development major in college and a former teacher. When I started to target the healthcare and education industries and understand their challenges and provide solutions, my business really took off and I enjoyed my work much more. Don’t make the mistake of thinking you can’t sell outside your target markets. You can, your niche is just where you’ll concentrate most of your marketing efforts.
2) Having a Preferred Group of Suppliers. This is a business with thousands of suppliers and products, it’s impossible to learn them all. I’m a big believer in having a core group of suppliers that you give the bulk of your business to. You’ll be more familiar with their product lines, you’ll frequently qualify for better pricing and you’ll build a relationship – which is so important in those times when you need a special favor. One thing to keep in mind, having a preferred supplier list does not mean you won’t deal with other suppliers. There are always new and exciting suppliers entering our market, this is just where you’ll be sending the bulk of your business. You can find a sampling of my personal group of preferred suppliers here.
3) Tracking Financials. It's easy to fall into the trap of not paying attention to the financial aspects of your business, but without an ongoing money management strategy your business can falter. In my own business, when I started tracking my sales and revenues my business took off. A few tweaks in your business can make a big difference in your bottom line. Here are a few things to do now. Evaluate who your most profitable customers are and what products generate the highest revenue. Ask for deposits or pre-payments on your promotional product orders that will at the very least cover your costs. Set up a merchant account so that you can accept credit card payments. Consider instituting a 1 percent discount for payments received within 10 days, and as an incentive for speedy payments. Consistently look for ways to save or make more money in your business.
4) Consistently Following Up. Did you know that 80 percent of sales are made on the 5th to the 12th contact? That's why it's so important not to give up. Your prospects and clients are busy, but that doesn't mean they're not interested. Think of all the calls, emails or texts you may get during the day that you don't have time to respond to. Being consistent and persistent is the key to your business success, now more than ever. You can't get the business if you're not on your prospects radar screen. Your prospects are bombarded with thousands of marketing messages per day. You need to cut through the clutter and stand out. The key to this strategy is variety. Instead of just showing your products, provide valuable information and marketing tips with every follow up. Connect with your prospects on social media and follow what’s important to them. Take the time to get to know your best prospects on a more personal level by inviting them to special events or out for a meal.
5) Creating Systems. I worked alone for the first year, but was so worn out I knew I needed to get help. My first assistant was a part time college student, she was so good, I asked her to stay on and become full time. Working together we created systems, forms, sales letters and checklists to make my business run smoothly, even when I was out of the office. Creating systems for office procedures enabled me to save a ton of time and frustration and make a lot more money. Creating systems, letters and forms can be time consuming. If you're ready to shortcut the process, my newly updated FAST TRACK (http://www.promobizfast.com) program has the very same forms, checklists and sales letters and more valuable sales-building information that I used to grow my own promotional products business from zero to record breaking profits. What systems can you create in your business to make things run more smoothly?
6) Networking. I knew no one in the business world when I started. I built my business by attending weekly networking events, not making cold calls! Yes, it was time consuming, but I found nothing beat personal contact. Plus, the people I met through networking were able to give me orders and refer other business to me. The key here is to network where you are most likely to find people in your target markets. Once you meet someone stay on their radar screen by sending them valuable marketing tips and ideas and connecting with them through social media. That way your name is the first name that comes to mind when they have a need.
I would enjoy hearing from you. What are you currently doing to increase your sales? What strategies have worked best for you?
Rosalie Marcus, The Promo Biz Coach ™ is a promotional products business expert, coach and speaker. Combining her skills and years of experience in promotional sales, she helps her clients sell more at higher profit margins and dramatically increase their incomes! Get a FREE special report: 10 Proven Ways to Thrive in Promotional Products Sales in Any Economy at her website www.promobizcoach.com. Reach her at Rosalie@promobizcoach.com or 215-572-6766.