Business Tip – October 2016
If your company’s sales results were a dance floor, how would it look? Are the numbers jumping off the page, dazzling you with their lively performances? Or are they slow, sluggish – perhaps even disappearing entirely? To keep the party moving, every business needs to regularly remix its line of products or services.
There are many potential causes of a sales slowdown. But these troubles aren’t all bad — they can help you shape your revised offerings. Start with the obvious: Are your customers drifting away? Conduct market research to find out whether they still like what you’re selling or if their needs have changed. Evolution is normal, so be ready to adjust your menu to keep pace.
There are a few telling market research questions that are key to successful market research. Ask the consumer for his or her biggest challenges/ frustrations regarding your product, i.e. ceramic tile, and what those challenges are costing them. Next ask what goals in the near future they have regarding your product. Present your product (which would solve their challenges) and ask if they would be interested in the product and how much would it be worth to them. Finally confirm the best method of marketing by asking for the consumer’s preferred method to receive information regarding your product.
Also look into how long you’ve been offering the same products or services, and whether you’ve saturated the market. Some things have enduring value, but demand for others can wane as new products take the spotlight. Regular evaluations can help you decide whether you should:
Test a product or service in a different market or geographic area,
“Reinvent” a product or service (for instance, by repackaging or renaming it), or
Finally, don’t ignore the economy – both national and local. Market conditions can influence the sales of even the strongest products or services. Try to bolster the strongest ones, but also consider discontinuing weak ones or adding new ones that reflect the strength of the local economy. In an economic downturn, you may also find that reinventing your weak products will increase their sales; package them differently or price them competitively and you may see an increase in sales.
An effective remix of your products or services can turn a sad song into a happy tune.
CTDA helps you succeed in your business through a variety of programs and services that include educational opportunities, webinars, and discounts on shipping, client collection services, telephone charges, auto rentals, and more. CTDA offers networking and relationship-building opportunities through participation in Total Solutions Plus all-industry conference and Coverings annual trade show. Membership in CTDA also increases your national exposure and gives you access to the annual membership survey, a valuable resource to evaluate your company in terms of profit improvement, employee compensation, distribution and company performance. The CTDA website, CTDA Educational Opportunities, Weekly Newsletters and TileDealer Blog are all free resources that will “keep you in the loop” as well. CTDA is always looking for ways to improve the benefits of membership. To learn more about membership, please contact [email protected] or 630-545-9415 visit the website at www.ctdahome.org. Like CTDA on Facebook and Twitter @Ceramic Tile Distributors Association (CTDA).