5 easy ways to expand your promotional products business andrew talbot
TRANSCRIPT
5 Easy Ways to Expand Your Promotional Products Business
Andrew Talbotwww.industrysoftware.co.uk
Business Expansion Strategies
Markets
Products
New
Existing
New Existing
Cost Database Marketing - High
CRM - Information
Driven
Database Marketing - High
Risk
CRM - Customer Driven
Select the Easiest Option for your Business
In Order of Easiness
• Existing Products to Existing Customers• New Products to Existing Customers• Existing Products to New Markets• New Products to New Markets
Existing Products to Existing Customers
• Mail Order / Corporate Scheme
• Low cost delivery via the internet
• Suitable for all types of businesses
• Go looking for this type of business
Existing Products to Existing Customers
• Database Marketing – how much do you know about your customers
• Segmentation• Analyse your current top
customers• Data Mining
Existing Products to Existing Customers
• Send this to all customer who have not ordered for XX days• Send this to all customers we have not spoken to for XX
days• Send this to every customer that has ever purchased a
metal pen• Send this to every customer that has spent more than £1000
on pens but less than £500 on clothing• Send this to every customer in the education sector that has
a marketing budget of more than £50K
Existing Products to Existing Customers
• Do you know what existing products you could sell
• Use new creative sourcing tools – www.e-merch.com
• Talk to your suppliers what is selling
• Be pro-active send ideas to your clients
New Products to Existing Customers
• Print Management is used by all your customers
• Your existing contacts may well be the decision makers
• We can train and educate you re the suppliers & products
• Existing skills are transferable
New Products to Existing Customers
• You already understand Artwork & Design
• Use in-house or outsource• You can upsell to existing
clients – how about an artwork CD
• You can design logos, signs ,websites or exhibition stands
New Products to Existing Customers
• Everybody uses Office Products
• Competitive Market but technology solutions available
• Choices of Wholesalers, Kingsfield Heath, Spicers, Integra etc
Existing Products to New Markets
• Identify Niche Markets by reviewing your existing sales
• Consider a product and what market it could be used for
• For example the medical industry have large budgets & buy specific promotional products
Existing Products to New Markets
• What do you do well?• Opportunity to launch a
mail order range• Workwear & Uniforms• Tech Products available at
low margins• Companies with many
employees
New Products to New Markets
• Highest Risk Strategy• Should only be an option if you have a great idea or
skills you want to make the most of• Could be Anything• Maybe worth setting up as a separate brand
organisation so not to loose focus
In Summary – Your Main Opportunities are
• Print Management• Mail Order / Corporate Scheme• Artwork & Design• Office Products• Niche Markets
What relevant skills do you have?
• Customer Relationships• Artwork skill & knowledge• Admin Infrastructure• These are all transferable• Product / Sourcing
knowledge
Is this for me?
• What is your ambition for your business• Will your staff adapt• Do you see the growth you want / need in your
current business strategy• Are you prepared to invest in technology / staff
training
Real Life Examples
• £1 million turnover distributor attracts a £1 million turnover programme
• Distributor adds £1 million Print Management Turnover in 1 year
• Distributor doubles turnover without increasing number of staff
What tools do I need?
• Depends on what strategy you want to follow
How does technology help?
• Start with a low overhead business model by using technology to reduce staff costs
• Technology can also to be used to improve marketing results
• Help build the appropriate image• Can help improve product knowledge
Want to learn more
• Job Skills Training Courses available
• Talk to the experts• Visit our stand at this show• Research - ask your
customers opinions • industrysoftware.co.uk