FollowMany 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 list of the 100 Fastest Growing Companies in my region.
What made the difference? Here are three things that turned my business around and tripled my sales…
1. Focusing on Profitable Niche Markets. People like to do business with experts. Become an expert in a growing and profitable niche market that you’re attracted to or have a natural affinity with. For me, it was health care. I had been a health and human development major in college and there were loads of opportunities in my geographic region. Once I started to focus on health care and began to understand their challenges and provide solutions, my business really took off and I enjoyed my work more. Don’t make the mistake of thinking you can’t sell outside your niche market. You can; your niche is just where you’ll concentrate most of your efforts.
2. Having a Preferred Group of Suppliers. This is a business with thousands of suppliers and products and it’s impossible to learn them all. I’m a big believer in having a core group of 10-30 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 of the things I share in my FAST TRACK to Making Money in Promotional Products Sales program is my personal preferred supplier list. One thing to keep in mind, though: 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 concentrate the bulk of your business.
3. Getting Help. I worked alone for the first year, but was so worn out I knew I needed to get some help. My first assistant was a part-time college student and she turned out to be so good that I asked her to stay on and become full-time. It was hard to give up the money to pay for help, but ultimately I made more money by concentrating on what I do best (selling and building relationships) and had her do the things I disliked: bookkeeping, office organization and invoicing. These days, there are a lot more alternatives for getting help in your promotional products business than when I started. You can hire an assistant, or you can affiliate with a larger organization to take care of the back-end work or you can work with a coach to help you set up systems and strategies. Whatever you decide, don’t go it alone. Get help.
I’d like to hear from you. What has made the difference for you in increasing your promotional products sales? Have you tried any of these strategies? Please comment below or send an email to Rosalie@promobizcoach.com
© 2012 – 2013 Rosalie Marcus
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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 Big Mistakes Promotional Professionals Make and How to Avoid Them and a FREE Skyrocket Your Sales audio download at http://www.promobizcoach.
Reach her at Rosalie@promobizcoach.com or 215-572-6766.
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