With today’s unstable economy,it’s more important than ever that business owners help their businesses in every way possible. Through this blog, you will find out how to give your business the jolt or boost it needs to stay ahead of the times. We will talk about finding inventive ways to sell your product, really thinking outside the box, and finding new ways to reach a wider customer base. Obviously there are as many ways to reach these goals as there are blogs that help you get there, but it is important for you to find your own path. You need to find your own way that best suits your business.
These 2 strategies are helpful for any business and hearing about their entrepreneurs way just be what you need to get a fresh jolt of energy and new ideas for your business. If feeling a little stuck, this is a great place to start.
1. Discovering Innovative Ways to Move your Product Making and discovering current, fresh, and efficient ways to sell your product can assist your brand become more diverse and of course allure new custom. Entrepreneur, Lucy Jenkins-Smith, tells us about how she managed to do exactly this with her business, SpraySpa, when the crash in 2009 happened and she needed to find new methods to stay afloat. SpraySpa is a company based in Manchester, England that sells homeopathic, organic and vitamin sprays. SpraySpa launched in 2005 and made a little name for itself as a luxury wellness brand. The products treated anything from hangovers and acne to insomnia and help with conception. The products were mostly available at hotels or luxury spas which in 2009 was the root of the problem this small business faced. That year all markets took a plunge and the hotel and spa industry was no different and so Lucy had to find different avenues to sell her products if she was going to get through this hard time. In other words she diversified her company. For most of the company's Lucy was selling to at the time were putting their buying on hold, SpraySpa’s sales dropped over 30%. Desperate times call for desperate measures and most business owners will tell you that it’s at your lowest times that you are able to be most creative with your sales. Lucy was no different. She had to find different channels to to sell her products while still staying on brand of being a luxury, high-end lifestyle product. SpraySpa was not what you might find in a health-food store, it needed to come across more elite than that. Lucy decided to offer limited time offers to high-end online fashion stores. This helped get SpraySpa out there. Lucy also teamed up with retailers that wanted to collaborate with unique brands. SpraySpa also expanded into boutiques while always keeping on brand. The hotel and spas still account for over 50% of the company’s revenue but the retail sales have helped a lot. 2. Increasing Value to your Products and Services If you’re company is going through a rough time this may feel like a risky option but it can be essential. Find a Plumber, serving all areas around Exeter, England. Business was going well up to 2008 with doing the basics in plumbing such as piping and boiler brakes. But when the crash happened exeter plumbing realized they needed to diversify their services. They trained to do a much wider range of services including roofing, and Carpentry. They also expanded their services to include emergency services. Even though this meant a lot more money put into the business at a difficult time, it was all worth it in the end. At the time they needed to hire more people and go through a period of low revenue while training but now they get many more calls because they cover that many more services.