My last blog addressed the “At Work” elephant in the room – that much has changed and managing through this is brutally difficult. Whether things calm down is unknown. To me, these are Darwinian times where strength is not determined by size, but the ability to leverage deep expertise with extraordinary agility. The following suggestions should help set the stage for evolutionary fitness.
Provide a well-thought consumer journey. First, you must understand what, where, why, and how customers buy products. Thankfully, it’s not hard to collect and analyze data to determine these drivers. Then, leverage this insight into powerful programs that boost sales and margin. The more you can help distributors succeed, the more you become invaluable to their broader success – and your volume.
Think Mobile First. We all understand that catalog, in-store and online must be aligned so offerings are priced accurately, branded accurately, and easily purchased. Many forget to customize their online presence to be smartphone and tablet-optimized. According to the U.S. Department of Commerce, 26% of online purchases in 2017 will be done on a mobile device. While online sales have grown by 95% over the last five years, sales from mobile devices have grown by a massive 362%! If your site isn’t optimized for smartphones or tablets, you’re probably losing sales!
New products and new markets. Smart companies make their products obsolete before their competitors do it for them. Continue to innovate and expand on what sells, and ration what does not. And look beyond your borders and traditional routes to market. Changing buying patterns and technology gives you the opportunity to compete and address new audiences.
Be Social. Today’s younger workforce spends untold hours posting on snapchat, Instagram, you name it. If your content is worthy and well-placed, it will be found and shared – all of which drives traffic to your site!
Consider in-store technologies. NFC (Near Field Communications) and in-store digital helps drive online sales while shopping in-store. Augmented Reality is the next big leap in human interaction with technology. Explore how this might work for your business.
Those that have incorporated some or all of these recommendations are seeing positive results. That said, integrating these new processes was not without fear. Departing from the tried and true is uncomfortable. It’s also required. The key is a willingness to try, and to fail fast should they not deliver.
To us, staying the course and waiting for positive results imperils your future as slow and lumbering only makes you a target for extinction.