March 5, 2008
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Boosting Your Bottom Line in a Gloomy Economy
With a gloomy economic forecast and customers’ expendable resources becoming shorter, luxury products are falling by the wayside. Pool builders are not strangers to the economic strain the industry is facing. Fortunately, there are alternatives in a weak economy. Veteran pool industry marketer Mike Miller provides tips on how to boost your business. Using techniques such as setting up a website or having your company listed on a dealer site can make all the difference.
Mike Miller, president of Miller Davis, Inc., a North Carolina-based marketing firm with a decade of experience marketing in the pool and hot tub industry, gives you five tips to help boost your bottom line in a gloomy economy.
1. Don’t let marketing go
When the economy is down, it’s not the time to cut marketing budgets. Instead, remember that there are industry sources you can utilize for little or no fee. Pool People USA is a great website that allows dealers to sign up for their dealer locator. Using this program can help you increase sales by bringing in qualified leads. This is an excellent way for the homeowner who is new to the area to find your business. If you are not a member of the program, click here.
Set up a website if you don’t already have one. Give coupons to customers who sign up for your e-mail list. This way, you can easily inform all of your returning customers of upcoming sales. For customers who may not have e-mail, set up a mailing list inside your store and mail them notices about sales and specials.
2. Focus on the aftermarket
Pool owners plan to spend money on maintenance and enhancement. They will come back for chemicals, accessories, toys, games, and more.
Not only will people who own a pool continue to purchase items for their pool, they are more inclined to increase the value of their existing property. If they don’t have to buy a pool, they can use their resources to add a slide, a diving board, or maybe even a hot tub. No matter what the upgrade, an upgrade means more income.
3. Customer service is key
Remember that you and your employees need to put your best foot forward when dealing with your clients. Today’s industry is highly competitive, and if you anger a client with poor customer service, you might lose them to your competition.
4. Store layout can make all the difference
Since today’s clients are busy, they want to be able to come in and out of your store as quickly as possible. Make sure your products are organized and easy to find. If customers don’t have to seek help, they can make purchases more efficiently. Also, make sure your store is clean. A clean store shows customers you take pride in your work.
5. Let them know you care
Lastly, try to get involved in your community. Getting your name “out there” by participating in local events can serve as free advertising. The name recognition you receive from community involvement can result in more business. You might also try striking a deal with local Realtors to give your card to clients who buy homes with pools. Offer a discount to new clients, and offer a discount to your old clients for referrals that result in new business.
No matter how you choose to build your company, keep in mind that current customers can be a great asset. Keep them happy, and they may return the favor.
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