Best thing you can do is LISTEN!
Short story + 5 Minute Win BONUS + Biz Tip = 3 minutes well spent!
ASBL Newsletter Week #34 - Things to help you get those #littlewins that turn into #bigwins!
LISTENING + pain points = HAPPY client/customer
We *think* we know what they want but what we need to do is LISTEN.
The first Christmas we owned our packaging company, we brought this beautiful line of matching gift bags and boxes in assorted holiday patterns. Our customers had been asking for seasonal stuff so we *knew* our customers would love them.
But they weren’t selling at all. Everyone we showed them to loved them so we couldn’t figure out the problem.
Then on a Friday in November, a customer came in looking for some bags for her craft market that weekend.
She loved the holiday bags and was ready to take them until she found out they were in a case of 250 bags.
“Oh, I’ll never go through that many this weekend, do sell them in a smaller amount like 50?”.
LISTENING...thinking...
YES, we could do just 50 but there would be a slight upcharge for breaking the case - she was HAPPY!
She came back on Monday and bought 50 more. And every Monday for the next 3 weeks for a total of you guessed it, 250 bags!
Over the next year, we made a conscious effort to do one thing with every customer – ask questions and LISTEN to them.
Cases were an issue because of upfront cost and space. It made total sense, but we’d never thought of it from their perspective. Amazing what you learn when you LISTEN!
What's the one thing I've learned over these 29 years since that Christmas?
Cost is rarely the issue when you give your customers/clients what they want and need.
Just LISTEN 😁
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Go BIG or go...small?
Start-up business owners have an excitement and energy I just love!
But...
Sometimes, going BIG right out of the gate isn't the best idea.
For example, I recently talked with a client who's launching a new premium product line.
Her original plan was to create a product with 4 styles, 2 sizes per style, in 8 different colours. That works out to be 64 DIFFERENT products!! Yikes.
Now, variety is good BUT that's A LOT of inventory for a start-up. Many a great start-up crashed and burned because of too many dollars tied up in dead inventory!!
So, I pointed out 5 reasons why she should cut back-
👉 with too many colour options, she's likely going to sell out of the popular colours first and be stuck with slower-selling colours
👉 since there's a minimum order with the manufacturer, she'd have to wait a while before she can reorder, tying up $$$ in stagnant inventory
👉 she'd reduce her initial cash outlay for inventory, freeing $$$ up for other things such as her website, marketing and promo for her launch
👉 starting with a smaller offering would give her time to see which colours sell best, so she can adjust her inventory buying accordingly
👉 she could also roll out new colours throughout the year, giving her customers something new to purchase!
I recommended she go with 2 styles, 2 sizes per style, in 6 different colours for a total of 24 products in total. And then have 3 new colours released over the next 3 quarters.
The new total of 33 products would be a far more reasonable starting point, which would give my client some cash flow flexibility, and a rollout plan for the next 12 months.
Which option do you think my client chose??
?
?
?
👉 She decided to go with the reduced inventory - yay!!
Let’s Connect-
I’m the business coach that’ll take YOU from FAILING to FEARLESS!
I’ll help you with the *business* part so you can do the part you love!
Strategies + accountability + engagement + support + #littlewins = BIG WIN$ 😊
Let’s set up a FREE Discovery Call and see how we can work together.
AND you can connect with me and A Small Business Life here-
Have a great rest of your week and see you next Tuesday!
Anna