Bruce Fox Blog

Estimated Read Time: 2.5 Minutes

The industry is changing - from the industry evolving with modern times to the latest supply chain disruption; everyone in the industry can agree that what worked fifty, ten, or even two years ago doesn’t work today.

The industry is changing and the last thing you – or anyone in the business – wants is to be left behind.

Estimated Read Time: 5 Minutes

We all know of the importance of doing a regular SWOT analysis.

When I worked in the marketing world, we would regularly do self-reflection and look for areas of improvement. Maybe that’s because our industry was constantly evolving or because our company wanted to live on the cusp of innovation – either way, it was deeply ingrained in me.

However, when you ask many owners or professionals in the promotional products industry, when was the last time that they stopped to think about their business beyond a fleeting thought, much less a SWOT analysis, there are few who can answer.

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Online sellers. Low-margin competitors. Global headlines that deeply impact our efforts. Suppliers selling direct. Distributors sourcing direct. Consolidation. Let’s face it, the state of the industry has given us all plenty to think about as we lie awake at night.

While there are many causes and reasons (and excuses) behind these circumstances, there is one common denominator: Our industry’s utter reliance on Chinese goods.

Our relationship with China has been nothing short of codependent. And it is proving to be an unsustainable condition over the long term. Now we are suffering the consequences of that unhealthy relationship.

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This year – like any year – is about growing clients and increasing sales. Every Promotional Products Pro is working to add numbers because the more products you push, the bigger your paycheck gets, right? That’s typically the reality of sales.

So, you have two options on how to grow this year:

1. Increase quantity – This means increasing the number of clients or number of products being sold.
2. Increase quality – This means selling a higher quality of products that will increase the ticket price.
   

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We started seeing last year that people are wanting experiences more than physical gifts. The “experience generation” even became a common label.

And our prediction is that this is not just a fad that’ll fizzle out anytime soon. No, it will only continue, if not increase.

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You get a call from one of your clients. One of those that you do regular business with but this time they need some awards for a new employee recognition program they’re creating. Except the awards ceremony is next month.

You look at the calendar and realize that’s only 3.5 weeks away.

That’s where DYR comes in. You don’t need to rush around, struggling to find awards; instead, just go to one place with peace of mind.

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What does strategy mean to you?

Is it getting a call asking for you to provide promo ideas for an event and you send over your favorite products for them to review?

Is it discussing with your clients their various options based on the target audience?

Is it consistently sitting down with your clients and they ask for your advice on upcoming events, campaigns, and awards programs?

Strategy means a variety of things to promo professionals, but which one are you?

How many times have you sat down and gotten to know the who, what, when, where, and why of your client’s project?

When was the last time you were strategic about your promotional product or awards program recommendations?

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As a salesperson, you are always on the lookout for the next great sales opportunity.

You have business cards with you wherever you go.

You are constantly looking for innovative products to recommend to your clients and prospects.

You even go to industry events to get the latest trends, tips, and anything else to get ahead.

But how would you feel if there’s an untapped opportunity out there that you’ve been missing?

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You get a good request. It’s a company you’re excited about and now you have a meeting lined up with them.

You go in to the meeting prepared – you’ve already done your research and you’re ready to lend your expertise. You even have a list of questions on the stand-by based on what you’ll hear.

Your meeting went well! You have a pretty good understanding of what they need and both parties are excited about the project.

It’s a hot project and you want to jump on it quick.

You start working on it as fast as you can. You get your vendor lined up, you get all the data together, and you even have virtuals and ball park pricing!

You send it all to your client and now you wait for an answer.

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When you go into a sales meeting, you likely do one of two things.

1. You have a conversation, ask questions, and listen to your client’s needs. You don’t even take out catalogs or have a bag of promos – you are there to learn the current problems so you can offer personalized solutions. They come to you as the expert and heed your thoughts and advice.

2. You go in with catalogs and bags of promos. Your clients tell you what they need/want, and you go find it for them – sometimes with a better price and turnaround time.

Which one are you?

If you’re the first – bravo. You’re doing exactly what we’ve been saying that custom products need and we want to talk with you.

If you’re the second, then I have a scenario and a follow up question for you…