Sales Strategy
How Your Presentation Stacks Up Against Your Competition | October 01, 2021 (0 comments)
Key Largo, FL--It’s true there is no shortage of competition in our industry today, so having to constantly differentiate ourselves from our competitors can seem like a daunting task. There are many things that different companies do in the same way. They create their products in a similar or the same way. They are also marketing them in similar or the same ways. So, how can your company become different from competitors if you find yourself in such a position?
(This is the third column in a series dedicated to the needs and challenges of the industry's high-level designers and manufacturers by successful retail, wholesale and consulting veteran, Megan Crabtree.)
Start by Utilizing Your Data
One of the first questions any new buyer will ask is “What are your best sellers?” Almost every rep will go to their bag and pull out a few, or even too many, pieces and start showing them. This strategy might work for some, but imagine how much more powerful your sale could be if you were able to back it up by saying “This collection sold 5,000 units last year.” Hearing these statistics will make it hard to say no to for any retail buyer.
Something of importance to note here is the value of good data. Good data is not just allocating products into a broad category like ‘engagement ring’. Allocating your data like this is essentially worthless because all it's going to tell you at this point is how many engagement rings you have sold. Is that information useful to a buyer? No, it’s not. What is useful is having your data broken down so you are able to explain to your buyer things like what your top-selling center stone shape is, what your top-selling halo style is, what fashion collection sells the best by unit, and which sells the best in dollars. Without providing buyers this data, you are putting them in a position where they are shooting in the dark, essentially hoping and praying that the product you suggest sells.
Ask yourself, as a manufacturer how would you feel if someone put you in that same position? I’m going to bet you would be a lot more reserved with your buying dollars. This all begs the question, are you providing your sales rep with the data and opportunity to be selling as successfully as they can? You can’t have expectations from your sales reps if you aren’t providing them with what they need to succeed.
You know your product is great, right? So just imagine the possibilities if your team was able to have more sophisticated meetings because they had data to back up an already great product.
Megan Crabtree is the founder and CEO of Crabtree Consulting. Before founding Crabtree Consulting, Megan had a successful professional career in the jewelry industry, which culminated with high-level positions at several of the top firms in the retail and manufacturing sectors. Reach her at mcrabtree@crabtreeadvisory.com or visit www.crabtreeadvisory.com where you can set up a live chat or a 30-minute free consultation.