EP 055 | Shrinking Product Margins with Leslie Carothers
April 9, 2018
About this Episode
Manufacturers must compete if they want to stay in business. It’s their imperative. We all know they are now selling directly to consumers. There is no stopping it. However, it needn’t worry the professional design firm unduly. There are ways to define your services and attract those clients who have the means and the desire to turn a project over to a professional.
In this episode we learn:
– manufacturers must sell to stay in business
– designers can increase profit margins with strategic buying
– the impetus to market is on the design professional
To maintain product revenue stream, consider:
- selling more antiques and vintage.
- private label design (custom furniture).
- supporting small shops and makers of goods.
Consider defining multiple levels of service that you provide to clients. Full design-build. Only consultation. Project management.
Own your niche. Own all of your content around that tight focus in order to build a reputation for the one thing you are really good at.
Google Maps If you have a retail location or outside office, make sure to help people find you by optimizing your position on google maps. Maps come up first in any search.
Legal Disclosure | This podcast is for educational purposes only and should not be used for any legal decisions. Kimberley Seldon Design Group, Kimberley Seldon Productions Inc., Kimberley Seldon Design and Media, Inc., Business of Design™, or any of its affiliated companies or staff is not responsible for any errors or omissions effecting accuracy in any content, and they will not be held liable for the use or misuse of information, facts, details or any other aspects should there arise any defects, errors, omissions or perhaps inaccuracies. Extensive research has been conducted to put this podcast together for the purpose of educating our industry in order to better serve the public. Care has been taken to acknowledge ownership of copyrighted material. The advice and strategies contained herein may not be suitable for every situation. This work is offered with the understanding that we do not render any legal, accounting or other professional advice. Seek the advice of a lawyer and/or other competent professional person in all matters of law. Further, listeners should be aware that internet websites mentioned may change or disappear between when this was recorded and when it was listened to.