EP 055 | SHRINKING PRODUCT MARGINS
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.
Meet Leslie Carothers
Leslie Carothers, CEO of The Kaleidoscope Partnership and co-founder of Savour Partnership, pioneered the use of social media and influencer marketing within the home furnishings and interior design industry.
With her 37+ years of experience within these two industries, her company, The Kaleidoscope Partnership, has, for the last 15 years, assisted over 35 manufacturers, retailers, publications, tradeshows and interior designers build brand recognition, generate leads, sales, national publication and PR opportunities.
Her new company, Savour Partnership, co-owned with Sam Henderson, helps brands generate passive income 24-7, in the short term, and build sellable media assets, in the long term, through the production of magazine quality, custom branded e-publications, embedded with video and affiliate product links, including email opt in mini-magazines, catalogs, online magazines, e-books, etc.
Ms. Carothers is a well-known speaker and has spoken or keynoted at over 25 different national venues and is frequently quoted as an expert resource in national publications. For 9 years, she wrote the Retail Ideas column for Furniture Today magazine and her micro-blog, @tkpleslie, where she has 36,000+ followers, was named by Decorex as one of The Top 100 most influential interior design blogs in the world.
She currently serves on the board of directors for the Bienenstock Furniture Library and is also active in several charitable initiatives.
Kaleidoscope Partnership – digital marketing for designers and brands.
Savour Partnership with partner Sam Henderson – producing e-publications that live on the websites of the brands and designers. Sometimes contains ecommerce links.
Facebook Group – All Things Passive Income + Top Tips For Driving Traffic To Your Site/Blog.