Awards & Engraving

March '16

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58 • A&E MARCH 2016 By Eric Priceman THE WORLD MARKETPLACE OF TROPHIES & AWARDS D uring one of my recent business trips, I had the pleasure of spending time with someone who is opening a new awards store. Yes, you read correctly… opening a new store! In the two- plus hours we spent together, I found someone who was enthusiastic about what the future holds for her in this business and who could not wait to open its doors two weeks later. Through the enthusiasm, I also sensed a slight lack of focus. This is normal. Sometimes we can get so excited about new business prospects that we lose any comprehension of what it is we are offering, and more specifically, to whom. Business focus must occur in multiple areas such as showroom product offer- ings, workspace layout, and hours that the business is open, just to name a few. Although these may sound simple, a sig- nificant amount of time needs to be given to the planning of each to ensure that it suits the business and its clientele equally. Following, we will examine each and what needs to be done to maximize their effec- tiveness to help your company. WHAT YOU SHOW SHOULD PARALLEL WHAT YOU INTEND TO SELL Let's look at showroom layout first. Proper setup includes a full dissection of your business to determine the types of products sold in relation to the types of customers that the business attracts. The single most important measure of a retail store's success is sales dollars per square foot. Maximizing this will directly impact the bottom line positively. That means that everything has to be carefully taken into account before a customer walks through the door. All items that you have on the shelves and walls need to have a justification as to why they exist in the space that they do. If your focus is more toward corpo- rate awards, make sure that the showroom reflects this trend. There is no need to have multiple bays of trophies if ultimately they are only a small percentage of the total output. Make sure that the percentages hold. If you project that 20 percent of your overall sales will be trophies and 80 percent will be corporate, your showroom offerings Focusing on Your Business May Yield Pleasant Surprises

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