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10 | October 2024 Slippery Rock Gazette
Training & EducaTion
Finding Growth Opportunities in an Uncertain Economy
Enhance Your Customer Experience
This would be a great time to consider upgrading the overall experience of your customers. How long does it take to gen- erate a quote? How can you improve the speed of following up on initial customer inquiries? What can you do that your com- petition is not willing to do? Is this the time to experiment with in-home sales? Is this the time to work on shortening your template-to-install lead time? Maybe now is the time to consider offering annual countertop inspections and sealing ser- vices. This is also a great time to con- duct structured sales training for all your salespeople. Raising the bar on your cus- tomer experience can put a lot of pressure on your competitors – yet another way to gain market share.
For a business to grow profitably, key people must spend a large portion of their time working ON the business as opposed to working IN the business. While the uncertainty can be a bit scary, an economic downturn can present the ideal opportunity to work ON your business. Companies that execute well on these items will cre- ate a strong competitive advantage that will pay off handsomely – both now and when the economy rebounds.
If you enjoyed this article and want to hear more from Ed on this and other key Fab Shop topics, check out our pod- casts (www.fabricatorscoach.com/pod- casts) and videos (search YouTube for Fabricators Coach).
The talking heads agree we are in a recession. Year-over-year sales figures from many fabricators back that up. This has a lot of shop owners plan- ning to hunker down as they wait for the Fed to lower interest rates.
The good news is this economy is also creating opportunities for shop owners that recognize them and are prepared to take advantage of them.
Increase Market Share
In a recessionary economy, it is common for shops to start cutting costs. An early victim is usually the marketing budget. It’s common for shop owners to think they can’t afford to support their usual level of social media ad spend or their traditional advertising costs.
However, this can create opportunities for shops that are prepared to go against the norm. A shop that continues to adver- tise can maintain its sales level during slow times. If most of your competition has stopped advertising, this approach can even increase your share of the market - as the available market shrinks, you are able to pick up a larger percentage. Better yet, when the market eventually turns around, as it always does, the shop that increased its market share will grow much more quickly than those who stopped advertising.
Upgrade Labor
Some shops have already started reducing their working hours. Others have already started laying off employees.
This means, if you need to upgrade the quality of your workforce, there is a larger labor pool for you to select from. If you have a competitor that has cut back on shop hours, consider placing yard signs near that competitor and/or use geofencing and texts to advertise your current openings.
This cost-cutting mentality isn’t limited to the stone industry. Most businesses fol- low this model. If you have a good training program, there will be more quality appli- cants of all backgrounds to select from, allowing you the opportunity to upgrade your workforce.
Ed Young
Fabricator’s Coach
Enhance Your Company Image
If you think the only factor you can com- pete on is price, then it’s time to introduce you to the UVP (unique value proposi- tion). Your UVP tells prospective custom- ers why they should buy from you instead of your competition.
Even though you fabricate countertops just like your competition does, your busi- ness still has characteristics that are differ- ent from your competition. Some of these are how well you execute your work, your level of customer service, the market seg- ments you are experienced in, any special services you offer, and many more. The key is to craft a simple but compelling UVP.
A marketing strategy that leverages your UVP is the key to keeping your sales vol- ume up while everyone else is slowing down. A solid strategy would include social media and an email campaign along with traditional marketing methods.
If you are struggling to craft a UVP or to define a solid marketing strategy, get pro- fessional help. While this will cost some money, it won’t cost nearly as much as all the sales you will lose without a strong UVP.
Pro tip: A strong UVP is not based on price! Properly crafted, your UVP will reduce the pricing pressure that normally comes with an economic downturn.
Improve Processes
If you have been struggling to find time and resources to work ON your busi- ness processes, this could be your golden opportunity.
Have you been thinking about implement- ing a different software package? This could be the time to tackle that project. Have you been wanting to build out your training pro- gram so you can finally grow your own in-house experts? Now is the time to do it. Have you wanted to visit other shops in the organizations you belong to so you can see what everyone else is doing (better yet – send some of your key people on those
visits)? Maybe this is the time to get your NSI Silica and Slab Safety Certification. Consider scheduling your free OSHA vol- untary safety inspection. Attend one of the many regional and/or annual events in the industry to get even more ideas.
Bring on New Product Lines
Are you getting more requests for por- celain but have struggled with it in the past? This could be the time to get some solid training and start building your pro- cedures for working with those materi- als. Your consumables supplier can help you with getting the right tooling. ISFA can provide the technical training you and your folks need.
Increased pricing pressure is common during a downturn. Rather than reduc- ing pricing on your main bread-and-butter products, consider taking on some lower priced product lines. This will give your customers an array of options to meet their budget requirements without hurting your primary business.
Scene from I was a Middle-aged Werewolf