We Are Having Our Best January on Record!
I was visiting with a client the other day and he shared that with just 14 days into the new year, his firm has had their best January on record– and the firm has been open for many, many years.
Well, how did that happen? Was it blind luck, guesswork, or are folks ready to spend money? Well, what the business owner told me was that folks are spending more money now then they did before Christmas.
OK, how is this happening? The business owner told me that he has been following the trends in his industry, buying product that mirrors those trends and having outstanding customer service. Using market research is something that many business owners fail to employ during a new selling season. What is going on in the industry? Just because you are in Ogden, Utah, Enid, Oklahoma or Billings, Montana really makes no difference. What makes a difference is that you have “read the research” and have identified where your particular industry is moving. This is not hard, however, you have to be diligent in following market trends. By following these market trends, you are able to have the products and merchandise that your customers are seeking and buying. If you see a trend in another part of the country, it may be worthwhile to see why it is a trend there and not where you are located. Could be that you are missing out on something and you need to investigate if this is a product or idea that would be beneficial in your area as well.
The business owner that told me that his January is so good watches his expenses very carefully. He insures that his accounts receivable are very manageable and is always insuring that customer service is unsurpassed.
Think about your January. Are you having the best January ever? If not, perhaps some market research will help focus your store better in the marketplace.