Greetings Floor Dealers! This series is about the mindset and strategies used by dealers who build $5 Million businesses with gross margins of 45% or more. To successfully command premium prices (gross margins of 45-50% or more) in today’s environment, and build a $5 Million business, two critical components must be in place. The first [...]
Greetings Floor Dealers! It's no secret that box stores, online dealers, and other discounters are trying to steal your customers. Most dealers would like to put Home Depot in their crosshairs for a change. To do that you need to implement strategies that create differentiation, position you and your sales team as trusted advisors, and [...]
Greetings Floor Dealers! Welcome to Part Three of my Summer Series all about commanding higher retail margins! "My margins are between 45-50%," Jerome, a floor dealer from Texas, recently told me during an interview I was doing for a training video. "And we're booked solid for three months." What makes Jerome's story even more amazing [...]
Greetings Floor Dealers! Welcome to Part Two of my Summer Series all about commanding higher retail margins! "Our margins start at 45%," Craig, a floor dealer from Florida recently told me. "And our sales volume is up 60% over last year." Craig's story is not uncommon. As I said in the last installment, dealers all [...]
Greetings Floor Dealers! Welcome to Part One of my Summer Series all about commanding higher retail margins! During several of FCNews' Marketing Mastery webinars I host with Dustin Aaronson, I have asked attendees if customers are more price-sensitive than ten years ago. The overwhelming response is always a resounding "Yes!" Dealers across the fruited plain [...]
~ The Zero Resistance Sales Environment ~ We’ve been discussing the folly of trying to be the “low price leader.” So how do you keep your prices up? To begin with, you must recognize that there is no single thing you can do to charge higher prices. No clever sales phrase, no single product, no newspaper [...]
~ The unsustainable market advantage ~ As an entrepreneur, you always want to work to create market advantages. If you want long-term growth and profitability, and if you're going to keep the advantages you have worked so hard to achieve, it’s critical that they be sustainable. If you position yourself as the low price leader, [...]
~You won’t make it up in volume~ If you cut prices by 10%, most dealers think you only need to increase sales by 10% to make up the difference. In his book, How To Sell At Prices Higher Than Your Competitors, Larry Steinmetz mathematically demonstrates that if you cut your prices by 10% (on a [...]