Counselor State of the Industry 2015 – The New Normal
8 Ways To Adapt To The New Landscape
The Internet is forever changing how distributors in the promo products market operate. Here are eight ways to adapt to the new landscape.
Ask distributors today to name their top competition, and one answer is most common: Websites selling promotional products. A full 43% of distributors said in the State of the Industry survey that online sellers are their top competitive threat. It’s a number that has steadily increased from 26% in 2008, and it’s one that’s most likely going to keep rising.
So, while these same distributors believe the market is healthier today than it has practically ever been – on a scale of 1 to 5, with 5 being robust, distributors rated the health of the industry in 2014 at an average of 3.82 and forecast it to be a 3.97 in 2015 – their eyes are clearly focused on how they can best compete with online companies.
Those are the organizations that are forcing everybody else in the business to become savvier about pricing and margins and the services they offer. They’re creating a dynamic that’s causing smart distributors to analyze their operations in ways they never have before, and they’re allowing promotional products buyers to be smarter than ever.
Ultimately, the market will be better for it. But right now, traditional distributors are having to shift the ways they go to market, look for additional avenues of revenue and speed up everything they do. It’s a faster-based business environment today – mostly because of competition from online companies – and clients expect turnaround times on orders, quotes and questions to be quicker than ever.
Can you adjust? Of course you can. Based on State of the Industry research, here are eight ways to keep up with shifting competition and change your business to succeed in the Internet age.