News October 14, 2021
Power Summit 2021: Developing New Revenue Streams
Lee Fine of Juice Marketing and Stephanie Friedman of City Paper Company share how their companies have added different services to stay competitive.
With event business coming to a screeching halt and marketing budgets frozen, the COVID-19 pandemic forced distributors to seek new revenue streams. Many turned to kitting – collating products from multiple suppliers and packing them into gift-type boxes – while people hunkered down at home.
Lee Fine (left), head of sales and strategy at Juice Marketing, and Stephanie Friedman, vice president of sales and marketing at City Paper Company.
While kitting was the hottest trend in 2020, there are other services that promo firms should consider adding to their arsenal. Lee Fine, head of sales and strategy at Kirkland, WA-based Juice Marketing (asi/237786), and Stephanie Friedman, vice president of sales and marketing at Birmingham, AL-based City Paper Company (asi/162267), shared their strategies for adding new revenue streams during the virtual ASI Power Summit on Thursday, Oct. 14.
“I like to date before we get married,” Friedman said, referring to conversations with potential clients. “I want to have a good foundation and working relationship to understand your expectations and whether we can successfully meet them.”
With nearly 125 years in business, City Paper Company has successfully evolved to meet the ever-changing demands of the marketplace. The fourth generation of Friedmans has spent the past decade expanding the company’s services from custom packaging to promotional products, warehousing, kitting, fulfillment, e-commerce solutions and even event planning. Each additional service has been the result of a customer’s request.
Service Providers
Would a difficult year affect the additional services that distributors offer? Yes and no. Graphic design, printing and marketing are about as prevalent as in previous years. Meanwhile, company stores and warehousing, while popular with buyers, suffered double-digit percentage point drops each due to the cost of running these services.
Additional Services Offered
2021 State of the Industry
Of course, Friedman adds, there have been missteps along the way. “Certain projects are very specific and cumbersome, requiring a lot of detail and time,” Friedman said. “If you don’t have a detailed understanding of the project, you can undervalue yourself and potentially lose money.”
Fine agrees, stressing the importance of doing your homework before taking on bold projects. Juice Marketing launched seven years ago, offering video production and web design to big brands. As the relationship grew, Fine says, the conversation naturally turned to promo.
“We can’t say yes to everything, but we’re willing to roll up our sleeves and figure it out,” Fine said. “Sure, that gives us some sleepless nights, but it also allows us to explore opportunities we never would have otherwise.”