What To Do In Ideal Conditions?
In today’s issue…
Managing in times of prosperity
368 words, total reading time 2 minutes
WOW! The stock market has broke 26,000 and housing continues to heat up. You are seeing more sticks and projects in your backyard since the early 2005-2007 timeframe.
We are seeing ideal conditions for the luxury CI market and growth and expansion is happening.
Consider that 4 million households earn over $500K per year and 3 million individuals claim investable assets exceeding $3 Million, there are many opportunities for expanding the business. You should expect that growth for top line revenue should be 15% to 25%; particularly if you are a $1.5M to $5M CI operation. But will CI Dealers be able to take advantage of the new prosperity? Are your referral partners (architects, builders & designers) delivering more opportunities?
Are you working new partners to take advantage of the growth spurt? Are you adding new categories like lighting, shades, outdoor products and more? We are in a target rich environment. Are you targeting the best luxury clients? Consider a few parameters: homes over 4K sq. ft., income earners over $500K,high net worth clients with $3M investable assets, car owners with vehicles over $100K, country club targets, and the like.
Direct marketing to the end client may be too costly, but are you doing anything different or just scrambling to keep up with more demand?
OK, you just might settle for targeting the architects, builders and designers who serve these potential clients. As these partners do more business will they entertain a new integrator to off load a project or two?
And it’s not only new construction.
Can you offer theaters, 2 channel listening rooms, outdoors entertainment designs as upgrades or add-ons to existing clients or someone else’s existing clients?
You have choices if you choose to exercise them. Choose to expand the circle
Choose to increase performance
on the business you are getting
Choose to build your security RMR
Choose to fill the storehouse with
Cash while times are very good
We hope you will choose to do several of the above suggestions. It’s time like this that can change the trajectory of a business in a positive way.