Weekly Newsletter

6 Ways to Immediately Protect Your Product Based Business

I was meeting with a potential client last week and instantly came up with 6 ways to protect your business during this Coronavirus outbreak.

As people stay home, it’s important to react swiftly to shopper buying behaviors and still meet purchasing demands.

  1. 1. Get help with Amazon optimization. I’m sure you’re super tired of hearing me talk about Amazon, but now more than ever, being online is the #1 place you MUST be. According to Chain Store Age, we’re seeing a +52% overall online sales growth rate.
    • What does this mean for your business? If you’re not AT LEAST A+52% online today, you’re not fully optimized, and shoppers cannot find your products.
  1. 2. Master selling on your own website. If people cannot find you, they cannot buy from you. Also, as retail stores that are weeks out (or more) from replenishment on domestic and warehoused items, THIS IS YOUR TIME to bring shoppers back home to your website
    • What does this mean for your business? Have you plugged in Google analytics? Are you SEO optimized? Do you have an email pop up form? Are you running social media ads directing traffic to your website? If not, you’re missing sales, and the opportunity to bring the shopper back into your (more profitable web).
  1. 3. Create a subscription model online. With shoppers not wanting to be in stores, home delivery is optimal. Consider waiving shipping fees as an additional incentive. Again, this brings the customer into your web, where you capture their data and can re-target them for future sales.
    • What does this mean for your business? If you have a consumable product, get with someone ASAP to help you build a subscription service.
  1. 4. Figure out your own delivery method. I’m serious. This is a back up plan, but what if so many people become sick that trucks cannot run. How will your product arrive in stores or at customer’s homes? We know a significant amount of the population will lose their jobs, so this is a perfect time to offer financial support to those needing work. Start creating a distribution network so you don’t have to rely on third parties for distribution of your products.
    • What does this mean for your business? Start building the framework for a distribution network NOW before you need it. Your company will not survive if you don’t have a way to get your products to the consumer. This is a top priority.
  1. 5. Ensure you have enough inventory. My Amazon client’s sales are +200%+ this month already and this online buying pattern shift just happened. We’re replenishing WEEKLY. Take a hard look at your forecast, check on hands in your warehouse, and have conversations with your manufacturer to see where you are in the production food chain. If top brands are also manufactured in your facility, chances are you’re not going to get priority in production.
    • What does this mean for your business? Ensure you are producing enough in your next run to protect your company from going out of stock, and thus, out of business.
    • Solution: Contact your manufacturer once you’ve pulled your forecast, on hands in your warehouse, and determined how much inventory you’ll need to ride out this pandemic. Ask your priority level in the production food chain. Get enough produced if another run is far off in the future.
  1. 6. Do you have enough raw Ingredients? Are you Made in the USA? If so, you’re more fortunate than those importing. But more importantly, where do your raw materials come from? Can you make it 6 months to a year with no additional raw materials?
    • What does this mean for your business? Ensure you have enough raw materials to make it 6 months – 1 year. If not, start sourcing now. Look at US growers or companies that have already imported and are sitting on bulk supplies they’re willing to sell NOW.
    • Solution: Get on LinkedIn and search “food procurement” and the category you’re in to find possible companies to purchase from.

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