Driving Through the Storm
Five tips for toymakers during tough times
By Richard Gottlieb -- Gifts and Dec, 2/1/2009 12:00:00 AM
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| Richard Gottlieb |
A number of years ago I was driving through a powerful downpour. The rain was so heavy that I was unable to see five feet in front of me. It was dangerous. In fact, cars were pulling over to the edge of the road in order to sit out the rain.
I, being much younger then, decided that the smart thing to do was to keep driving. If the rain was moving in the same direction I was moving, I would just keep catching up with it every time I stopped. On the other hand, if the rain was moving in the opposite direction that I was moving, I would move through it faster if I just kept going. Either way, I figured moving was better than stopping.
As I look back, I think I did the right thing. My decision may seem a bit risky, but provided I drove carefully and slowly it was a prudently optimistic decision. Thunderstorms, like bad economic times, seem like they will last forever, whereas, in fact, they are both finite. The way to get through them faster is to keep moving. With this in mind, I have some recommendations for how toymakers can keep moving during the economic downpour we are all experiencing:
1. Keep selling
For God’s sake, do not decrease your sales and marketing budget; in fact, increase it. That should not be hard; most toy companies use independent sales reps and that means sales costs are commission-based, paid out only if a sale takes place. Accordingly, you can focus on supplying your reps tools and support.
Rework your sales material. Make sure your sell sheets are easy to understand, complete and impactful. Check that your salespeople have sufficient, high-quality samples. Provide an area on your website where reps can download images and find specs.
Also, join your salespeople on key sales calls. Why? Because more than ever they may need an extra shoulder to help push through a sale. And while you’re there, demonstrate the best way to sell your line. Quality control can apply to a sales presentation just as much as it can to a product.
2. Be positive
Pity parties are easy to find during tough times. People are suffering and they want to find someone to affirm that they are not failures; that tough times are happening to everyone and not just them; that they are not doing anything wrong.
If you find yourself suddenly in the middle of a pity party, move the thermostat from depressed to hopeful. Start talking about anything positive you can think of. This will help move the conversation from one of despair to one in which some potential gems of information can emerge. Maybe you will remember something good that happened and can then build on it.
One final benefit of thinking positive is that people will see you as a person they want to be around. In fact, you will enjoy being around you a whole lot more, as well, and that’s not a bad thing.
3. Plan for the future
Planning for the future is important because it is in its very essence optimistic. It is a statement in your belief that your company will exist beyond the current economic crisis. This will go a long way to creating a positive attitude in your employees and customers.
It is also a great way to use some unwanted downtime. If things are slow, have a brainstorming session. Talk about what may be coming down the road and how your company can benefit from it.
4. Open new markets
Put some energy into opening up new markets and channels of trade. This can add revenue now and leave you a stronger company after the storm. Are you selling to teacher supply, craft, party or children’s clothing stores, or other non-toy retail formats?
Also, are you selling to other countries? If not, analyze your product to see if people from other cultures will “get it.” Remember, the more universal the play pattern, the more likely your chances of success.
5. Only the strong survive
Some of us won’t make it past the current recession and that is truly unfortunate. For you, though, it could be a real boost. Once things go back to normal there may well be fewer suppliers left to feed the market. High demand and low supply means that your business may take off. A changed landscape may be one in which you can better control the high ground.
If fear of today’s economic downpour has you pulled off to the side of the road, my advice is to get back on the highway. Keep driving. Pretty soon you will see the sun.
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