By Terry JOHNSON, IPF US Chairman,
New Luxury Business and Marketing Expert
This article was written for retailers. By retailer, I mean a business that sells to consumers, and I am addressing those retailers who want to significantly grow their sales and profits to consumers despite the difficulties we are facing.
An important part of a retailer’s business plan should be properly forecasting future sales and profits. This not easy in the current economy, yet it is vital to surviving in today’s Natural Essences retail environment.
For instance, if you are not forecasting sales increases well in excess of 10%, you will not be growing your business or perhaps even be going backwards simply because inflation will keep increasing costs on everything, including bottles, labels, and ingredients, shipping, insurance, legal, and accounting services.
Improving sales forecasting is sometimes far too low on the list of priorities for retailers, but for a small business competing against very large companies in a turbulent market, proper sales forecasting depends on continually improving your marketing strategies and your supply chain relationships as well.
1. Marketing Strategies
2. Supply Chain Relationships
Learn more about business and marketing in the natural perfumery environment by enrolling to Terry's 6 weeks intensive Business and Marketing Course starting on February 14.