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.
by TERRY JOHNSON,
Vice Chair International Perfume Foundation & Marketing Expert
Make no Mistake; Selling to Consumers Today is as Difficult as it Has Ever Been, and it Doesn’t Appear it Will be Easing up Anytime Soon.
With competition so strong from large brick-and-mortar retailers as well as rapidly growing online retail activity, continued success for high value retailers will increasingly depend following these three basic value-marketing fundamentals:
The New Luxury Code is about recognizing and acknowledging the value of ourselves and the world surrounding us.
It is a continuing reminder of what is important to respect and why; and because of its importance, the New Luxury Code should be part of the value proposition of everyone involved in the high value essential oil distribution chain community from seeds to consumers.
How Can High Value Retailers Express Their Respect for Consumers?
Make sure your customers and the rest of the high value essential oil distribution chain community get the respect they deserve by following the New Luxury Code.
Terry Johnson will be teaching marketing starting February 2022