Three keys to being innovative today to get business
BY TERRY L. BROCK
Technology/marketing specialist
Today’s market is different than anything we have ever seen before. To succeed requires being innovative in some fun and clever ways that go outside what has been done previously.
I recently interviewed Pace Robinson, Dottie Ramsey and Joan Hatcher from Modern Supply in Knoxville, Tenn. I asked about what they were doing that is working so well. (Just wait till you see that interview!)
Founded in 1946 by Pace Robinson’s father, the company had been successful following a more traditional format of appealing to contractors and plumbers who were predominantly male-oriented, conservative and established. Modern Supply’s success came from providing quality kitchen and bath supplies at good prices to serious business people.
With the shift in the economy during The Great Recession that we’ve been going through, the company realized that it needed to expand and broaden its offerings. They needed to try some alternative approaches. That’s when Pace, Dottie, Joan and others at the company put their heads together and came up with an approach that is quite different from what others in the industry have done. To say that they “think outside the box” is like saying that a car is slightly different from a horse for transportation!
About a year ago, the company decided to alter their image and focus on that segment of the market that makes about 86% of buying decisions, particularly for kitchen and bath — women. They still work with their beloved and long-time customers who are plumbers and contractors but now they have a showroom that makes a special effort to appeal to women.
As part of that shift, they created a fictional “employee” named “Modern Millie” who helps them with social media, appears at various community gatherings, charitable events and other conspicuous places. They have also changed their website so it includes lots of graphically appealing Flash code, a 360-degree view (You’ve got to see that!) and leverages technology. What they have done is to retain the sound business relationships they’ve had for many years and expand into another market that had not been served as well. After a year of working with “Millie,” they have seen new business open and sales are increasing.
Business requires a fresh new outlook on a regular basis. As Modern Supply shifted their image and focus on the world to offer new, innovative products and marketing, we all must do that with our businesses. Bounce over to www.modernsupplyshowroom.com and check it out. You’ll be delighted to see what they are offering and how it is presented. When you get to the website, keep in mind that this company has been around for a long time, but they realized that they had to change. Yes, it took some learning, and they tell me that they’re constantly learning new ways to meet their customers’ needs. (Aren’t we all?).
Here are some key steps I’ve learned from talking with Dottie, Pace and Joan that can benefit you:
1. Be willing to change as the market changes. We can’t be locked in the way “it used to be” long ago, even if “long ago” is just a year ago.
2. Find out what the market wants and embrace that. The research Modern Supply did showed that women — people who know what they want and are ready, willing and able to spend money for it — used social media. So the company embarked on a mission to learn social media and then brought in “Millie” to head that up. New face. New approach for the company. Profitable venture.
3. Keep tweaking and adjusting. The market keeps changing and you have to as well. What is working today is good, but never sit back and think you’re finally set and don’t have to adapt anymore.
Ready to learn some good lessons to help your company make some more money? Watch the video interview I had with these three wonderful people. As you watch, keep thinking how you can take similar ideas and twist them to fit your business. This is a good video to watch during your weekly company meeting. Follow up by asking everyone to talk about how your company can take what worked for Modern Supply and adapt it to your needs. Here’s the link to the video: http://bit.ly/h6BEuo.
Somehow, I think “Millie” would be winking at you and encouraging you to go for it
Terry Brock is an international marketing coach and professional speaker who works with businesses to generate profitable results. He can be reached by e-mail at terry@terrybrock.com or through his website at www.terrybrock.com. Join the Twitter adventure with Terry through his Twitter address: @TerryBrock. Join Terry’s Facebook Fan Page at www.facebook.com/SpeakerTerryBrock.