Some Ways to rethink your strategy in this economy
1. Stop waiting for Clients to reach out to you. Improve your marketing efforts and offer samples and best prices to your customers
2. Do not always look for maximum profit; Work with your clients and settle with a mutually beneficial deal.
3. Create a video's on your website where clients can actually see your company and get a feel of all the Cutting tools & Threading Tools that would be supplied to them. Transparency is the key to success
4. Diversify your list of client and try and market your product in different parts of the world.
5. Cut Operational Costs to the maximum
6. Retain all your employees and may be work with them on a Part Time basis.
7. Be willing to change rapidly, this is the key to survive in any bad economy.
In today's world you should be in a position to have a drink and listen to your customers, their thoughts and opinions. You have to build a relationship with your customers the same way as you have built a relationship with all your closest buddies over the past 40+ years.
Here are five reasons why your customers are like your closest buddies:
(1) You cannot put up an image, you need to be yourself: Your closest friends know you really well and you can't take them for a ride. Similarly, your distributors are no different. You have to be very genuine and cannot put up and image.
(2) Do not brag about yourself: You know the consequences you would face if you brag about your self to your old friends. They will no longer hang out with you. Similarly, you don't have to brag about your products, your distributors and customers know how good or not good you are. Your focus is to try and solve you're their problems
(3) Your friends choose you: You were not born with your friends but you could choose them and they could choose you based on the compatibility level and wavelength. Similarly, you distributors can choose you based on the quality of service and products you provide.
(4) Your friends are straight and upfront: None of your oldest buddies are going to hide any information about you. If something is to be said they would say it out loud and clear. Similarly, your distributors and customers are very straight and upfront and will say what they have to.
(5) Long Relationship: If you survived 30+ years with your friends this means that both your friends and yourself were compatible with each other. Similarly, if you consider you distributor or a customer your friend and build a long term relationship, this relationship would be based on confidence and trust.
1. Where does the sourcing company (manufacturer) source the raw materials?
Every distributor needs to focus more on the quality of tools. It is the raw material which drives this quality of tools. Tectools does not compromise on raw materials and sources its raw materials from Europe and Kennametal India.
2. Can the sourcing company (manufacturer) offer a quick turnaround time for the manufacturing of tools?
It is very important that the sourcing company has the bandwidth to manufacturer tools and provide a quick turnaround time. Tectools has a production capacity of around 40,000 tools/ month and provides a quick turnaround time.
3. Can the sourcing company (manufacturer) offer International Quality of tools at very competitive prices?
To compete in this global environment every manufacturer must provide best quality tools at the best prices. Tectools strives to provide the best quality of tools at the best prices.
4. How long have the founders of the sourcing company (manufacturer) been in the cutting tool industry?
It is very important that clients deal with people who have a very clear understanding of the requirement. The founders of Tecools have been in this cutting tool industry for more than 35 years. They have a very clear understanding of the client's requirements as Tectools have been supplying to various clients for the past 25 years.
5. How old is the sourcing company (manufacturer)?
The older the company the better it is (Think like Google, they provide more value to order websites/domain names than newer ones.) Tectools has been in the cutting tool industry for the past 25 years and are Kennametal's preferred supplier for South East Asia and India for 25 years.