Wow! This week the wall street journal trumpeted the weakness of the Chinese economy and tells us the Chinese government is injecting billions of Yuan into the manufacturing sector to shore up businesses and support the labor force. And, on top of that, the government arbitrarily weakened the currency from a recent high of about 6.05 Yuan to the U.S. Dollar to 6.41 Yuan to the Dollar, making Chinese goods 6% cheaper than they were.
So, aside from looking for even lower prices at Wal-Mart where virtually everything but milk and eggs comes from China, how can I import goods from China to benefit my business bottom line and stay competitive?
The following are some hints and guidelines I have gleaned from 30 years of experience importing goods from China and Thailand:
1.) Don't look for the best quality, price, service and ethical treatment by searching online at Alibaba. All advertisers there profess to have English speaking customer service personnel at your service, often their English comprehension is on par with your grasp of Mandarin, so response time to your inquiry can be measured in days, or not uncommonly, never. Equally important is the fact that a majority of advertisers are "trading companies: not manufacturers, so prices vary from attractive to scandalous, depending on where the roulette ball stops on your spin of many choices. So, be vigilant and query more than one source. Often you can visit websites for a better idea of the company's capabilities.
2.) 50% deposit with order and balance due upon delivery of your order to the freight forwarder in Asia is standard policy so ask for references and check them out. Even an approved protoype or pre-production sample does not provide adequate protection as horror stories are abundant where samples were approved and yet when the container arrived the contents, already paid for, were sub-standard. Adding to this conundrum is a non-existent legal system for disputing or arbitrating quality or other problems in China.
3.) To capture the cost advantages and eliminate the attendant risks, find a hong kong based sourcing broker and buy through them. Depending on order size there will be a 10% to 20% management cost but all the risks above are absorbed by your English speaking intermediary. He/They will have people on the ground at the production site to provide quality control and scheduling assistance and assume full financial responsibility for your complete satisfaction. In addition, this firm will probably have ongoing relationships with honest and dependable suppliers forged over many years, they also can coordinate the export/import documentation and the fastest ocean or air transport for your goods.
Our company, Benchmark Displays LLC will be happy to consult with you here in the U.S, understanding quickly your requirements, providing manufacturers MOQ's (Minimum Order Quantities) and do so with you in a compatible time zone while Asia sleeps. You can speak with one of our knowledgeable staff at 800.600.2810
With the technology craze in full swing, there is a lot of information out there on how to use technology to attract customers (see previous vinyl blog on QR Codes). If you have walked through a mall recently, and who hasn't? you probably noticed more stores using video kiosks, apps, and digital media to get customers in the door. So, following this trend, here are several tips you can utilize with video marketing. It doesn't have to cost a fortune, with a little ingenuity and a smartphone, you can create your very own scorsese-esq videos.
If you keep in contact with your best customers, sending them email updates periodically, how about creating a personal video message on a smartphone to communicate with them. By creating a short (yes, short) video message, designed specifically for them, it adds the personal touch. It could be showcasing a new product you think they might be interested in, or a how to video showing the latest gadget in use, whatever the case, most of us screen our calls these days because we are so busy, but we more than likely would take the time to watch a short video message, at our leisure, if came from someone we trusted.
Another great resource is Youtube. Millions of videos are uploaded daily, it is free to use, and because it is also tied in with Google Plus, it has become a great social networking venue. I can't tell you how many times I have looked on Youtube for "how to" videos.. Need to fix a garbage disposal? I found a video that helped me do it all on my own! Need to photoshop your ex out of all your vacation pics? There are plenty of videos to help you do just that. If you have customers interested in how to do something, anything, related to your business, create a video for it... Start by asking your employees what questions customers often ask, and create a video around it. Once you upload the video to your channel, you can share it on other social media sites, email it, or embed it on your own website. One word of advice, if you decide to share it on other platforms, make sure you use hastags #custom cosmetic displays, (just an example) so your video can be more readily found.
Periscope, is another great tool for real-time video marketing. It is like your own personal broadcast station. Your followers are alerted whenever you are live on periscope and can ask you questions. More on that in later posts as I am still figuring this one out!
Great employees are the backbone of any business. Apathetic and unmotivated employees can suck the life out of the sales transactions they perform. On the flip side, happy, engaged employees pass on their enthusiasm to their customers. As a result, customers are more likely to become engaged and be repeat customers, if they are served by enthusiastic employees. It stands to reason then, that happy employees boost the company's bottom line. So, what are some ways that companies can retain content staff?
"You've done an amazing job", "keep up the good work", "bravo"... Praise, recognition, a pat on the back. We all crave positive feedback when we put forth extra effort, and it's especially nice to hear from your employer when you have gone above and beyond. Meaningful rewards and recognition provide an effective way of raising morale and encouraging higher levels of performance. So how can you recognize an outstanding achievement?
First things first. When you see that someone has done something exemplary, acknowledge it right away. Don't be arbitrary or random in your responses. If they put forth extra effort to complete a task ahead of schedule or went the extra mile to land a big contract, let them know.. How?
1) Perhaps through a staff appreciation program. You can award points for reaching certain milestones or achievements, and points can be redeemed for privileges.
2) Another way is through employee recognition plaques or awards. It gives employees something tangible they can put on their desk or on a shelf in their office. It serves as a daily reminder that they did a great job and you took note: (see benchmarkdisplays/showcase) for some ideas..
3) Make it a team effort. Post a "kudos" in the company newsletter, and ask employees to submit the name of a peer they would like to nominate.
These are just a few suggestions.. stay tuned for more....