New best friends
Lynni Megginson -- Home Accents Today, 12/1/2007
It has been said by someone much smarter than me that the ladder of success is climbed one rung at a time. As a small independent retailer, I would truly like to get that MBA guy in a dark alley and kick his butt from here to Timbuktu, for as hard as I work, sometimes I don't think I even have sight of the ladder, let alone have my foot on a rung!
In today's economy, we small independents have to really use our ingenuity, as well as our network of contacts, to make a difference in our bottom lines. As we close out yet another year, I'd like to share with you a couple of things I did that brought me success and allowed me to jump over some of my competitors in the process. The key? We all must develop relationships with new best friends in the industry that will not only promote our services, but who have a vested interest in our mutual success.
Those of you who have faithfully followed this column through the years know that I combine my retail business with full-service interior design, which adds tremendously to my bottom line.
In the past year, I have been fortunate enough to have some large projects that required expertise outside of my comfort zone. Case in point: designing home theaters and media zones. Look, I can make anything beautiful, but when it comes to the nuts and bolts of low voltage wiring and LED lighting, I am definitely out of my element.
In the past 12 months, I have worked closely with an audio/visual company called S.W.A.T., owned by my friend Rick. He is an absolute genius when it comes to audio/video/computer technology, and we have successfully tackled projects together that enable him to make money, and enable me to look good (and mark up his prices as my design commission!).
Recently, Rick and I put our heads together and realized that I could sell even more of his product if I had an example of it to show to my clients, so we came up with the idea to install a complete media center in my store that would dazzle anyone who walked in the door.
So, with that goal in mind, Rick and his team installed a state of the art 60-inch plasma TV with a Bose surround-sound system above my “fireplace,” right in the front room of my shop and unveiled at my Holiday Open House. Constantly running on the screen is a Power Point presentation about how S.W.A.T. and L&M Designs “can meet all of your AV needs.” Needless to say, the clients that have seen the system first-hand have been duly impressed.
Additionally, I am able to use the Power Point presentation to showcase before and after shots of my current design projects, and flash “commercials” about our services, especially about in-home holiday decor during this most profitable fourth quarter.
I leave the screen running 24 hours a day, allowing the evening dog walkers in the neighborhood to enjoy the presentation from my front windows, and through it, I have gained a sleek, silent salesperson constantly promoting my business. Rick has the benefit of being able to bring his clients into my store and give them a complete demonstration of the setup, all in an elegant environment that makes his components even more irresistible.
Additionally, Rick has put together “Holiday Packages” for all of the affluent women who shop with me … the ultimate audio/visual systems at various price points, with one price and no worries. Are you kidding? These women are thrilled to give their husbands the “ultimate” AV experience all via L&M Designs.
They can forget the frustration of going to the Big Box stores, because we are now offering the same product with no double talk or sales pressure. If any of my salespeople make a direct referral to one of our clients and they end up purchasing a system, they get a commission for doing nothing more than giving a quick demo and taking their information. As I write this, we have already “sold” more than 20 of these systems, which equates to more positive buzz about my business, plus additional income via commissions, all without a penny of an investment.
Think about it: any client that walks into my store and sees more than $20,000 of electronics prominently displayed is going to have a tremendous amount of confidence buying from me. They have no idea that I didn't front the cash to install it; they just see that L&M Designs must be doing pretty well, thus eliminating any doubt about ordering product or commissioning us for design work moving forward.
Another successful cross promotion we have done is with my friend Andre, who owns an outdoor lighting company. This time of year, Andre also provides exterior holiday decor … lighted wreaths, trees, roofline icicle lights, etc., all professionally installed and wired.
Because we do so much in-home holiday decor for our clients, it was a logical step for me to ask Andre to decorate the purple awning outside of my shop with some of his signature lighting. So, as you read this, my shop is glowing with a row of snowflake shaped LED lights that wrap my awning which stay lit all night long, plus a starry-night feature under the awning that you can see as you walk into my store.
From a mile away you can see the snowflakes glowing, drawing even the most casual passer-by to my storefront. There is not one holiday decor job that I do that Andre does not participate in with me, and he in turn tells all potential clients to just drive by L&M Designs to see an example of his work, even before the holiday season hits in full.
Again, a win-win situation: my shop is the most festive one on the block, drawing clients I might not have had were it not for the beautiful exterior lighting, and Andre knows that every person that compliments them will receive his card and a practically guaranteed job simply from his display.
These are but just two of many examples of successful cross promotions that are posswible for any retailer, but they are due to a long- term commitment where both parties have earned respect due to their work ethics.
There is no way that these two companies would have invested product and time with my business if they didn't think I had what it takes to ensure that they will profit down the road.
If you can think of ways to build your own unique relationships that will benefit your business as the new year begins, you too will find yourself climbing to that next rung of the ladder of success next year, and who knows where it will lead.
I can happily tell you that this year I have tripled the business I did in 2006, largely from my own tenacity, but additionally due to the relationships I have carefully cultivated through the years. The ladder of success is there, sometimes difficult to climb, but with each rung you come closer to the financial goals you have set for your business both personally and professionally.
Let's all resolve to: cultivate new resources and be true to our visions. For all independent retailers everywhere, I personally wish you and your families much joy during this holiday season and always.
| Author Information |
| Lynni Megginson is an active member of ART, and encourages anyone who is interested in joining to e-mail her at Lynni@Lynni.net She will be a featured speaker in Atlanta as well as for the CTGA show in Canada in January 2008. She looks forward to seeing you at the ART awards in Dallas on Jan. 19, 2008. |



























