As one of Surrey’s most prominent manufacturers and suppliers of trade uPVC windows and doors, we’re often asked for tips on improving profitability by window and door installers. So, if you’re struggling, have a read through the following tips to see if you can apply any of them to your own organisation and boost your business opportunities in 2020 and beyond.
What ideas do you have to improve the profitability of my window and door company?
1. Manage your costs
Managing your costs closely can improve and drive profitability. Do this by cutting waste, without going down the dangerous route of cutting costs at the expense of product quality and services. Key cost considerations to investigate include:
- • Suppliers
Can you negotiate better terms with your current window and doors supplier? If not, it’s time to research other suppliers in your field to find out whether you can get a better deal. To buy more effectively and make more productive use of your working capital, find out whether buying on a ‘just in time’ basis is also a possibility.
- • Pricing considerations
Is there any way to make improvements to the products that you offer? By regularly reviewing your pricing and changes within the marketplace, there may be room to raise prices without risking your sales – testing the water before making any permanent price changes, of course.
- • Finance
Are your current loans and overdrafts working in your favour? Is it time to review your routes of finance?
- • Premises
Are you getting the most out of your company premises? Is it possible to make savings by downsizing or utilising the space in another way? For example, subletting unused space.
2. Improve your product offering
What home improvement products do you currently offer? You want to reach the widest demographic of customers possible, so it may be time to review the quality of your current products and start researching the latest window and door products out there.
My Trade Windows have been manufacturing the industry’s leading uPVC window and door systems for over 30 years. Able to offer exciting insight into local and regional home improvement markets, we know what the customer of today wants.
3. Utilise your best customers
We all have great customers and not-so-great customers, the question is: do you know who your most profitable customers are? Once you’ve identified your happiest customers, it’s time to shift the focus on to them, whilst spending less time on more difficult customers. By nurturing positive customer relationships, learn why they remain loyal to you and then you can work on finding more like them.
4. Sell more to your best customers
Now that you’ve identified your most profitable customers, you’ve opened up a goldmine of opportunities to sell more to them. You now have the chance to up-sell premium home improvement products, cross-sell products to complement previous installations and diversify by identifying these customers’ specific needs and then providing new products and services to meet those needs.
5. Expand into new markets
If you feel like you’ve exhausted your existing market, it could be time to expand into new markets. Doing so can breathe new life back into a struggling business model, increasing profitability across the board. If this is a route you wish to take, thorough research is imperative. The most effective way to do this is by seeking out niche providers of UK marketing data, e.g. Insight Data.
6. Develop your brand
Does your business stand out from the crowd? If you want to set your business apart from local competitors, building a powerful, recognised and respected brand is key. It’s all very well concentrating on leads, but if your website, social media and/or PR is letting you down it sounds like it’s time for a branding revamp. Specialist full-service marketing agencies, e.g. Purplex Marketing, offer strategic consultancy to effectively connect, convert and retain quality customers.
7. Harness the power of reviews
82% of consumers read reviews for local businesses and 76% trust online reviews as much as personal recommendations. So, it’s clear to see how powerful review sites truly are for brands and their profitability. Industry recommended review sites include Checkatrade and Trustpilot. Once all the loose ends have been tied up, allow your customers to share their experiences and broaden your brand’s horizons.
Trusted South-East double-glazing trade suppliers
Apply all or a mixture of these business-boosting tips and we’re sure you’ll notice the difference in no time at all. For all your uPVC window, door or conservatory trade installation needs, give the My Trade Windows team a call on 01483 361152 or get in touch via this quick and simple online form. For cost-effective and durable uPVC trade, uPVC slimline and uPVC Residence 9 windows, trust in My Trade Windows.
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