In this Growth Engine episode, I want to talk to you about an often overlooked area called CTC.
What I mean by CTC is, closest to cash. If you think about it, how your business is performing.
The reality is it's either going to be,
There's a whole host of different sectors in there, but I'm just summarising those three.
You're either on track, behind, or ahead of sales.
I often see this CTC strategy being used when people are behind in sales.
So we're down on target, let's put an offer out there and see if we can drive some business.
But, ultimately, whilst that's a very effective strategy, it should always be done.
The reality is, keeping a CTC offer that's active in your business at any one time, whether you're on track or you're ahead of target, is a great way to bring in new business.
It's a great way to keep cash flow rolling into the business.
Here in the UK, we have a furniture store called DFS, and a lot of the more modern retail stores now are following suit.
People like Oak Furnitureland would be another example.
Even down to car supermarkets, the big wholesale car supermarkets do similar strategies, which is they always appear to have a sale on.
For the international audience, you may not get this as much, maybe there's the US or a European store that does something similar.
But, here in the UK, there's always a joke, "Why does DFS always have a sale on?" It's on 12 months of the year.
Well, the reality is, the strategy behind what DSF do is, they always have a sale on, but they have a sale on a different range of products.
We all understand house furniture, whether you call it a sofa, a settee, a couch, whatever you call it, it doesn't matter.
But, there are ranges like there is in cars, or iPhones, there are different models.
What DSF do is, they’re very cleverly using their sales either to launch a product or for when they're managing a product.
So let's say a particular piece of furniture is reaching its end of life, they'll put a sale around that.
That sale might only be for four weeks.
So if you look through your business, let's say you've got three channels, or brands, or ranges of products, whatever you call that.
Inside of each one you might have two or three different products.
Ideally, what you're trying to look at is four products across three channels or three products against four channels.
The key aspect here is to ensure you have a clear definition
and understanding about your products and services, and how they fall into each deliverable channel.
So in our business, the three-channel real examples I’m going to provide are
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