What about our pricing? Are we competitive?
Actually, we are roughly fifteen percent more expensive than our closest competitors.
But it's going to be hard to cut costs any further, seeing as we are already operating on a very slim margin.
There're always ways to cut costs; we just have to think outside the box.
Perhaps we should consider re-locating one of our factories to a more cost-efficient country.
We can also talk to our vendors about where they place our products.
Perhaps if they're placed in a more prominent location in stores, they'll catch the eye of more customers.
Would it help if we offered a mega sale to clear out some of our inventory?
We might not make a lot of money, but we might gain some brand awareness.
That's a great idea. Getting people talking about our brand would be a big boost.
Are we harnessing the power of social network websites?
What do you mean?
I mean like setting up a Facebook page or using Twitter.
It's free to get online and set up an account. We might as well take advantage of these opportunities.
Another idea is for us to reevaluate where we are spending our advertising dollar.
Right now, we break it down between all the major media outlets.
Television advertising gets forty-five percent of our budget.
Thirty percent goes to print media.
Twenty percent goes to radio and five percent goes towards advertising online.
I think we should boost our online advertising.
Online ads are cheap and they can reach a much wider audience.
All right, I'll ask the ad department to make the changes.
If we can implement these new ideas by the end of this quarter, we might be able to reverse our sales slide and put ourselves in position for a major rebound to come next year.
That would be great.