17 / 81
17
The economic pressures have forced respondents to take a number of actions to offset the
expense increases, including:
•
Change product offerings – 66%
•
Reduce Stock on hand – 66%
•
Change Product Offerings – 33%
•
Reduce Marketing Budget – 33%
•
Layoff employees – 33%
Marketing the Business
Nearly 20% of reporting businesses invest 1%, or less of their annual sales into marketing
and advertising with over 40% reporting marketing expenses at less than 5% of annual
sales.
The three most important tools that retailers consider the most effective in gaining new
customers are:
•
Word of mouth
•
Events and Shows
On-line marketing is an important part of marketing the American Indian Art business.
The three leading tools used in the business include:
•
Website
•
Online advertising
•
Email marketing
On-line tools typically are handled in-house, although many businesses will go outside
for help on some things.
Most Productive Sales Channels
Wholesalers report that the storefront is their most productive sales channel, followed by
shows and their website.
Sales From American Indian Art
60% of the responding wholesalers report that in excess of 90% of their volume comes
from sales of American Indian art.