Today, consumers who visit their local pool and hot tub retail store are shopping differently. Most are now doing all of their research online so when they enter the store, they are armed with more knowledge than some retailers are expecting.
Every dealership has things they do well, from practices and processes to creating new ideas. If a blueprint for success were to be created using these core strengths, and shared with other pool and hot tub professionals, it would be of great benefit to the industry.
Experienced retailers know how to sell hot tubs. They know how to merchandise, as well as provide financing and service to consumers looking to invest in a hot tub for their backyard. However, many retailers are still not maximizing the profit potential of various hot tub essentials available in today’s marketplace.
Depending on the homeowner and what type of lifestyle they live, it might not be immediately apparent, but sauna use and ownership continues to increase in popularity. In fact, many retailers may be surprised to find out just how many people have a secret passion for sitting and sweating on a wooden bench in a hot room.
Retailers that have had customers ask to test a swim spa but cannot oblige because they do not carry them could be missing an emerging wave of new buyers. Although swim spas are not new to the hot tub industry, an increasing number of manufacturers now have a swim spa line. The reason for this is because these units serve the niche fitness market—one for which most consumers did not know they were looking for until seeing them in action.
When it comes to the success of a pool and spa business, proper cash management is critical. Many businesses fall into the trap of equating cash flow with overall revenue. In reality, cash flow is a product of multiple areas of a business; therefore, investing time in these areas can increase profitability. For pool and spa companies, four key areas can effect overall cash management.