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TNNA Survey Says: How to Add Value to What You Sell

Posted By India Hart Wood, Hart Business Research, Tuesday, August 23, 2016

TNNA Survey Says is a biweekly series of articles featuring useful business advice based upon the TNNA State of Specialty NeedleArts 2016 surveys of more than 15,000 fiber artists, retailers, and wholesalers.

TNNA Survey

Add Value to What Your Store Sells, and Become More Profit

Consider adding your own value to what your business sells. Put together kits. Design patterns and products. Help your customers finish or frame their projects. Develop content such as how-to articles and videos to help your customers use what you sell. Survey results indicate profitable retailers are more likely than unprofitable ones to do these value-added activities.

Percentage of retailers indicating they did each business activity, 2016:

Activity

 Yarn retailers

Needlepoint retailers

Counted thread retailers*

Product design (patterns, yarns, canvases, etc.)

43%

49%

11%

Assembly of kits

40%

41%

11%

Finishing or framing

24%

88%

59%

In-house product manufacturing

20%

17%

11%

Store brands manufactured by third party

15%

7%

11%

Content development (how-to videos, articles, podcasts, blog posts, etc.)

12%

5%

4%

Wholesale distribution to other retailers

9%

5%

11%


 Survey question: “What activities does your business include?” 90% or more of retailers sold products and offered classes.

*Sample size for counted thread retailers is enough for trends but not statistically reliable.

  • Source: TNNA 2016 Retailer Survey Results
  • Freshness: Retailers surveyed February 23 to March 28, 2016.
  • Respondents: 325 yarn retailers, 41 needlepoint retailers, and 27 counted thread retailers

More information: http://www.tnna.org/?Survey2016

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