As many businesses have seen dramatic drops in customer orders and profits, Lock America, supplier to the coin-op, gaming, self-storage and vending industries, has taken a number of steps to cope with tough economic times:
Diversify and think outside of the box: One advantage a small company has is flexibility. Lock America has successfully positioned its hand-assembled security products for new markets that have an increased need for lock security.
Accelerate the timeline: Without expanding its advertising and marketing budget, Lock America has shifted marketing dollars from its traditional markets to maximize its new visibility in these growing markets.
Reduce overhead: Lock America has cut hours for some of its administrative staff and closed one regional office, allowing it to invest money saved into the new markets campaign.
Take advantage of what you have: The company accelerated sales of its slow moving inventory by reducing prices while developing new higher margin products for new and existing markets.