Industry Specific Marketing Advice
Marketing a Grinding Wheels Business
The key to success in marketing a grinding wheels business is to combine time-tested marketing techniques with the most cutting edge strategies in today's marketplace.
We recognize that the best grinding wheels business leaders tend to possess solid marketing skills. Yet in this industry, the characteristics of able marketers aren't always obvious.
In a growth-oriented business, marketing has to be seen as a core business activity. On the upside, great marketing is a real possibility for a grinding wheels business willing to adapt its strategy to the demands of the marketplace.
Niche Marketing
A niche marketing approach is a good fit for small businesses, particularly grinding wheels businesses trying to establish a larger footprint in a targeted market segment. Niche marketing isn't new. It's been around for years and has proven to be most effective for firms that understand their key strengths and core audience.
As a side note, it's important to customize your marketing tools to accommodate a niche strategy. Leading mailing list providers can filter contacts for more cost-efficient and effective direct mail campaigns.
Hiring A Marketing Firm
Eventually nearly all grinding wheels business leaders recognize their limitations and hire a marketing firm. Unless you have a marketing background, you won't be able to touch the ROI you'll receive from a professional firm. Does a marketing firm cost money? Sure, but not as much as you may think. When it's time to look for a marketing firm to represent your grinding wheels business, experience should trump other considerations. Avoid young marketing firms staffed exclusively with inexperienced hot shots. Novice marketers bring a lot of passion to the table, but they also tend to embrace high-risk marketing strategies that lack the payoff you'll get from an established firm.
Loss Leaders
The majority of grinding wheels businesses understand that more customers will walk through the door if a few products are priced at less than full retail value. When applied skillfully, a loss leader marketing strategy can lead to overall gains in revenue. A classic mistake of loss leader marketing is to create pricing without researching the competition. In a worse case scenario, you could be counting on pricing that is higher than your competitors. For grinding wheels businesses, this approach is most advantageous when it is coupled with a promotion for complementary products or services that are offered at full pricing. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.
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