We recognize that the best lighthouses business entrepreneurs tend to possess solid marketing skills. Yet in this industry, the characteristics of able marketers aren't always obvious.
A lack of marketing experience can sometimes be overcome through persistence and innovation, two key features of lighthouses business marketing success.
Assigning responsibility for the execution of a marketing strategy can be more difficult than creating it. A dedicated, in-house marketing division is a possibility, but in small businesses, it's more likely that owners or managers will pick up marketing as a secondary job responsibility. That can be problematic because marketing can't afford to be pushed to the backburner. As a way to improve performance and time management, owners of lighthouses businesses outsource marketing to a professional firm. In addition to delivering a better overall outcome, marketing firms bring an objective perspective to your strategy and key messaging.
Every piece of collateral your lighthouses business creates is a tangible reflection of your brand distinctive and core values. To squeeze the most impact from your collateral, it needs to be targeted toward its recipients. Delivered to the wrong person, a valuable piece of collateral will collect dust. Collateral distributed through direct mail channels realizes its highest return when it is paired with an updated mailing list from a top mailing list vendor. If you're like most business owners, you invest substantial resources in the creation of quality collateral. If you don't invest similar resources in mailing lists and other distribution channels, your lighthouses business's brochures, direct mail letters and other content has no value.
The majority of lighthouses businesses understand that more customers will walk through the door if a few products are priced at less than full retail value. Moreover, a loss leader marketing strategy can compensate for dead periods when customers tend to making purchases. But to be effective, loss leader marketing requires planning, especially in product selection and price points. For the majority of lighthouses businesses, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.
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