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Marketing a Marine Propulsion Systems Business
Marketing plays a central role in any company. But when it comes to a marine propulsion systems business, your ability to market your brand can be the deciding factor between barely making it and achieving stellar industry success.
Marketing is not a siloed business function. It's a cross-organizational discipline with ramifications for your balance sheet and earnings statement.
But with the right combination of resources, techniques, and strategies, any marine propulsion systems business owner can rise to the challenge and create a marketing plan that highlights the value of their business and product offerings
Generating Buzz
All business owners want to generate buzz about their products, services, and brand. There are multiple ways owners can tout the benefits of their product offerings, but the most effective promotions are personal recommendations or word of mouth advertising. For a marine propulsion systems business, meaningful brand conversations have the ability to transform the impact of your marketing efforts. The process begins with developing communication vehicles and mechanisms that invite discussion. With minimal effort, you can instigate conversations through social media and other communication vehicles favored by today's consumers.
Loss Leaders
The majority of marine propulsion systems 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. But to be effective, loss leader marketing requires planning, especially in product selection and price points. For the majority of marine propulsion systems 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.
Cost Tracking
The economy is a constant concern for people who own a marine propulsion systems business. You can't afford to waste money on inferior marketing resources. Since every dollar counts, it pays to buy mailing lists from trusted vendors. Good mailing lists are money in the bank; they deliver leads, revenue and most importantly, new customers.
Another way to control costs is to conduct periodic across-the-board cost audits designed to highlight areas that are ripe for reductions.
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