Marketing Plans for Niche Markets
Marketing a Weights Business
Small and medium size weights businesses can compete and even outperform larger competitors. All it takes is the right marketing plan.
Marketing is much more than classified ads, business cards, and brochures.
Strategic marketing tactics can help small weights businesses scale their visibility with consumers. The key is to market smart through the consistent application of fundamental marketing concepts.
Hiring A Marketing Firm
Eventually nearly all weights 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 weights business, it's important to find a firm with proven experience in the industry. Marketing firms that lack industry experience are sometimes unfamiliar with competitive marketing channels and may not understand the value propositions that dominate industry messaging.
Media Monitoring
Some marketing initiatives lend themselves to simple measurement while others are more challenging. Direct mail can be evaluated by tallying the cost of inputs (e.g. a premium mailing list, printing, postage, etc.) and measuring the number of customer responses you receive from the campaign. However, measuring the amount of influence your brand has in the marketplace can be trickier. Fortunately, media monitoring has the ability to give your weights business a sense of market presence and other variables that are difficult to quantify. Even more importantly, media monitoring can alert you to negative commentary early, giving you the opportunity to counter negative mentions with more accurate and more positive messaging.
Loss Leaders
Smart weights 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. The key is to know your profit margins and use loss leader pricing to undercut the competition in targeted product categories. When used in weights businesses, loss leaders substantially increase customer traffic and create opportunities to expose new consumers to the brand. With adequate preparation, a loss leader promotion can be publicized through all of your company's marketing channels, including the company website.
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