Sales, profitability, market share -- the things that matter most to business owners all come down to how well you market your brand and products.
Customer loyalty isn't what it used to be. These days, customers expect value and nothing communicates value more than a solid marketing plan.
There is no substitute for being able to speak convincingly about your products in a bookstore. Small product details translate into key value propositions which are critical for distinguishing a bookstore in the competitive arena. Product knowledge is so important that we advise SMBs to consult a marketing professional to identify and exploit their brands' product-based value propositions.
A niche marketing approach is a good fit for small businesses, particularly bookstores 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.
Furthermore, niche marketing means tailoring resource acquisitions to the needs of your market segment. For example, top providers can focus mailing lists to the specific requirements of your market niche.
Smart bookstores 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. 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 the majority of bookstores, 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.
Ready to learn more? You may find these additional resources to be of interest.
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