Marketing is much more than classified ads, business cards, and brochures.
Simplistic promotional techniques can't penetrate the clutter of the current marketplace. You'll also need to incorporate creativity, common sense, and flawless execution into your marketing routines.
The majority of Colombian restaurants are willing to sustain a slight loss or breakeven position on certain products and service offerings as a way to attract customers. Although you may lose money on one product, you can make up for it buy selling a higher volume of other products. The key is to know your profit margins and use loss leader pricing to undercut the competition in targeted product categories. For the majority of Colombian restaurants, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. Also, it's important to carefully consider the quantity of discounted products you are willing to offer at the loss leader price since stockpiling or a high volume of loss leader sales can negate the revenue benefits of this strategy.
Some marketing initiatives lend themselves to simple measurement while others are more challenging. Outsourced lead generation through reputable mailing list vendors facilitates easy measurement and evaluation for direct mail campaigns. The difficulty comes when you are tasked with quantifying market presence and brand influence. To gauge brand reputation and presence, many Colombian restaurants turn to media monitoring. If executed properly, media monitoring can help your brand get ahead of negative messaging and exert greater influence over news cycles.
Hiring A Marketing Firm
Eventually nearly all Colombian restaurant leaders recognize their limitations and hire a marketing firm. Professional marketers are usually on the bleeding edge of the industry and boast better returns for the investment than internal marketing units. 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 Colombian restaurant, the first thing to look for is marketing experience. 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.
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