Marketing is a tricky business discipline, especially for inexperienced entrepreneurs who possess more enthusiasm than expertise.
Purpose in marketing is the key to success in this space. High-performing contract packaging businesses leave no stone unturned when it comes to marketing strategy. The inclusion of innovative tactics and techniques is important, but the consistent application of sound marketing principles may be the most important factor in raising your brand's visibility with buyers.
Many marketing techniques are easy to evaluate. For example, if you buy a mailing list and conduct a direct mail campaign, you should have little difficulty measuring the campaign's effectiveness and ROI. The difficulty comes when you are tasked with quantifying market presence and brand influence. With the help of marketing professionals, media monitoring can provide up-to-date assessments of the amount of influence your contract packaging business has in the public sphere. Although media monitoring is not the only tool for measuring intangible brand qualities, it has the benefit of highlighting negative PR, giving your contract packaging business the ability to control bad buzz when it appears in the marketplace.
In a difficult economy, consumers expect businesses to engage in a certain amount of price matching. The principle is simple: Since pricing is a primary factor in product selection, your business agrees to match advertised competitor pricing. Without price matching, if they can locate lower pricing from a competing contract packaging business, customers will transfer loyalty to the competition - and take their friends with them. Today's consumers are educated and informed. They use social media and other tools to identify the best pricing, making it imperative for small business to consider the value of a well-publicized price matching strategy.
Business leadership can be a lonely profession, especially when you're leading a contract packaging business. Most leaders are oblivious to the fact that the marketplace shows no favoritism - for every marketing challenge your business faces, there are hundreds of other businesses and leaders struggling to solve the same problem. Even though trade journals have value, we've found that the best insights are often gained through face-to-face contact with industry insiders.
Given your interest in marketing and in contract packaging businesses, you might find these additional resources to be of interest.
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