A snazzy logo, glossy brochure and must-have brand merchandise mean nothing apart from a robust marketing strategy.
Advances in technology and the marketplace itself have made it necessary for businesses to stay on top of the latest trends and strategies. The consistent application of solid marketing principles is one of the few business requirements that has stayed the same.
Like many businesses, dim sum restaurants 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 dim sum restaurants, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. With adequate preparation, a loss leader promotion can be publicized through all of your company's marketing channels, including the company website.
Competitive awareness is the starting point for creativity in marketing. There's nothing wrong with creativity, but if it precludes your messaging from being represented alongside other dim sum restaurants, it could be a sign that you're out of touch with the marketplace. At a minimum, we recommend seeking a third-party perspective before you adopt any innovations that dramatically alter your marketing model.
Public Relations Strategies
Public relations is more subtle, but no less powerful than a full-blown marketing push. If you want to send unrestricted marketing messages to your audience, buy a mailing list and perform a direct mail campaign. But if your strategy calls for sophistication, media buy-in and thought leadership, hire a PR consultant. The art of storytelling is a core PR competency. Storylines need to be believable and objective while communicating your brand's strengths and value proposition.
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