For a drill bits business, a great business model doesn't guarantee solid revenues.
It's not hard to convince most business owners that marketing plays a vital role in strategic planning. But in a zero-sum economy, there are winners and losers -- and here are some of the things that will help keep your drill bits business ahead of the competition.
Niche marketing is strategy that focuses on a subsection of the larger market. This can be especially useful for drill bits businesses trying to establish a larger footprint in a targeted market segment. To be effective, niche marketing requires attention to the kinds of details many businesses overlook. A keen awareness of your company's unique value proposition is a prerequisite for success in this approach.
Many companies facilitate niche marketing by providing specialty mailing lists. These lists are targeted and filtered, and deliver greater focus to your company's direct mail campaigns. Specialty mailing lists from top-rate providers take the niche concept a step further by giving you measured insights about consumer behaviors within the niche.
Sponsorships are an effective marketing tactic for many types of operations, including drill bits businesses. The goal is to increase sales by generating visibility and goodwill about your company and/or your market offerings. But if you aren't deliberate, you can invest big bucks in sponsorships and receive little return for your investment. The key is to limit sponsorships to events that are attended by people who are regular drill bits business customers. In any sponsorship scenario, be prepared to quickly withdraw your support if the event begins to attract negative publicity.
There is no substitute for being able to speak convincingly about your products in a drill bits business. Small product details translate into key value propositions which are critical for distinguishing a drill bits business in the marketplace. If you can't articulate your products' unique characteristics, your messaging - and revenue stream - will suffer.
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