Marketing is a tricky business discipline, especially for inexperienced entrepreneurs who possess more enthusiasm than expertise.
So what separates the best factoring services from average companies? Surprisingly, the ability to create clear brand messages often outweighs product quality and other considerations.
Building A Community Around Your Brand
Does your business have a social media presence? If not, you may be falling behind the rest of the marketplace. Whether they realize it or not factoring services need to do a better job connecting with their customers. Direct mail campaigns featuring mailing lists from a reliable list partner can jumpstart a social media drive by expanding your customer base and alerting them to your social media presence.
Social Media Monitoring
The use of social media as a marketing tool is the latest wave to overtake the small business community. Combined with a functional company website, social media attracts new customers and converts them to brand advocates. Social media can quickly go negative, turning brand advocacy into "badvocacy", a scenario in which consumers and users create content deriding your company and your products. These days, factoring services need to be particularly sensitive about the potential for negative brand commentary on social media sites. To counter negative social media, you'll need to monitor your brand's online presence and enter the conversation, redirecting negative discussions toward more positive topics.
There is no substitute for being able to speak convincingly about your products in a factoring service. Whether you outsource marketing or handle it in-house, the more familiar marketing personnel are with your products' distinctive characteristics, the easier it will be to devise marketing strategies that differentiate your factoring service in the marketplace. If you can't articulate your products' unique characteristics, your messaging - and revenue stream - will suffer.
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