A single characteristic divides today's best gauges retail businesses from companies at the bottom of the food chain.
The marketplace is constantly shifting to accommodate consumer demand and that means businesses need to adapt their marketing requirements accordingly. The consistent application of solid marketing principles is one of the few business requirements that has stayed the same.
The majority of gauges retail businesses 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 gauges retail businesses, loss leaders substantially increase customer traffic and create opportunities to expose new consumers to the brand. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.
Sloppy marketing programs have no place in growing gauges retail businesses. A strategy chocked full of time-sensitive ad placements and other tactics can devolve into a tangled mess of overlapping deliverables unless it is coordinated in a promotional calendar. Good calendars include not only tactical deadlines, but also schedules for the inputs (e.g. staff assets, vendors, etc.) that are required to execute strategic objectives. Many list vendors appreciate promotional calendars because they are useful for timing the delivery of the resources your business needs to meet strategic objectives.
Assigning responsibility for the execution of a marketing strategy can be more difficult than creating it. For many business owners, in-house staffing is attractive because it can (theoretically) be performed by current employees and can give the owner more control over the process. As a way to improve performance and time management, owners of gauges retail businesses outsource marketing to a professional firm. A high quality marketing firm can deliver a much better ROI than internal stakeholders who aren't primarily focused on marketing functions.
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