As a business owner, it's imperative to understand that your financial metrics are inextricably linked to your marketing capacity.
It's not hard to convince most business owners that marketing plays a vital role in strategic planning. With marketing pressure at an all-time high, your business needs to incorporate tactics designed to position a geological supplies business at the top of the heap.
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 geological supplies business, potential clients will abandon your brand in droves. 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.
Lone rangers don't survive long in a geological supplies business. An awareness of industry resources can mitigate the isolation of ownership and result in a more stable (and more productive) leadership experience. The best resources are usually the ones that leverage industry-specific experience and the input of proven veterans.
Managing Negative Publicity
A certain amount of negative publicity is a given for most geological supplies businesses. The worst way to handle negative buzz is to put off developing a response until reporters are pounding on your door, demanding a comment from a company spokesperson. PR savvy geological supplies businesses work with consultants to develop a crisis response plan that can be executed on a moment's notice. Mailing list providers can also provide quick access to accurate mailing lists, an important consideration if your crisis response plan contains a direct mail component.
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