If you are a business leader who sees marketing as a path to give your homes and institutions business a competitive advantage you're not alone.
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 homes and institutions business at the top of the heap.
The majority of homes and institutions businesses understand that more customers will walk through the door if a few products are priced at less than full retail value. Although you may lose money on one product, you can make up for it buy selling a higher volume of other products. But to be effective, loss leader marketing requires planning, especially in product selection and price points. For homes and institutions businesses, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. Also, it's important to carefully consider the quantity of discounted products you are willing to offer at the loss leader price since stockpiling or a high volume of loss leader sales can negate the revenue benefits of this strategy.
Hiring A Marketing Firm
Sooner or later, most homes and institutions business operations turn to marketing firms for guidance. Unless you have a marketing background, you won't be able to touch the ROI you'll receive from a professional firm. Cost is a consideration, but if you're thinking about hiring a marketing firm for your homes and institutions business, the first thing to look for is marketing experience. Marketing firms that lack industry experience are sometimes unfamiliar with competitive marketing channels and may not understand the value propositions that dominate industry messaging.
Uncoordinated and disjointed marketing plans tend to backfire on homes and institutions businesses. Promotional or marketing calendars coordinate the execution of your strategy and result in a more efficient use of both internal and external resources. Many list vendors appreciate promotional calendars because they are useful for timing the delivery of the resources your business needs to meet strategic objectives.
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