Marketing Tactics for Niche Markets
Marketing a Lasers Business
There is little room for error in marketing a lasers business in today's economy. Fortunately, we have the information you need to stay ahead of the curve and outperform the rest of the field.
Marketing is a tricky business discipline, especially for inexperienced entrepreneurs who possess more enthusiasm than expertise.
Messaging that relies on outdated delivery channels is often a waste of time and resources. Effective marketing now means translating market learnings into techniques and tactics that are relevant to your business.
Industry Resources
Lone rangers don't survive long in a lasers business. Most leaders are oblivious to the fact that the marketplace shows no favoritism - for every marketing challenge your business faces, there are hundreds of other businesses and leaders struggling to solve the same problem. The best resources are usually the ones that leverage industry-specific experience and the input of proven veterans.
Bundling
Messaging matters - but only to the degree that it communicates value to cost-conscious consumers. For centuries, entrepreneurs have understood that bundled products reinforce buyers' value concerns while increasing their business's total revenue position. Most lasers businesses have the ability to bundle multiple products and services into a single offering that customers find appealing. Often, bundling is used to offload excess inventory or to pair a low profit product with one that has a higher markup.
Media Monitoring
Some marketing initiatives lend themselves to simple measurement while others are more challenging. Direct mail can be evaluated by tallying the cost of inputs (e.g. a premium mailing list, printing, postage, etc.) and measuring the number of customer responses you receive from the campaign. However, measuring the amount of influence your brand has in the marketplace can be trickier. To gauge brand reputation and presence, many lasers businesses turn to media monitoring. Even more importantly, media monitoring can alert you to negative commentary early, giving you the opportunity to counter negative mentions with more accurate and more positive messaging.
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Additional Resources for Entrepreneurs