Marketing a monorails business has changed dramatically over the past twenty years.
Customer loyalty isn't what it used to be. Cash is king in today's marketplace, so your marketing plan needs to focus on value messages.
Do you have a new marketing idea that will transform your industry? Don't be so sure - at least not until you have explored what the competition is doing. There's nothing wrong with creativity, but if it precludes your messaging from being represented alongside other monorails businesses, there's a good chance that you're missing something. At a minimum, we recommend seeking a third-party perspective before you adopt any innovations that dramatically alter your marketing model.
Public Relations Strategies
If marketing is a stock car racing full throttle toward a consumer audience, PR is a vintage Cadillac teasing consumers and inviting them to take a closer look. If you want to send unrestricted marketing messages to your audience, buy a mailing list and perform a direct mail campaign. But if your strategy calls for sophistication, media buy-in and thought leadership, hire a PR consultant. The art of storytelling is a core PR competency. Storylines need to be believable and objective while communicating your brand's strengths and value proposition.
The majority of monorails 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. When used in monorails businesses, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. With adequate preparation, a loss leader promotion can be publicized through all of your company's marketing channels, including the company website.
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