Business Marketing Advice
Marketing a Radar Equipment and Supplies Business
You're heavily invested in the success of your radar equipment and supplies business and failure isn't an option. That means you'll also need to invest yourself in the strategies and techniques it takes to effectively market your brand in the marketplace.
Sales, profitability, market share -- the things that matter most to business owners all come down to how well you market your brand and products.
Like it or not, product quality alone doesn't deliver repeat customers. With cost concerns becoming more important to buyers, value messaging is rising to the fore as a strategic marketing priority.
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. The difficulty comes when you are tasked with quantifying market presence and brand influence. To gauge brand reputation and presence, many radar equipment and supplies businesses turn to media monitoring. If executed properly, media monitoring can help your brand get ahead of negative messaging and exert greater influence over news cycles.
The majority of radar equipment and supplies 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. The key is to know your profit margins and use loss leader pricing to undercut the competition in targeted product categories. For radar equipment and supplies businesses, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.
Right out of the gate, you are going to have to make an informed decision about who will be responsible for marketing your product offerings and your brand. A dedicated, in-house marketing division is a possibility, but in small businesses, it's more likely that owners or managers will pick up marketing as a secondary job responsibility. That can be problematic because marketing can't afford to be pushed to the backburner. There are numerous reasons why radar equipment and supplies businesses it makes sense to hire a firm to handle the creation and execution of your marketing strategy. 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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