As a business owner, it's imperative to understand that your financial metrics are inextricably linked to your marketing capacity.
A robust marketing plan cements your company's relationships with customers. Great marketing is good business -- and it begins by integrating a handful of proven marketing concepts into your rice and rice products business's planning process.
Why Branding Matters
A good brand has value for both your balance sheet and earnings statement. Any and every rice and rice products business has brand characteristics. Consumers can view your brand either positively or negatively, but either way they have an impression about your business identity. Companies that incorporate brand positioning into their normal marketing routines gradually accumulate higher brand values and are rewarded by consumers.
The majority of rice and rice products businesses are willing to sustain a slight loss or breakeven position on certain products and service offerings as a way to attract customers. 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 the majority of rice and rice products businesses, loss leaders substantially increase customer traffic and create opportunities to expose new consumers to the brand. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.
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. Fortunately, media monitoring has the ability to give your rice and rice products business a sense of market presence and other variables that are difficult to quantify. If executed properly, media monitoring can help your brand get ahead of negative messaging and exert greater influence over news cycles.
Given your interest in marketing and in rice and rice products businesses, you might find these additional resources to be of interest.
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