How to Improve Business Marketing
Marketing a Time Recorders and Supplies Business
A profitable time recorders and supplies business is about more than supply and demand. It's about designing ways to entice new customers to engage with your products and to encourage existing customers to increase the frequency of their purchases.
Multiple marketing factors affect bottom line profitability. However, great marketing strategies share a common characteristic.
Like it or not, product quality alone doesn't deliver repeat customers. Cash is king in today's marketplace, so your marketing plan needs to focus on value messages.
Competitive awareness is the starting point for creativity in marketing. We appreciate innovative tactics. But when innovation causes you to abandon message streams that are trafficked by similar time recorders and supplies businesses, there's a good chance that you're missing something. Although you might be convinced that a new strategy will give your company an edge, it's reassuring to consult with a professional marketer before you go too far down the road.
Cost is an issue in marketing a time recorders and supplies business. For direct mailing campaigns and other strategic initiatives, it's hard to argue with the ROI you receive from updated mailing lists provided by the industry's leading list vendors. Good mailing lists are money in the bank; they deliver leads, revenue and most importantly, new customers.
But mailing lists aren't the only way you can reduce costs. Most accounting software solutions have features that allow you to track costs in multiple expense categories and receive alerts when expenses suddenly swing outside of normal parameters.
Messaging matters - but only to the degree that it communicates value to cost-conscious consumers. Bundling is a tried and true method for marketing value concepts. Instead of presenting buyers with a single product offering, you can combine multiple product offerings into a package deal. Most time recorders and supplies businesses have the ability to bundle multiple products and services into a single offering that customers find appealing. Will the profit margins be the same as they would be if you sold the bundled products separately? Probably not. But you'll make up for it by achieving higher sales volumes and net profits.
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