As a business owner, it's imperative to understand that your financial metrics are inextricably linked to your marketing capacity.
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.
Good marketing is expensive. You can't afford to waste money on ineffective tactics for your traveler's checks business.
Professional mailing lists improve ROI even further. Vendors can filter your lists to likely buyers, reducing mailing costs and increasing the impact of your direct mail campaigns.
Think you know all there is to know about coupling? Maybe not, at least when it comes to using coupons for traveler's checks business advertising. Traditionally, coupons have been limited to print ad distributions. These days, coupon programs have expanded to include electronic coupons distributed through social media and redeemed via a mobile device. In a typical coupon scenario, traveler's checks business operations use coupons to encourage new customers to give their product offerings a try, effectively stealing market share from competitors that have invested in customer loyalty schemes. Coupled with other marketing techniques, a steady stream of legitimate coupon promotions can incentivize periodic customers to increase the frequency of purchases from your company.
Lone rangers don't survive long in a traveler's checks business. An awareness of industry resources can mitigate the isolation of ownership and result in a more stable (and more productive) leadership experience. Trade associations, business networks, and other venues usually offer resources to help you improve your marketing skills. If possible, establish a mentoring relationship with an experienced industry veteran.
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