Business Development Strategies for Niche Markets
Selling to Lamp Shops
There's no question that lamp shops are major players in a growth industry -- and that makes them attractive to vendors who have aggressive revenue targets. If you're tired of not making your sales quotas, maybe it's time to start selling to lamp shops.
Overcoming the barriers of selling to lamp shops can require complex sales and marketing strategies.
Good sales teams combine personal motivation with a set of tools that equips them to address sales cycles that target lamp shops. Whether you're a new business or an established industry presence, here are a few of the tools you need to have in your toolbox.
In a perfect world, you want your sales force to be self-motivated to perform at a high level. But to encourage constant improvement, consider offering sales incentives to sales reps that exceed lamp shop sales targets.
Incentives don't have to be cost-prohibitive -- sometimes just recognizing an employee's worth to the organization is more valuable than an expensive incentive that lacks recognition or prestige.
New businesses that attempt to tackle the entire marketplace face a difficult task. A better approach is to tailor your business model to an underserved niche.
In the lamp shop industry, niches can be based on geographic, demographic or industry-specific factors. For niche sellers, advance research is essential. Don't assume that there will be demand for a niche product line unless your assumptions are rooted in solid facts.
Marketing Channels for Lamp Shops
Even though companies market their products in many different ways, there is one truth that applies to all lamp shop marketing strategies -- no single marketing channel is capable of capturing the attention you need to meet your sales goals.
Across the industry, multichannel marketing strategies are the norm, and may include direct mail, telemarketing, print ads, email campaigns and other online strategies.
Top sellers routinely purchase lead lists as a way to drive the sales process. High quality lead lists provide a large quantity of leads that are up-to-date and targeted to likely-to-convert prospects. In our experience, Experian Business Services has the largest and most accurate database of lamp shops on the market.
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