Tips to Improve Marketing
Marketing a Foundry Equipment and Supplies Business
You're heavily invested in the success of your foundry 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.
We recognize that the best foundry equipment and supplies business leaders tend to possess solid marketing skills. Yet in this industry, the characteristics of able marketers aren't always obvious.
But by creating a strong marketing strategy, you undergird your connection to your base. With that in mind, it's important to leverage marketing as a path toward better customer engagement in your foundry equipment and supplies business's strategic plan.
Bundling
Messaging matters - but only to the degree that it communicates value to cost-conscious consumers. Businesses that bundle products tap into the market's psyche by creating the perception (real or imagined) of cost-savings. Most foundry equipment 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.
Customer Awareness
Many of the highest performing foundry equipment and supplies businesses identify customer awareness as one of the hallmarks of their success. Since disconnection with the marketplace isn't an option, it's important to create mechanisms to monitor market trends. More often than not, failure to maintain a robust connection with the marketplace translates into poor brand recognition and lackluster sales. On the other hand, businesses that are in touch with their customers' preferences and pressure points are better equipped to create marketing strategies that connect with buyers.
Managing Negative Publicity
Not sure how to handle negative PR? You're not alone. It's a probably faced by many foundry equipment and supplies businesses. The worst way to handle negative buzz is to put off developing a response until reporters are pounding on your door, demanding a comment from a company spokesperson. At Gaebler, we advise our business partners to have an updated crisis response plan in place at all times. Mailing list providers can also provide quick access to accurate mailing lists, an important consideration if your crisis response plan contains a direct mail component.
Share this article
Additional Resources for Entrepreneurs