Marketing Tactics for Niche Markets
Marketing a Latex and Latex Products Business
A profitable latex and latex products 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.
Marketing is not a siloed business function. It's a cross-organizational discipline with ramifications for your balance sheet and earnings statement.
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 latex and latex products business's strategic plan.
Loss Leaders
Smart latex and latex products businesses understand that more customers will walk through the door if a few products are priced at less than full retail value. When applied skillfully, a loss leader marketing strategy can lead to overall gains in revenue. The key is to know your profit margins and use loss leader pricing to undercut the competition in targeted product categories. For the majority of latex and latex products businesses, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.
Measurement & Evaluation
Performance is the ultimate measure of quality. You can improve the quality of your B2B and B2C efforts by considering professional mailing lists provided by established vendors. That's just one of the ways latex and latex products businesses may be able to increase the impact of their marketing tactics. However, there are no substitutes for measurement and evaluation mechanisms. A robust measurement and evaluation process should include metrics that can be monitored on a monthly, weekly or even daily basis. Designed to monitor marketing efforts on a campaign-by-campaign basis, these metrics can be used as a baseline for strategic planning. Simple quantitative tools are a good start. However, latex and latex products businesses frequently go outside of the organization for expertise.
Strategic Partnerships
Strategic partnerships offer latex and latex products businesses economies of scale, not to mention a larger promotional footprint. Under the right circumstances, a strategic marketing partnership can allow two or more small companies to overwhelm the market, effectively negating the presence of a larger competitor.
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