How Can I Improve Our Marketing
Marketing a Paint Wholesale and Manufacturers Business
A profitable paint wholesale and manufacturers 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.
Simplistic promotional techniques can't penetrate the clutter of the current marketplace. To capture audience attention, you'll need to stay current with the channels they use to receive information and product messages.
Hiring A Marketing Firm
Sooner or later, most paint wholesale and manufacturers business leaders recognize their limitations and hire a marketing firm. Unless you have a marketing background, you won't be able to touch the ROI you'll receive from a professional firm. Does a marketing firm cost money? Sure, but not as much as you may think. When it's time to look for a marketing firm to represent your paint wholesale and manufacturers business, the first thing to look for is marketing experience. Additionally, you'll want to make sure that the firm you hire is familiar with how technology is being used to forge connections with customers in your market niche.
Market Segmentation
Given the current competitive landscape, you can't successfully promote a paint wholesale and manufacturers business to the entire marketplace. Market segmentation has been around for decades and it has enabled many smaller companies to dominate parts of the market, even when they face competition from larger firms.
Filtered mailing lists facilitate market segmentation by focusing your resources on customers within your segment. The best list providers are equipped to accommodate various segments for contained within your paint wholesale and manufacturers business marketing strategy.
Loss Leaders
Smart paint wholesale and manufacturers businesses frequently sell specific products at ridiculously low margins to boost traffic and new customer acquisition. Moreover, a loss leader marketing strategy can compensate for dead periods when customers tend to making purchases. A classic mistake of loss leader marketing is to create pricing without researching the competition. In a worse case scenario, you could be counting on pricing that is higher than your competitors. For the majority of paint wholesale and manufacturers businesses, this approach is most advantageous when it is coupled with a promotion for complementary products or services that are offered at full pricing. Also, it's important to carefully consider the quantity of discounted products you are willing to offer at the loss leader price since stockpiling or a high volume of loss leader sales can negate the revenue benefits of this strategy.
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