How Can I Improve Our Marketing
Marketing a Patent Drafting Services Business
Marketing plays a central role in any company. But when it comes to a patent drafting services business, your ability to market your brand can be the deciding factor between barely making it and achieving stellar industry success.
For every patent drafting services business winner, there many more patent drafting services businesses struggling to survive.
Top performers habitually integrate sound marketing concepts with market demands.
Public Relations Strategies
The beauty of PR is that it can raise awareness of your offerings in a very credible and cost-effective fashion. For example, if you buy a premium mailing list and use it to conduct a direct mail campaign, that's marketing. On the other hand, if the Sunday paper runs a story about your patent drafting services business, that's PR. The art of storytelling is a core PR competency. Storylines need to be believable and objective while communicating your brand's strengths and value proposition.
Loss Leaders
Smart patent drafting services businesses understand that more customers will walk through the door if a few products are priced at less than full retail value. Although you may lose money on one product, you can make up for it buy selling a higher volume of other products. 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 patent drafting services businesses, loss leaders substantially increase customer traffic and create opportunities to expose new consumers to the brand. 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.
Generating Buzz
All business owners want to generate buzz about their products, services, and brand. You've heard it said before: Word of mouth is the best form of promotion for products and brands. For a patent drafting services business, meaningful brand conversations have the ability to transform the impact of your marketing efforts. To encourage marketplace conversations, you'll need to equip consumers with the tools they need to create meaningful brand dialogues. With minimal effort, you can instigate conversations through social media and other communication vehicles favored by today's consumers.
Share this article
Additional Resources for Entrepreneurs