How Can I Improve Our Marketing
Marketing a Petroleum Engineers Business
It's becoming more and more difficult for petroleum engineers businesses to rise above the clamor of the marketplace. Innovative marketing strategies may be your best bet for out-promoting -- and outperforming -- the competition.
We recognize that the best petroleum engineers business owners tend to possess solid marketing skills. Yet in this industry, the characteristics of able marketers aren't always obvious.
It's not hard to convince most business owners that marketing plays a vital role in strategic planning. But in a zero-sum economy, there are winners and losers -- and here are some of the things that will help keep your petroleum engineers business in the winners' column.
Industry Resources
Business leadership can be a lonely profession, especially when you're leading a petroleum engineers business. Most leaders are oblivious to the fact that the marketplace shows no favoritism - for every marketing challenge your business faces, there are hundreds of other businesses and leaders struggling to solve the same problem. The best resources are usually the ones that leverage industry-specific experience and the input of proven veterans.
Loss Leaders
Smart petroleum engineers businesses understand that more customers will walk through the door if a few products are priced at less than full retail value. Moreover, a loss leader marketing strategy can compensate for dead periods when customers tend to making purchases. But to be effective, loss leader marketing requires planning, especially in product selection and price points. When used in petroleum engineers businesses, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. 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.
Mailings
It makes sense for petroleum engineers businesses to participate in direct mail campaigns. Direct mail has the advantage of delivering targeted messaging to qualified contacts within your company's market segment. Third-party providers have a reputation for generating accurate mailing lists that can be sorted to accommodate niches and subsections of the market. Despite the added upfront expense, premium mailing lists are a smart investment if for no other reason than their ability to generate higher conversion rates.
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