How Can I Improve Our Marketing
Marketing a Pipeline Equipment Business
Looking for innovative ways to market a pipeline equipment business? Although you there are no magic bullets that will enable you to dominate the industry, there are several things you can do to improve visibility and market presence.
Marketing is a tricky business discipline, especially for inexperienced entrepreneurs who possess more enthusiasm than expertise.
Purpose in marketing is the key to success in this space. From our vantage point, it's clear that profitable pipeline equipment businesses achieve market dominance through the careful execution of deliberate strategies. Although you'll need to consider your company's unique marketing objectives, there are several tips we advise our partners to integrate into their promotional plans and strategies.
Marketing Expertise
Don't have a background in marketing? That shouldn't stop you from taking a larger promotional role in your company by educating yourself about today's most effective marketing concepts. Entrepreneurs and leaders of pipeline equipment businesses need to make every dollar count, especially when it comes to their marketing budgets. When in doubt, tap into either an internal or external knowledge base to design your company's marketing strategy.
Media Monitoring
Some marketing initiatives lend themselves to simple measurement while others are more challenging. Direct mail can be evaluated by tallying the cost of inputs (e.g. a premium mailing list, printing, postage, etc.) and measuring the number of customer responses you receive from the campaign. The difficulty comes when you are tasked with quantifying market presence and brand influence. Fortunately, media monitoring has the ability to give your pipeline equipment business a sense of market presence and other variables that are difficult to quantify. If executed properly, media monitoring can help your brand get ahead of negative messaging and exert greater influence over news cycles.
Price Matching
In a difficult economy, consumers expect businesses to engage in a certain amount of price matching. The principle is simple: Since pricing is a primary factor in product selection, your business agrees to match advertised competitor pricing. Without price matching, if they can locate lower pricing from a competing pipeline equipment business, customers will transfer loyalty to the competition - and take their friends with them. Today's consumers are educated and informed. They use social media and other tools to identify the best pricing, making it imperative for small business to consider the value of a well-publicized price matching strategy.
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