Marketing Advice By Business Type
Marketing a Satellite Radio Equipment and Systems Business
Marketing a satellite radio equipment and systems business can be a daunting task for new entrepreneurs. But with consumer demand on the rise, marketing skills are becoming increasingly important for satellite radio equipment and systems business owners and managers.
If you're hoping to leverage marketing to give your satellite radio equipment and systems business an edge over the competition you're not alone.
Some marketing concepts are just common sense. But to achieve your goals, there are some other things you'll also need to learn about marketing a satellite radio equipment and systems business.
ROI
The overall effectiveness of marketing and promotions boils down to the return you receive for your investment. ROI concerns should be at the forefront of your mind when you think about the many ways you can promote your satellite radio equipment and systems business.
Professional mailing lists improve ROI even further. Vendors can filter your lists to likely buyers, reducing mailing costs and increasing the impact of your direct mail campaigns.
Strategic Partnerships
Strategic partnerships offer satellite radio equipment and systems businesses economies of scale, not to mention a larger promotional footprint. Joint ad campaigns, mailings and other marketing initiatives can be conducted on either a short- or long-term basis, as long as each partner is involved in the creation of messaging and has approval authority over the content that is released.
Loss Leaders
The majority of satellite radio equipment and systems businesses frequently sell specific products at ridiculously low margins to boost traffic and new customer acquisition. 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 satellite radio equipment and systems 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.
Share this article
Additional Resources for Entrepreneurs