Marketing Advice By Business Type
Marketing a Steel Products Business
There is little room for error in marketing a steel products business in today's economy. Fortunately, we have the information you need to stay ahead of the curve and outperform the rest of the field.
We see marketing as the great equalizer, a business discipline capable of dramatically increasing a small company's footprint in the marketplace.
A lack of marketing experience can sometimes be overcome through persistence and innovation, two key features of steel products business marketing success.
Staffing Expertise
An effective marketing strategy meticulously delegates tasks to capable stakeholders. For many business owners, in-house staffing is attractive because it can (theoretically) be performed by current employees and can give the owner more control over the process. There are numerous reasons why steel products businesses enlist the assistance of external marketing professionals. In addition to delivering a better overall outcome, marketing firms bring an objective perspective to your strategy and key messaging.
Loss Leaders
Like many businesses, steel products 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 steel products 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.
Mailings
It makes sense for steel products businesses to participate in direct marketing. 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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