Marketing Plans for Niche Markets
Marketing a Wardrobes Business
Small and medium size wardrobes businesses can compete and even outperform larger competitors. All it takes is the right marketing plan.
A high-quality marketing plan connects your company to your customers. Without it, you'll quickly find your wardrobes business cut off from the marketplace.
Staying on track requires attention to detail and a commitment to foundational marketing principles.
Loss Leaders
Like many businesses, wardrobes 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. 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 wardrobes businesses, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.
Staffing Expertise
Assigning responsibility for the execution of a marketing strategy can be more difficult than creating it. A dedicated, in-house marketing division is a possibility, but in small businesses, it's more likely that owners or managers will pick up marketing as a secondary job responsibility. That can be problematic because marketing can't afford to be pushed to the backburner. As a way to improve performance and time management, owners of wardrobes businesses outsource marketing to a professional firm. Outsourcing is less expensive than maintaining an internal marketing unit and it ensures that your company's marketing plan receives the attention it deserves.
Cost Tracking
The economy is a constant concern for people who own a wardrobes business. You can't afford to waste money on inferior marketing resources. Since every dollar counts, it pays to buy mailing lists from trusted vendors. Good mailing lists are money in the bank; they deliver leads, revenue and most importantly, new customers.
But mailing lists aren't the only way you can reduce costs. Most accounting software solutions have features that allow you to track costs in multiple expense categories and receive alerts when expenses suddenly swing outside of normal parameters.
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