Marketing Plans for Niche Markets
Marketing a Woodworking Machinery, Equipment, and Supplies Business
At Gaebler, we've seen what great marketing can do for a small business. But if you own a woodworking machinery, equipment, and supplies business, exceptional marketing may well be the determining factor in your long-term survival and success.
The marketing model for a woodworking machinery, equipment, and supplies business has historically adapted to changes in consumer buying patterns and the market itself.
Strategic marketing tactics can help small woodworking machinery, equipment, and supplies businesses scale their visibility with consumers. What small companies lack in resources, they can make up for in marketing intelligence and expertise.
Strategic Partnerships
When multiple interests join together in a strategic partnership, they gain woodworking machinery, equipment, and supplies businesses economies of scale, not to mention a larger promotional footprint. Think about it: even on your best day, your company has the ability to influence a certain percentage of potential customers. But when you partner with a complementary supplier to perform a joint marketing campaign, you multiply your customer base and generate a more powerful market presence.
Measurement & Evaluation
With a little more attention to details, woodworking machinery, equipment, and supplies businesses may be able to increase the impact of their marketing tactics. However, there are no substitutes for measurement and evaluation mechanisms. A robust measurement and evaluation process should include metrics that can be monitored on a monthly, weekly or even daily basis. Designed to monitor marketing efforts on a campaign-by-campaign basis, these metrics can be used as a baseline for strategic planning. Technology plays a role in marketing measurements, so woodworking machinery, equipment, and supplies businesses typically expand their knowledge base by hiring professional marketing firms.
Loss Leaders
The majority of woodworking machinery, equipment, and supplies 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. The key is to know your profit margins and use loss leader pricing to undercut the competition in targeted product categories. For the majority of woodworking machinery, equipment, and supplies businesses, loss leaders substantially increase customer traffic and create opportunities to expose new consumers to the brand. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.
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