How to Reach Your Target Market
Marketing an Electrical Discharge Machines and Supplies Business
A profitable electrical discharge machines and supplies business is about more than supply and demand. It's about designing ways to entice new customers to engage with your products and to encourage existing customers to increase the frequency of their purchases.
We see marketing as the great equalizer, a business discipline capable of dramatically increasing a small company's footprint in the marketplace.
Marketing increases the brand footprint of a electrical discharge machines and supplies business and drives the customer acquisition process.
Loss Leaders
The majority of electrical discharge machines and supplies businesses are willing to sustain a slight loss or breakeven position on certain products and service offerings as a way to attract customers. When applied skillfully, a loss leader marketing strategy can lead to overall gains in revenue. The key is to know your profit margins and use loss leader pricing to undercut the competition in targeted product categories. When used in electrical discharge machines and supplies businesses, this approach is most advantageous when it is coupled with a promotion for complementary products or services that are offered at full pricing. With adequate preparation, a loss leader promotion can be publicized through all of your company's marketing channels, including the company website.
Competitive Awareness
Competitive awareness is the starting point for creativity in marketing. There's nothing wrong with creativity, but if it precludes your messaging from being represented alongside other electrical discharge machines and supplies businesses, it could be a sign that you're out of touch with the marketplace. At a minimum, we recommend seeking a third-party perspective before you adopt any innovations that dramatically alter your marketing model.
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. However, measuring the amount of influence your brand has in the marketplace can be trickier. Fortunately, media monitoring has the ability to give your electrical discharge machines and supplies 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.
Share this article
Additional Resources for Entrepreneurs