RevenueEnhancement
Your marketing efforts must support and create additional sales revenue. Period. Every dollar and amount of time invested needs to intersect with sales and should be included within your "marketing" plan.
There are various levels of Revenue Prevention within your company that needs to be addressed but are often overlooked. This type of marketing practice won't be found in a traditional business marketing book because it's learned by experience, specifically in the equipment business.
Revenue enhancing efforts in 2024 can be put into 3 buckets:
Options to accomplish marketing:
Do it yourself
If you have the time and knowledge for this, great! For the majority of business owners, their time is a limited resource due to the multiple directions they get pulled on a daily basis.
Hire a rookie marketing manager
Great thought! However, this is also going to consume you. You'll have to invest your time teaching this person the ins and outs of the equipment business, hoping they do know general marketing practices. If you don't have the knowledge base of new age marketing, it will be hard for you to determine if that person actually does have the marketing skillset needed for that position.
Hire an industry experienced, highly paid employee
This is a pretty good plan. The draw back is this person may be hard to find in your area and a hard payroll addition to support should you actually find them. As you know, their actual salary number is far from the total investment for employing that person.
Engage with a general marketing agency
If you are looking for, or already working with a general marketing agency, good for you! More often than not, general marketing agencies will lack specific expertise in the equipment business. By doing this, you will be responsible for taking the time to teach that agency the equipment industry specifics they need to know in order to get your comprehensive strategy right.
Work with Iron Pulse
This option is ideal for business owners looking to overcome the challenges mentioned above. By hiring Iron Pulse, you'll be working with a seasoned equipment industry professional that has specialized in marketing for a decade. If you're going to spend your time meeting with someone about marketing, spend it discussing your business goals and challenges, not explaining which subcontractors use a track loader or a boom lift.
For a fractional investment compared to a high salaried employee or large general advertising agency, working with Iron Pulse could be a very viable solution for you and your company to explore.