Whether you’re retargeting geographic audiences or not, using analytics tools will help you in every scenario. You can develop data-driven marketing strategies, measure performance, and identify your key customer groups. To do this, set up Google Analytics on your website and set up custom audiences or use predefined dimensions.
Additionally, integrating a video meeting API can help you communicate with your vendors or customers in real time and provide a more personalized experience.
By identifying underperforming pages in your marketplace, you can create various digital marketing strategies to increase traffic. Similarly, you can find the best performing and underperforming products to determine your ads and discount strategy.
You can also identify top-performing sellers and offer special incentives to keep them on your platform. This will also help you gain and maintain a competitive advantage over other players.
#8. Create a Discount Strategy
When it comes to discount strategy jiangxi mobile phone numbers database offering timely discounts helps to attract visitors and gain a short-term edge over the competition. However, your discount strategy should be effective enough to attract customers and still maintain a balance so that you can make some profit.
A tried and tested marketing strategy is to offer no or minimal discounts on top performing products; heavily discounting these products means unnecessary cuts to your own profits. Conversely, discounting underperforming products or certain categories is recommended.
The latter approach will not only help you increase your profits overall, but also minimize losses on underperforming products and categories.
Here are some types of discounts you can offer:
Percentage discounts
Flat rate discounts
Conditional discounts
Early booking discounts
Clearance discount
Bulk order discounts
Rental period discounts
#9. Prefer Lean Management
Lean management is a management strategy rather than a marketing or growth strategy. In our context, we still think that the lean management strategy is very appropriate. The term lean management refers to a strategy where you eliminate all unnecessary and low-performing efforts that do not add any value to your product.
To implement lean management, evaluate all your marketing decisions over the last six months and find the efforts that are absolutely unnecessary for your market. These efforts might include costly animations, frequent web page changes, or advertising dollars spent on an unrefined product list.
By eliminating these efforts, you can ensure that your marketing team only works on productive tasks that have delivered results in the past. Keep in mind that there may be exceptions for experiential marketing, but these efforts should not interfere with your refined value creation process.
Conclusion
Source: FATbit
Although the competition is high, it is not difficult to make your way through the competition and rank at the top of your market. This can be easily done with the help of a well-planned marketing strategy and the above-mentioned checklist will definitely help you grow your equipment rental business . However, the first step in our checklist for starting any growth strategy is very important and that is to be ready to grow. So, make sure that you meet all the requirements to scale up to new customers, transactions, and product listings. Once everything is set, you can expect to see deliverable results within 6 months.
