Posts Tagged ‘Marketing Strategy’

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Social Platforming

Friday, August 8th, 2008

Social networking as we know it is changing (already).  Look no further than Visa’s Business Network on Facebook.

http://apps.facebook.com/visabusiness/sign_up

It isn’t just about connecting a large number of people - its about creating viable platforms to exchange, listen and learn. Businesses are using social platforming as a cost effective way to build a marketing strategy. This is particularly true in SMB’s.  These tools derive value from the ability to engage customers in an authentic and meaningful conversation.

It obviously begins at the individual level. A friend of mine connected me to friendfeed - which is a basically an aggregator of all social networking sites. It gives you ongoing access to all the tools in the social tool-box (linkedin, digg, f-book, twitter, stumbleupon, etc…).

Check it out - these are the folks who created google maps…

http://friendfeed.com/

 

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Marketomics in Stormy Waters

Friday, August 1st, 2008

Thinking of starting a business?  Or investing more into your existing small business?  Tough call.  In the current economic climate, starting or investing in a small business can be a scary prospect.  The rising cost of inputs are substantial - think food, fuel, etc.. 

Some businesses are more recession proof than others.  Any professional service can remain relatively immune to economic downturn because these businesses tend to have low overhead costs and shorter value chains (resulting in more profits).  Another type of business that remains succesful would be trades based operations like plumbers, electrician and contractors.  People will continue to need specialized work to keep their homes operational despite economic decline.

So what’s the point?  Well, when costs rise and recessionary factors are in play - entrepreneurs and businesses alike begin cost cutting measures as the first method of protection.  The first thing to go - immediate ‘expense’ items like marketing.  Big mistake. 

With economic uncertainty comes opportunity.  Marketing should not be viewed as an expense but rather a sound investment to bolster sales in the future.  Focus on low cost, highly effective marketing vehicles (think online, social media, word of mouth, PR) to create opportunities.  While competition cuts back or eliminates its marketing spend - think of ways to increase yours.  It will help you win in the long run.

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Trapping Customers with a Unique Experience

Wednesday, July 2nd, 2008

The best businesses are the ones that completely rethink what an industry provides and how it provides it. Fortune just ran a story on two brothers in Maine who came up with a new way to market their business. They’re lobster wholesalers who established a company called Catch a Piece of Maine. The business sells the rights to a specific lobster trap and everything that stumbles into it. Customers get online updates on their fortunes and have their haul FedEx’d to them. The traps cost $2995 each and guarantee 40 lobsters.

That’s $75 a lobster - more than triple the price for lobster at a regular seafood store! But the business has sold over 200 traps so far to customers all across the US. Why? Because it provides an experience, not just a product. How much more fun to tell guests they’re dining on lobsters picked from your very own trap off the coast of Maine than from the local fish market? Far better bragging rights.

The brothers have figured out how to provide that elusive engaging experience that customers seek.