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March 3, 2005
Creative Marketing: Thinking Outside of the Box
"As the marketplace continues to be more and more competitive, you need to be prepared to defend your market share and, if possible, grow that share," said Edward T. Reilly, president and CEO of American Management. "To do this, you need to be creative and look beyond traditional marketing approaches and find new ways to interact with customers and prospects." Reilly offers the following suggested strategies and tactics that all organizations could adopt but which may be of particular value and interest to small and mid-sized businesses with limited funds.
Increase distribution channels. Look beyond traditional sales channels to sell your products. For instance, if you sell farm seed, contract with local farm equipment dealers to market your product at discount to their customers. Ideally, make the other firm commit to an exclusive deal with you.
Take on uncontested markets. Find niches that are large enough to represent a business opportunity but small enough to be of little or no interest to much larger leaders and followers. For example, an independent pharmacy may supply wheelchairs, walkers - products that the drug chains may not carry.
Cut price over the short term. Go head-to-head against the competition with your product that does what their product offers, but, for a limited period, offer yours for less.
Offer discount coupons. You don't have to only distribute coupons in expensive print advertising or in big direct mail campaigns. Be selective. You can hand them out in your neighborhood or wherever potential customers gather, at trade shows or just about anyplace. Give a few to your best customers or include "next purchase" coupons in customer orders.
Run contests. People love them. Develop a promotional contest that ties-in and/or relates to your products or services, make it fun, and really talk it up. If your contest has enough appeal you should alert the media for free coverage.
Offer freebies. People love to receive something for free, even if they have to pay a premium price for a more expensive item to get the freebie. Today, printers or scanners are often given away with the purchase of a new computer. Ideally, the gift should be something you sell, so you get double marketing benefit.
Offer frequent buyer programs. These build loyal clientele for both retail and service businesses. Most often, customers get a card that is marked after each purchase and results in a free or reduced price product or service after a specific number of regular-priced purchases. For instance, ten haircuts may net one free haircut.
Offer exclusive access to new products and services. Offering your best customers the first chance to see and buy new merchandise is a great way to inspire a feeling of excitement as well as loyalty. To enhance participation, you might want to discount the product. If the exclusive offering is in itself attractive, keep the discount small.
Host a special event. Have a celebrity, local official or noted expert on hand to meet current and prospective customers. Make it a charity fundraiser and you'll build good will and may attract media coverage as well as benefit from introduction of your business to new clients.
Cross-promote. You don't have to be Disney or McDonalds to cross-promote your product with another business. Restaurants and theaters collaborate on "dinner and a show" packages.
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