Top Recession Business Strategies - Innovative Marketing
Top Recession Business Strategies - Innovative Marketing
Let's examine some of the breakthroughs of modern marketing that have produced some big results for companies.
1. Look outside your industry.
Don't just do whatever others are doing in your industry. Other industries may have solved your problems and all you have to do is apply/adapt or adopt them to your business. For example: FedEx borrowed the IRS's system for mail and revolutionized the industry. Roll on deodorant was inspired by the ball point pen.
2. Look to your junk mail.
Has there been anyone that did anything that caught your eye (even if you didn't follow up)? Catching someone's eye is a skill on its own these days and most likely the company that got your attention spent thousands or millions on testing and research to figure that out. And now it's yours... free.
3. SCAMPER method
Using this method, you will have a formulaic way to innovate your marketing/product/channels or anything else.
SCAMPER is an acronym to help you remember the things you can do. Let's run through the list and see if any idea pops into your head:
- "S"ubstituting some aspect of the thing in question.
- "C"ombining it with something else.
- "A"dapting or Altering something.
- "M"inimizing, Multiplying, or Magnifying any aspect of it.
- "P"utting some element into other uses.
- "E"liminating something from it.
- "R"eversing some element
Example: The convertible was created by using elimination (of the roof).
4. Viral marketing. There is a lot of misinformation about viral marketing. Viral marketing takes into account the deepest levels of human psychology to create the rampant desire within a person to tell everyone they know about you. This could be good or bad and depends on how you structure your campaign.
5. Piggy back on someone else.
This is another way to joint venture - cutting massive amounts of brand building time, capital and frustration by finding other people that sell to your market and striking a deal with them.
6. Sunk costs.
Take a look at all sunk costs (rent, office space, etc.) and how can you use it to generate more profit.
