Marketing in a Recession: Developing a team (part 3) * Marketing – Marketing Tips no comments
Build a Team (Part 3)
By targeting individuals who can help propagate their stories to the public, entrepreneurs are able to cut back on traditional advertising mediums and focus their particular resources on developing activities that promote word of mouth marketing.
Becoming Active
When The Rose Restaurant, a fine dinner restaurant, needed to maximize the shrinking marketing budget, co-owner Doug Dolan as well as partner developed strategies to improve their exposure while decreasing his or her bottom line costs. Their main efforts were focused on reducing their passive marketing * print ads, radio locations – in favor of active marketing and advertising such as events. The Flower Restaurant believed that word of mouth is among the most efficient marketing tool available to them. Their particular goal was to find the people who have the biggest mouths (figuratively) and then supply them. By biggest lips, The Rose Restaurant focuses on individuals who fit the dinner profile and have a large podium to brag about his or her dining experience. These buyers included local news authors, radio talk show hosts, people who worked at high-end salons, real estate agents and well connected business professionals in the area.
How did this affect The Rose Restaurant’s bottom line? Instead of spending $500 on art print ads, the restaurant would certainly sponsor an event with foodstuff that they would typically cost $500 to cater. Since The Went up by Restaurant makes a profit in all food sold, your cost of the catered function winds up being much less as compared to cost of a print advertisement. Because the people at the event loved the food, they immediately told their friends who in turn became loyal clients of The Rose Restaurant.
Be any solicitor
In the midst of the dot-com bubble burst, Michael Epstein started eDimensional, Corporation – a company dedicated to creating a realistic gaming experience * with $500 and in one year, increased it to over $1 million through the use of several creative marketing techniques.
One from the techniques that Michael utilized was to solicit endorsements via bloggers and reporters. Based on Michael, the cost of sending one of the products to the editor of a website, blog, or magazine is miniscule relative to the cost of buying advertisements in those same publications. Early in the life involving eDimensional, Michael targeted publications which were not particularly huge along with who would have been excited to achieve the opportunity to receive free products and give eDimenional’s product a lot of good coverage.
Additionally, Michael suggests that a firm find a lesser known celebrity or even well known figure in the industry and try and get their endorsement. He found that these celebrities are sometimes flattered just to be asked and in give back, do not ask for any compensation, other than receiving a couple of free items.