If you are running a business, it is really important that potential customers know about your business and buy your products or engage your services. Therefore, it is very crucial that you utilise suitable marketing channels to get the word out about your business. However, which marketing channel is the best one for your business? And are your market competitors also using the same methods? Let’s look into all these and more in the rest of the article.
Usually, most businesses will be wondering about the marketing channels that the current market dominators are utilising, and how they can emulate them. But you should also ask yourself, what other channels can be utilised for your business? Traditionally, we are taught that the side with the greater weaponry and firepower will win the war. But this is not completely true. You can still use smaller, inferior weaponry to survive and even win the war.
With that said, it is still best to first find out the marketing channels the current market dominators are using. Then think of alternative less utilised, yet effective methods you can use to promote your business and increase your market dominance.
For example, if you are in the gag and funny gifts market and the market dominators are splurging huge advertising budgets to advertise their business in the mass media, then you should try other alternatives such as advertising your business by word of mouth marketing or social networking and marketing instead.
While it is good to model and emulate marketing methods utilised by market dominators, it is also crucial to gauge for yourself if these methods are feasible and whether they will greatly benefit you or do you more harm. It is also crucial that you look at your marketing budget or activities based upon your long-term life-time customer / prospect value. This is especially true if let’s say, you’re a shoestring start-up and have no or very little budget for marketing and other collaterals.
Branding or marketing activities that achieve nothing more than to inundate and annoy your prospects with continued bombardment of your messages or elaborate, stylish advertisements and yield no significant returns are useless if not counter-productive. With that said, branding your business is still important, and if done right, it can help to build up your company’s name and exposure, and can be considered as one of your marketing channels to exploit. One of the most effective ways to brand your business is by choosing an appropriate name and logo.
Let’s use the example of a gifts shop to illustrate the point on branding. 786 Gifts is an example of a funny gifts shop that utilises branding in a rather effective way. The name is catchy and drives the message across to prospects that the shop sells gifts. In addition, the number 786 further alludes to the fact they sell numerous gifts. What’s more, their website’s logo has the image of a gift box, with the words 786 Gifts plastered to the bottom of the image. This further enhances the branding of the site, and improves its overall awareness.