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A Professional Copywriter Can Help You Avoid These Seven Common Marketing Pitfalls
Small business owners often make the mistake of believing that they can get by writing their own copy for their marketing materials. Even big corporations sometimes fall into this trap believing they can be just as effective handling copy...
Advertising And Marketing, Finally, A Plan!!
First things first, let's define the two. Advertising is the act of getting your message in front of an audience. There are any number of ways to do this, that's really not the theme of this message. Being able to track a sale backwards to the...
How to Avoid the Marketing Blues with Your Offers
"Here's a little tip I would like to relate Big fish bites if ya got good bait."
To attract more prospects and clients, you need what Taj Mahal calls "good bait" in his song the Fishin Blues. One of the biggest mistakes you can make, as a...
Making a Hit with Your Marketing Campaign
Considered a vital link in a show's promotional plan, direct marketing is vital only if it's done right. It's certainly not as simple as typing a letter, adding an address and stamp, and popping it in the mail. Direct marketing specialist Debbie...
Save Time and Money Marketing to One Audience
Let's say that before this year ends, you want to market your book at $20 to 170,000 business women over 40 who want to create a relationship. You have found them on top Web sites through a search for "listening," "communication," and "business...
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Lateral Marketing & Small Business
Big businesses do it, and now small business owners are following the trend. No, I'm not talking about spokesmodels, endorsements, or catchy theme songs -- although certainly you could use those if you wish. What I am referring to is Lateral Marketing -- and if used properly, it can be a solid business building tool.
For this example, we're featuring business client The Soap Dish, a family operated business offering a line of handmade Goat's Milk soap, lotion, and sundries. In addition, The Soap Dish offers an assortment of soap making supplies, packaging items, and a full recipe library. It is this selection of items that we will be focusing on for the basis of this discussion.
The owners of The Soap Dish learned, as many small business owners do, that few companies can, (or will) accommodate the unique needs of cottage industries. Many small businesses are unable to meet larger companies' order minimums, or simply do not wish to bring in the quantities needed in order to benefit from bulk rate pricing. This niche provided The Soap Dish with the opportunity to provide a service to other small businesses within the same market.
By ordering basic supplies in larger quantities, The Soap Dish was able to enjoy the benefits of bulk pricing discounts, then pass these discounts along to competitors who utilized these same items. In so doing, their supply business grew significantly, while establishing themselves as an up and coming player in the competitive market of soapmaking supplies. The additional revenue generated by the supply sales has
allowed them to penetrate new markets, introduce new product offerings, and update internal systems at a rate that might not have been possible without the lateral expansion. In addition, the availability of a recipe database has allowed new and inexperienced hobby soapmakers a venue from which to gain knowledge, as well as affordable startup supplies. The presence of the resource helps in building customer trust and loyalty -- both are key elements in customer retention.
The basic principles of lateral expansion in this example are quite simple. Look at your existing product offering, and identify items which complement that offering, and also appeal to others serving your general market. Identify a need in the market for the item or service -- based upon price, availability, or strictly on service. Then, develop a solid strategy to satisfy this need. By positioning yourself to meet the challenges created by the need, you also position your business to benefit from the solution you create.
To learn more about The Soap Dish, visit them online at www.TheSoapDish.com.
About the Author
© 2004 Traci Hayner Vanover, The Promo Diva http://www.PromoBoost.com. Promo Boost offers a wide assortment of design, marketing, and promotional tools to help small businesses and the cottage industry. The Promo Diva is also the owner of Marketplace Gallery, a virtual marketplace offering affordable e-commerce solutions catering to the small business community, and offer a unique venue for craft aficionados. Visit us online at www.MarketplaceGallery.com.
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