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Archive for the ‘Marketing’ Category

Business Advice from Unexpected Sources?

In Business, Marketing on December 15, 2009 at 11:48 pm

I was watching the episode of Lipstick Jungle where Victory was opening her own boutique and hired the cheap contractor to save money. That wasn’t working out so well. Joe swooped in and began drawing on the wall.

He drew a triangle with a word at each point: good, cheap, fast. He explained that you can’t have all three at the same time. You can have good and fast, but it won’t be cheap. You can have cheap and fast, but it won’t be good. Cheap and good? Be prepared to wait for it.

That really made sense to me. I also started thinking about it from almost an opposite side as a way to evaluate which projects would be worth pursuing. Project A doesn’t have much of a budget but the project doesn’t last long and will allow us to produce a quality project that can help us get more business. Let’s take it! Project B has $ but not enough time for us to produce good work. That’s a pass because we never want to take something that won’t allow us to do quality work. And so on and so forth.

It’s a bit of a twist on the original concept but when looking at Project C that needed us to work for a long time at a low budet on a project that wasn’t relevant to prospects, that had to be a pass. If you can have none of the three, run!

Since seeing that episode, I’ve noticed Joe’s triangle theory in a couple of business books and articles. It’s quite possible it’s common, and I had just never heard it before.

Got me to thinking about other tips or theories that might have been picked up from non-traditional sources of advice. Please comment if you’ve had a similar experience.

IKEA’s Facebook Idea

In Marketing, Public Relations on November 27, 2009 at 12:06 pm

Here’s one of those ideas that’s so good and makes me want to kick myself for not thinking of it first!

Hats off to the person and/or team who came up with the idea to promote an IKEA new store opening by uploading showroom photos to the store manager’s Facebook account and asking folks to tag themselves “on” the items they wanted in the photos. If you were the first to tag yourself in the photo, you got the item that you tagged. Great idea!

Watch the video to see how it works and you’ll notice how IKEA achieved the objectives of promoting the store (and more) by postings to profile pages, updates in newsfeeds and the inclusion of links. Amazing!

 

 

Creative Marketing or Kiss of Death?

In Marketing, Raleigh NC on November 24, 2009 at 11:01 pm

I can’t stop thinking about Sue Stock’s story Competitor’s Failure is An Opportunity that ran in Sunday’s News & Observer. R.O.I. Salon owner, Roi Parker has decided to honor gift certificates from now-closed Iatria Day Spa.

Apparently since making that offer, it has been determined that there is about $300,000 in outstanding gift certificates. Lesson #1 — If you are in a business that can sell certificates — do it! Haven’t seen the stats this year on the number of gift cards that are given and never used but know the number is high. But that’s really a topic for another day. Let’s get back to Roi Parker.

The way I read the story, Roi saw two opportunities. One was to hopefully get some new business. Two was to help people feel like they got what they deserved. (Which in turn would hopefully turn them into customers, but stay with me here. Let’s keep them separate for now.)

Then Roi learns just how many gift certificates are floating about town. He didn’t revoke his offer or add a bunch of stipulations to it. He said bring it on!

Now, the question is, will Roi and the staff of R.O.I. Salon kill themselves (both financially and physically) trying to honor all the certificates? Will that many people even take them up on their offer? If so, will they become repeat customers making the cost of winning those clients worth it? And how many N&O readers who don’t hold certificates will get on down to Oberlin Road because Roi just sounds like the nicest guy on earth?

What do you think? Is this a smart marketing move or the kiss of death for the R.O.I. Salon? Would love to hear your thoughts. While you’re milling it over, I’m going to look at my calendar to see when I can make it down to R.O.I. Hoping Roi can help with my color.