Are there any prerequisites for launching a product with a lot of booms? A lot of money and a big team during the launch will not give a kick-start to your start-up, itâs an illusion. You might have witnessed that sometimes celebrities/politicians accompany the writers on launch day and are unable to sell more than thousand copies. But at the same time, many young writers use inexpensive ways of marketing and advertise their piece of work and at times win awards. The the creative methods of popularizing along with the quality of the product makes it successful.
Here we have listed down few inexpensive ways to launch a product or service.
Social Media platforms like Facebook, Instagram, LinkedIn has evolved over the years. There is no limit of success because the target audience of a businesses is already there. Even some of the platforms like Instagram, Facebook has allowed businesses to sell their products directly to the audience by using some features. For E.g. you can use the shoppable post feature of Instagram to tag your product links which will help the user to buy products directly from your online store.
While Social Media platforms play a major role in grabbing customers, blogs articles are the âunsung heroesâ for success. Write in detail about your firm and products, become a guest writer in popular blogs, collaborate, get featured in top-notch online publications, attend trade shows and seminars, make videos, use different channels, basically, connect with bloggers to get you featured on different blogs.
Giving value for free
It might seem like a pain to do things for free, but this can add incredible value to your product in the long run. the publicity and critics you get is invaluable.
When people pay for something, it gives those people a sense of accomplishment, pride, and ownership, meaning theyâll value the goods or services more and complain less.
Want to build a community? So, approach businesses who have an established community and ask how can you help them. This can be by offering something valuable which exposes you and what you have to offer to their big audience. This is a great way to build relationships. If youâve got no budget, you need relationships.
Why should you do something for free? With the help of this strategy, you can gather email address and other data about the user. Later, this data can be used for marketing or building your brand.
Online Giveaways
Giveaways can be an easy marketing strategy to promote your product launch, and in a relatively short amount of time. Everyone loves gifts; giveaways tend to generate quite a large amount of responses. While giveaways have their drawback of attracting people with little interest in the company, the strategy itself is one with immense potential.
For example, you can create your sweepstakes with clear objectives and requirements, where you choose a winner randomly without any fee.
Using Crowdfunding
Crowdfunding is an innovative way to provide a modest amount of funding to young entrepreneurs and technology professionals needing an early stage or seed capital for start-up companies. Which may spur entrepreneurship and ultimately assist in boosting the growth of the real economy.
A company raising funds through online crowdfunding platforms or websites and offers equity or debt interests in its business to investors who make small contributions, through a crowdfunding platform or social media. Usually, funding is sought online based on future projections rather than a viable business model in operation which increases the risk of failures and therefore a loss to the investors.
You can use a social media platform like Facebook for your crowdfunding campaign. But you can’t raise funding using your existing network. You have to build a community of people who can raise fund and also interested in new ideas. You can create a Facebook Page for your crowdfunding campaign, it will help you to reach more and more new people.
Some of the other Crowdfunding platforms you can look at are:
Milaap
Crowdera
BitGiving
Catapooolt
Promotion through Influencers
If you are a new brand and launching product for the first time then you might not have reach to a large audience. Influencers have a big audience, fans and followers who trust them. This is like a trust-based campaign. You need to build and maintain relationships with influencers offering them special discounts, holiday trips, cash prizes etc. The best thing about it is, influencers can give quick reviews to products as they get an immediate response on any endorsement and recommendations from their audience.
Viral Marketing
Anything that spreads like a virus, person to person easily is called Viral Marketing. This is used in social media where sharing is possible on social media.
In many cases, a user uploads content that receives a huge response and shares and it goes viral within a short period. This can be planned to run a successful viral marketing campaign.
Making videos on trending topics or on an unrelated niche, waiting for the right time to post and drive some traffic through paid ads. are few ways you can make the maximum impact for the campaign. But make sure that the content won’t backfire at you, in viral marketing, users are the pilots and they have the power to do anything with that content.
Nowadays people prefer video content more than text content. Video marketing simply means that you are branding your product through videos. You don’t need a high budget for making videos. Start from your mobile camera and try to make interactive videos that can explain about your product appropriately. You can also make “How-To” videos of your products and upload them on YouTube so that you will be able to generate a lot of traffic to your product.
YouTube is the second largest search engine after Google and the best thing is it’s is free for everyone. You can take advantage of this new era and keep updating yourself and the way you operate a business with time.
Conclusion
All these ways of launching a product will save your money but make sure you are ready to invest your time. These are few tips from a never-ending list.
Checkout our website StartupTalky for more information related to marketing, start-ups, interviews and much more.
While starting a business, a creator’s main focus is to develop a product for the consumers, when the main deed is done, another significant step comes up, which is to launch that product in front of your audience. Every creator has the dream of launching their product with huge pomp and show, in a way that will be able to gain the attention of their audience. For this, the prototype has taken shape; the long time spent in the R&D phase has borne fruit, but the major task is till and that is preparing for the product launch.
The big day is a make-or-break situation; propagating the right message could do wonders and the opposite can reduce an ingenious invention to shambles. To help with such kinds of scenarios, itâs essential to have a well-crafted, effective product launch marketing plan. In this article, we will talk about the marketing strategies that can be used while launching the new product of your business. Â
A business will only survive when the marketing is done correctly, it becomes more important while launching a product. A product launch has to be done right so that it can attract the attention of the audience. Below are some marketing strategies that one can follow, while a product launch.
SEO Should Be Perfect
As it says, ‘what’s best should be at the top’. The relevancy of the quote matters in the launching of your product in the market, as the product should have visibility when it comes to search engines. Aim for the first page when someone types the product’s name.
After all, itâs a well-known fact that users rarely go through the search results starting from the third page because no one has time to ponder over things. We search, and we click that first option, right away, so use the keywords that can convey the intended information concisely and something for the audience to remember, the website layout counts as well.
Make sure that the first few lines of the website pack the punch because sites like Google tend to ignore meta-descriptions when listing the website in the search results. For the purpose, you can use a trained SEO specialist.
Invite Some Spokespersons
Remember seeing your favourite celebrity talking about a specific product and how it has changed their lives? This is the old yet useful trick up on the sleeves by business professionals, that is hiring a spokesperson for their product who will talk to the audience directly and will promote the brand. This spokesperson has to be famous and influential enough to grab the attention of your potential customers.
Interacting with the media and industry specialists can tilt the results in the product ownerâs favour. And thatâs what spokespeople are best at. Hire the right person for the job, those who can relay the necessary information as and when required while maintaining the recommended standard. CEOs are the driving force behind this workforce so no compromise when it comes to choosing executives and industry experts. Also, you can invite some celebrities to your product launch.
Build a Database
Setting aside the target audience, the management behind the product launch should have a list of media persons, influencers and reporters, after careful analysis and comparison to ensure the message reaches the target audience and the market. The more it’s promoted and shared, the more it reaches the audience.
Identify the Target Audience
Attracting new customers to buy a product is just like an impossible wish coming true. There are two ways of marketing, one is you can launch an ad campaign without identifying your target and hoping for the best. Another is, you have to put time and effort to research your target audience. You can also use social media to engage with different communities where you can get to know about the current market demand.
So, itâs imperative to identify the productâs target audience to reach them with the right strategy. Also, once you launch the product, not everyone would have the âIâm going to buy it, immediatelyâ mindset. So, thereâs a high chance that remarketing may be required, depending on the mental phase that the customerâs undergoing.
Share and Let Others Share
Word of mouth publicity has been there for ages and shall continue to be so but the medium has surely become modern. Ensure that the content about the product is shareable, through mediums such as Facebook, Twitter, and other social media platforms. This brings in a new audience that may not have been a part of your checklist earlier. Use social media as the new hotshot for amazing marketing.
Prepare Your FAQs
At the product release conference, not being bombarded by questions from inquisitive souls is a no-brainer. Prepare the FAQs well in advance, covering a range of possible questions that may arise. A few would be genuine while others would be sole to undermine the product. Be equipped to face them boldly and without any fear.
Customer Service Efficiency
The term â24 hours, seven days a weekâ exists for a reason: customers are relentless. They would go to any lengths to have their queries and complaints resolved. So, having a customer service cell, adequate in both quality and quantity, is more than a plus point; they are a necessity and the backbone that supports the productâs life-cycle after its launch. Also, make sure that you are not only listening to the problem but also doing your best to solve them, to satisfy your customers.
Prepare Creative Video Graphics
Visualizations play a major role in leaving a positive impression on the customerâs mind. Moreover, they help in making a unique identity for the product, just like a brand logo. For example, if one shows you the image of a tick mark, it takes less than a minute to guess the brandâs name. To build such kind of presence, the graphics have to be done using the best resources available to create a stunner.
A great video describing all the qualities of the product will straight up hit the people in their brain rather than some long slides show. So, do create an innovative, interesting and if possible funny video to engage your customers. You can either hire a freelancer to get this work done or you can also use tools to create it on your own.
Improve Your Website Speed
It is not only irritating but also unprofessional if your website takes a lot of time to load. A sharp and good website helps in building a better user experience which in return will create the image of your product as well as your business. Hire experts if you can who will use their coding knowledge to fix and improve your website.
Write a Great Press Release
We all know the press can make or break any deal. So, don’t hesitate to write an epic press release. The document should encompass the what, why, when, where and how’s of the product. Start with the most important details, followed by the descriptions and extended details. Share it with journalists, post it on social media and take the assistance of bloggers. Another tip is to get in touch with bloggers, make a repertoire of relevant blogs that can aid in marketing and publicity.
Donât Forget to Add Discounts and Freebies
We all love when thereâs something extra that we get as an offer at no additional cost. Offer freebies with the product, create special discounts exclusive to those who attend the launch day. This is much more than a marketing plan, it helps build that niche following that stays with the productâs life through thick and thin.
Indulge in Email Marketing
One of the professional ways to market your product is through Email Marketing. Create a proper Email list with the help of Email management tools and create a personalised message and convey to them what your product is all about.
Set Ambitious Goals
Moments like this donât come often; aim big and work hard to achieve it. Be mentally prepared for the launch day, build the required hype and then leave things to unfurl naturally. Too much meddling for the sake of perfection can have undesired consequences. Make sure your presentations are great, you are filled with confidence and everything is on board. Then, you will have the perfect launch of your product, the way you want it to and the way you dream about it.
Conclusion
The launch of a new product has to be done carefully, the success of the product depends on it. Once you gain the attention of your potential customers through the launch of your product, it will be a step toward the success of the product.
FAQs
What are the 4 Ps of marketing?
The 4 Ps of marketing are, place, price , product and promotion.
What is product launch strategy?
A product launch strategy is a planning that is made to deliver a new product in front of audience
What makes a product launch successful?
The product launch can only be successful, if you are able to identify the right market, right way of marketing the product and at right time.
Startups are making headlines now. They are becoming great support for their country slowly but steadily. When you start a new company, you need to be visible so that you can get potential customers and sell them your products and services basically so that your company can survive.
Media runs the world, therefore they can actually make your startup visible in front of people. They can make someone billionaire, declare someone dead and can make someone a hero. No matter how much you hate or love media, it becomes the same for everyone when it comes to business.
Media houses can create great opportunities for businesses. Not only for big and established ones but for startups too. In this article, we will talk about how to grab the media’s attention towards your startup, so lets’ get started.
You will not have to pay for an advertisement to the media houses if they come to you for the story coverage of your startup. No matter how many people read blogs these days, offline media still have more audience than them, so it can make your company more visible.
Increased Users
As you are getting free promotion of your startup, you will see a bump in the user base after any media covers about you. As more people will read their news, more people will sign up for your service and will like to try your products.
Investment
You might end up getting funding from investors if they read about you and are interested in your startup and thinks that it can be a profit for them. You just have to make sure that the news covered by the media is positive in every way so that the investors can feel a spark and get interested in your business.
Quality Recruitment
Being positively featured in the media is a sign of a genuine and decent company. Your company can attract some qualified and skillful professionals who want to work with you because your company has a positive image. Employees are the roots of any company once your company get featured by media, good employees will definitely come around. Â
How to Attract Press?
Press Release
You can directly submit a press release to the news company. Most of the companies would appreciate your effort and your business might get featured on their channel or website.
Be Easy to Reach
Provide proper contact information on your website or social media accounts. There are times, media channels want to reach you but couldnât, due to difficulty in contacting you. Respond to their requests and keep checking for these types of requests and be open to them as well.
Newsjacking
This could be risky. You should definitely not do this at the early stage of your startup. Newsjacking means to create breaking news or play a role in it. Obviously, you will try your best to keep it as positive as possible but the media writes what they want to write. Many companies get slammed even after doing good work. For this kind of option, experienced professionals and powerful contacts in this field is needed.
Show your Expertise
You can show off your expertise in a particular field to grab media attention. News channels often call experts to discuss breaking news. If you are not so free to do it, you can ask any of your employees to do it for the company, this way your company will be able to grab the headlines.
Reach out to Reporters
Reporters are the eyes of the public. If you have any contact, then you can directly go to reporters and ask them to cover your story. Reach out to them and they will definitely cover your story if yours is good enough.
Reach out to Bloggers
There are many news blogs out there. You can easily ask any blogger to cover your story, they will be glad to do so. You can even ask big news blogs and if not, you can also go for their subsidiaries, as most of the blogs have subsidiary blogs nowadays.
Guest Blogging
If you have good writing skills, you can use your talent by becoming a guest blogger and writing for some blogs. People will check out your profile after reading your content.
Launching Event
Throw a great party on the launching of your new product. Invite influential people in the party to attract the media. Be creative in giving the party a good theme, to make it look amazing, thus attracting the attention of the media.
Hire a Celebrity
You can invite a celebrity to come to your launching event. Most of the news reporters will be there as the celebrity is already a known face. This way, you will get the attention of the general public too.
Involve in Local Event
If you donât have that much budget to throw a grand party just to promote your brand, then get involved in the local events. Get a list of upcoming local events and try to get involved in those events. You can sponsor the event or just host it. Moreover, you can ask your team to wear the companies merchandise and promote the product in the event or outside the event.
Tell your own story
Your own story can promote your product. Everyone likes to read successful peopleâs stories. You might not be so successful, but people will see you as a successful person once you started your business. Take advantage and tell your story to the news reporters.
Use Social Media Power
Use social media to create some strong campaigns to stand out from others and use that to attract the press. Modern-day journalism is all about social media and standing out there, so use social media to give you the required attention and buzz from the media. Using Twitter for such a purpose is a smart idea.
Use News Wires
There are many news wires where you can easily publish your news and other news networks will cover your story if they are interested in it. It works most of the time. You can also hire any news wire writer who can publish the news about your business for you.
Conclusion
Media coverage is not easy to get. But it is worth the hustle. However, you have to take care of the image of your brand. Media coverage is not always right. Not all reporters care for your image. They might write something which can lead to a negative image of your company. Once this happened, you can’t convince all people that you didnât say so. Therefore, go to some good reporters only. Make some good relations with them, this way you can the deserving recognition for your business.
FAQs
How do startups get publicity?
Use social media, connect with reporters, tell your stories and user-generated content, this way you can get publicity for your startup.
What are the three types of media?
The three types of media are print media, broadcast media and the internet.
How to get your story in the news?
Connect with the reporters, make a rapport with and tell them your story.
We have been telling stories forever and our brains have evolved to love them eventually because a story tends to make information way more memorable. Now, we have harnessed the power of storytelling power for marketing. Storytelling in advertising is really important as it hooks the customers and increases brand awareness.
These best storytelling ads tell not only real-life stories but, historical tales and inspirational accounts and while they differ in their delivery, they all cause a multitude of emotions in viewers. We have curated a list of best storytelling ads.
Your brand is story unfolding across all customer touch points. – Johan Sachs
Storytelling ads are passively developing the strength of emotional connection in advertising. These storylines are basically emphasizing ones like âdramatic story,â âpowerful history,â âlove the storylineâ and âtells a meaningful storyâ. We use storytelling marketing as a means of using a narrative to communicate a message to people.
The main aim is to make the viewer aspire so that itâll inspire them to take some action. Storytelling in marketing helps consumers to understand why they should take concerned about something. It can be said that a storytelling ad sometimes also works to humanize your brand.
The human brain is genetically wired to love storytelling, and in todayâs world of content overload, a well-told story is often a marketerâs best chance to capture the attention of their audience.
For instance, every Rakshabandhan (Hindu festival which symbolizes the selfless love between brothers and sisters) Cadbury, Dairy Milk always advertises with a story and a special bond and comes up with its pack of chocolate boxes. So does, every brand is eventually adopting nowadays.
Storytelling advertising is not just limited to film; stories can be told in pictures, verbally, or in written form. Because stories can help sellers achieve cut-through in a marketplace in a way that could be: by design distracting, creating advertising that resonates with people, and sticks to it.
Top 9 Best Storytelling Ads
These top 10 best storytelling ads have no fewer than eight emotions that fire, an impressive feat when many ads struggle to fire on more than one.
1. Mercedes – Bertha Benz
Rank
Brand
Ad Title
Length
Narrative Score
1
Mercedes-Benz
Bertha Benz
1:00
10
This ad hit on a wide spectrum of emotions with the connections relating to powerful messaging, inspiring, and heartfelt feelings. This is the top storytelling ad through which Mercedes- Benz excelled at delivering information in an entertaining manner with a motive.
2. Travelers – Legacy
Rank
Brand
Ad Title
Length
Narrative Score
2
Travelers
Legacy
1:00
10
Both of the ads Legacy and Footsteps were among the best storytelling commercials. One was ranked 2nd and the other behold 10th position. The Travelers insurance ads outperformed many other insurance industries on every quantitative measure and evoked similar emotions in both of these ads. However, the âLikeabilityâ factor laid the stronger storytelling spot in âLegacyâ, which turned out to be the better performer of the two with an ace score.
3. Charles Schwab – My Journey
Rank
Brand
Ad Title
Length
Narrative Score
3
Charles Schwab
My Journey
1:00
10
Charles Schwab – MY JOURNEY
This ad also hit a wide audience. Kellyâs real-life narrative in Charles Schwabâs âMy Journeyâ grabbed a lot of attention at significantly different levels. The story was Powerful and Inspiring with a message of Corporate Responsibility to its viewers. However, over the lack of âproduct details,â they were at 3rd position.
4. Hallmarkâs – Momâs Love is for Always
Rank
Brand
Ad Title
Length
Narrative Score
4
Hallmark
Momâs Love is for Always
0:30
9.3
Hallmark – MOM’s LOVE IS FOR ALWAYS
Hallmark in fourth place tapped into heart-warming emotions which surely established the relevance for the product in the mind of customers. Emphasizing the occasion of Motherâs Day, the card is a must for those who are celebrating motherly love.
The intense emotion of heartfelt feeling scored rare in the narrative of the storytelling ad. The impressive part of this ad is, that it scored in the rare territory for an ad where there was only single emotion. Only less than 2.9% of ads score above 9 for a single emotion.
5. Principal Financial – Dream Car
Rank
Brand
Ad Title
Length
Narrative Score
5
Principal Financial
Dream Car
1:00
9.2
This ad was even more successful âquantitivelyâ than Charles Schwabâs âMy Journeyâ. This ad was basically built on the emotion âDesireâ which eventually resulted in positive consideration among 55% of its viewers.
6. University of Phoenix – Discover Your Wings
Rank
Brand
Ad Title
Length
Narrative Score
6
University of Phoenix
Find Your Wings
1:00
8.6
This famous ad parallels a childâs bedtime story wherein his mother is going back to his school. Its Likeable and Inspirational message has been one of the strongest performers in its category.
7. Verizon – First Responders
Rank
Brand
Ad Title
Length
Narrative Score
7
Verizon
First Responders
1:00
8.2
In the ad of Verizonâs 60- second Super Bowl spot, Los Angeles Chargersâ Head Coach Anthony Lynn got an opportunity to meet and thank his personal heroes. This ad hit on a different level to its viewers with emotions of Inspiration, a Heart-warming, Powerful message with good storytelling.
Holding onto the eighth spot, this ad pays tribute to the brandâs heritage. The historical context along with the story narrative delivered more information than most of the liquor ads out there. In fact, Jim Beamâs ad particularly scored 30% above liquor norms.
9. Nike – You Can’t Stop Sisters
Rank
Brand
Ad Title
Length
Narrative Score
9
Nike
You Can’t Stop Sisters
1:00
8.2
This ad earned above apparel norm score on attention and likeability and itâs presumed only because of a story between the heart-warming and poetic imagery. According to some observations, it was Nikeâs lowest-scoring ad on Desire and on Relevance too.
With very subtle branding there was no explicit link to the story. This shows that sometimes outstanding storytelling, alone does not make a top-notch ad.
Here are some of the top 9 storytelling trends in ad marketing that industry experts should be aware of in the foreseeable future.
Top Storytelling Trends in the Advertising Industry
Data-Driven storytelling
Stories that are directly sourced
Brands becoming associated with immersive podcasts
Companies and Brands hiring public relations companies to create their stories
Sparklines provide a visual representation of data
Visual storytelling focuses on driving the narrative in the frontline
Storytelling Marketing helps customers to learn about food brands
Advertisers should tell stories via new âDigital Realitiesâ
Marketers like to direct Influencers to tell stories their way
Although weâve got more technology at our levels than in early times, the power of a simple story always beholds everyone firmly. However, if you choose your ad to tell a story then âas long as you spin a good yarnâ with an intriguing plot, compelling characters, and plenty of emotionâwill keep your audience captivated.
Conclusion
Storytelling marketing not only opens up a world of creativity for marketers but also enables brands to communicate key messaging in a way that needs no explaining. Here’s a top-secret: Itâs all about balancing an insight with killer creativity because no story, no glory.
Storytelling ads are passively developing the strength of emotional connection in advertising. These storylines are basically emphasizing ones like âdramatic story,â âpowerful history,â âlove the storylineâ and âtells a meaningful storyâ.
Which are the best storytelling ads?
Mercedes – Bertha Benz
Travelers – Legacy
Charles Schwab – My Journey
Hallmarkâs – Momâs Love is for Always
Principal Financial – Dream Car
University of Phoenix – Find Your Wings
Verizon – First Responders, Jim Beam – Raised Right.
Which is the best advertising platform?
Social Media, Print Media, Television, Radio, Direct Mail, and Email are some of the best advertising platforms.
Innovation is a part of moving forward. It can be summed up as the process of coming up with something original or updating anything. We have come a long way from drawing on caves to using PowerPoint presentations for the art of storytelling, using CDs and cassettes to just plugging in our earphones into our devices to listen to music. Smartphones serve as yet another good example; you can do anything with them, from watching movies, clicking pictures, to playing games.
Innovation is the only way forward and has long been a part of our society in every aspect, and it is a very crucial part of a business, helping it stand out and attract the right opportunities to thrive.
With innovation, you are always one step ahead of your competition. It gives you the advantage of staying relevant with the times by keeping up with changes and adapting to the environment. It can also help you to keep pace with the ever-changing wants and demands of your consumers and the market.
Disruptive innovation involves creating a concept, product, or service that disrupts an existing market or creates a completely new one. Additionally, you can do this by targeting consumer segments that have been overlooked by established companies for so long.
Radical innovation
Radical innovations open the gates to new markets. With the introduction of new technology, business models, services and more radical innovations are considered ârare.
Incremental innovation
As an incremental innovation, existing technology is used to enhance existing offerings by adding novel features such as revamped packaging to existing marketing.
Architectural innovation
The innovative architecture includes tapping into new markets with your domain expertise and skills.ââ
Doblin’s 10 Types of Innovation Framework
There exist so many innovation frameworks that have been introduced and discovered by well-known personalities like McKinsey, W. Chan Kim and Renee Mauborgne, Kelley and company.
These frameworks have evolved from simple linear, sequential models to more complex models today. We have open innovation, blue ocean strategy, ally vs acquire, three horizons, and more. But the innovation frameworks that are widely accepted and commonly used in today’s times are â10 innovation frameworksâ that were identified by Doblin.
He observed that all innovations are built upon the foundation of some same basic elements. These ten elements were then grouped into three main areas, which were mainly classified into three categories, Configuration, Offerings, and System.
Configuration
Furthermore, under configuration falls everything that has to do with what transpires inside the business along with the systems that form its foundation.
1. Profit
The profit-making business model is as simple as the word suggests itself. It is about when you wish capital to flow into your business. This model allows organizations to make money continuously. As a company, ask yourself, âHow does your company generate income?â or how it can generate additional income.
How can you use it?
Assess what are the core activities that get the money in
Evaluate the existing and latest innovative models that generate revenue for your business
See what you can do differently when you desire to generate more profit
Focus on where you are getting your money from?
Find out what is the product or the line extension can help to give a boost to your sales
Create a value offering for your consumers that no other competitor’s brand can give by creating a unique USP (Unique Selling Point)
Challenge your assumptions and find creative perspectives to look at the way you do things in your company
For example, Chupa Chups leveraged their product by introducing candies with a new package design to fit the occasion of Halloween and practised moment marketing to make additional revenue.
To create value through networking, you must know who and how to deal with it. Maintaining relevance and staying connected is a key component of collaboration. You collaborate with others, work with them, establish a common ground, and aim towards achieving both organizations’ common goals/objectives.
How can you use it?
Consider the internal capabilities of your company, evaluate and see if there are any areas that provide the opportunities for a successful collaboration.
Identify the common aims, objectives, and goals of the other organization that you are collaborating with.
Connect with others to create value.
Find the right networks that will be assets to your company.
Remember when Stranger Things collaborated with Nike, Adidas, Baskin-Robbins, Levis, H&M including 75 more other brands because these brands apparently aligned with the 90s theme of the web series.
Levi’s Stranger Things Collaboration
Ashish Chanchlani’s latest collaboration with Amazon’s mini-TV is yet another stellar example. In the video, there was a staged act in which Ashish Chanchlani’s number was revealed. That led to many people calling on the number to speak to him.
Ashish Chanchlani collaboration with Amazon mini-TV
Almost 3 lakh calls were made on the number, where they were met with a pop-up from True Caller showing Chanchlanis ID and a pre-recorded voicemail that successfully delivered the message of raising awareness for the newly released Amazon mini-TV. This is a perfect example of both channel and customer engagement innovation frameworks.
Structure
This framework has to do with managing companies’ assets, and here assets include both tangible and intangible assets that a company may have.
How can you use it?
Examine your assets, intangible, and tangible, such as companies’ capabilities, incentives, brands, facilities, resources, etc.
Keep an eye on the design and structure of your assets.
Monitor the structure continually to get effective results.
Find ways to align your talent with your assets.
Construct a distinct and sophisticated structure for your business that cannot be copied by your competitors.
Take the example of Google. The 20 percent rule is what made the company famous in 2004. The employees were allowed to spend 20 percent of their time working on side projects. That, they thought, would help Google thrive. This led to the origin of Gmail and Google News. As a result, they were able to train their employees and create value from an intangible asset (their talent).
Process
Process innovation framework aims at optimizing the process of producing the final product. By making changes in the technology and equipment that is used to design, develop and manufacture your products. Which helps you save time and money and provide better customer service.
How can you use it?
Innovate novel processes and techniques.
Try cutting-edge software and equipment in areas like production, delivery, support services etc.
Use process innovation to produce or deliver original or significantly improved products.
Upgrade to the latest and advanced technology and equipment to design, develop and manufacture your products.
For example, boAt does this by manufacturing its products in China. The company’s origins lie in India. In any case, manufacturing the product in China solves a problem that reduces production costs. In addition, it makes the product affordable, helping the brand to remain competitive in the market and meet customer demands.
Offerings
In the category of offerings, innovations are directed towards the firm’s core products and services, or both. What a company can offer to a customer regarding value and experience.
Product Performance
Product performance innovation overall involves product and process innovation. Here, changes are made to a product regarding its features, quality, price, etc. It is necessary to keep the product up to date with the changing demands and wants in the market. Or the product will be considered outdated and soon be forgotten.
How can you use it?
Think of creative or interesting ways to upgrade your product.
Play with the price, quality, feature set, capabilities, or functionality of your products.
Devise packaging that stands out,- e.g., doves packaging.
Have distinguishable functionality and features of your products.
A prime example is the unveiling of BMW’s colour-changing car, using electrophoretic technology to change its shade on the surface in an instant using electronic ink.
BMW Colour Changing Car
Product system
Pen and ink, car and petrol, a smartphone and a SIM card. These are just some examples of complementary products. They are often purchased together or offer added value when used together.
When using the process innovation framework, the primary goal is to combine products, services. Or any other main offering/ the core value proposition of your business. Rather than handling one product or service and more when you group them, this framework allows you to make it easier to manage them together.
How can you use it?
Identify potential opportunities to innovate.
Develop systems that are robust, scalable, and modular.
Try bundling and complementing your products/services.
Ensure that you build ecosystems that satisfy your customers.
Create extensions that work with existing products. Keep in mind that you may not necessarily have to manufacture these extensions.
For example, one of the very well-known brands in the grooming sector that falls under the umbrella of P&G is (Procter and Gamble’s) Gillette employs this framework very well. They cater to two segments of the market, men, and women. Their product systems include complementary products like disposable blades, blade refills that go with their razors.
The experience is more focused on the consumer. All that the consumer experiences interacting with your company’s products, services, or overall, in any way with the company itself.
Service
âThe way you treat your customers speaks volumes. They rely on you to get what they want. A business-to-customer relationship involves not just a relationship between a buyer and a seller, but also a relationship of trust. So, if a consumer is getting something from your brand, they are trusting you to deliver that value.
How can you use it?
Add value to your service, come up with original and creative ideas on how you can make the How can you stand out from your competitors?
Make the purchasing process easier for your audience.
Keep your landing page simple with an easy-to-navigate design.
Give them all the information that they might need to reach you.
Have a call to action to make their buying process more convenient.
Enhance and support that surrounds your offerings.
Just in the case of Domino’s, their value lies in their very smart and creative service. That is, to deliver their pizzas to their consumers in just half an hour all over India, or to offer it for free if it wasn’t delivered in that time frame.
Another example is Starbucks, which is using technology and experiential methods to innovate its customer service. They have created a whole culture around their product which makes the space so friendly, comfortable and delightful for the customers.
Channel
It is extremely valuable for consumers to know that your brand exists to provide them with the product or service that they are looking for. Channels are a great way to be discovered by consumers, both existing and potential consumers. Thanks to booming technology and the rise of smartphones, brands are now making it a priority to stay relevant with the changing times. And connect with their consumers not only through offline mediums but also online.
How can you use it?
Look at the data of where your audience is and which is the platform that you are comfortable using
Revisit and review your landing page. Does it have a simple user interface? Does it give all the necessary information that your consumer needs to connect with you?
Ask how you are delivering your offerings to customers or users.
Evaluate your audience’s preferences, see if they are okay with using digital platforms, or if they would like or want to visit the store and buy your products.
Have a call to action. Always make your organization easy to reach out to. For example, chatbots are available on many pages to answer questions and more.
For example, Plum recently opened its doors to its first-ever store at the R- City Mall, Mumbai. And it aims to open more than 50 stores by the year 2023. As part of its strategy to create an Omnichannel approach, the brand is seeking to create a platform to connect its consumers not just online but also through retail stores.
Plum First Retail Store
McCafe gave a novel twist to the billboard and used actual smoke to replicate their hot steaming coffee.
Brand
âEvery brand has its core values. Consider the print ad campaign by Cadbury to thank the people working in the unorganized sector. The print ad itself spoke to what Cadbury as a brand stands for.
Their vision statement also includes caring for both the well-being of the people and their planet. This obviously shows that they value all the people associated with them.
The integrated value into their marketing message and clearly stated that they stand against bullying. And they see and care for the people, even if they work in unorganized sectorsâ
Likewise, its Purple Heart campaign entailed standing up for your friends who face bullying by trolls. It involved a lot of celebrities fighting hate online with purple hearts under the #heartthehate hashtag. Again, showing how they present themselves as a brand and create a strong position.
Cadbury Purple Heart Campaign
How can you use it?
Revisit your core values and beliefs as a brand.
Integrate your core values, mission, vision with your audience’s values, and beliefs in your marketing strategies.
Focus on how do you present yourself and your offerings?
Customer engagement
âCustomer engagement enables you to get your hands on one of the things that are valuable to every company: consumers’ data, which can help give you insights through their feedback. Consumer engagement innovation is about how you connect with your target audience (TG), which includes both your existing and potential customers. As a result, your customers become loyal and feel connected to your business.
How can you use it?
Try different marketing tactics.
Understand your audience.
See which marketing strategy suits the situation with your current goals and time.
Keep the strategies relevant and find common ground with your consumers.
Try distinctive ways in which you can foster interaction with your consumers.
Coca-Cola plays with personalized and experiential marketing strategies to get their consumers engaged and have better brand recall and increased brand loyalty, and even drive up their sales.
With their Open Happiness campaign, based on data analytics, they helped migrant workers in the U.A.E. connect with their families. By allowing them to use the bottle caps of Coke bottles as currency to operate the telephone booth set up by the company.
The 10 types of innovation frameworks by Doblin can help increase the overall efficiency of your business. Understanding your company’s needs will allow you to use the correct innovation framework. These innovation frameworks can also be used in combination if required to get the desired results. Innovation is an imperative aspect of a business, and one cannot thrive without innovation in society.ââââââââ
FAQ
What is the Doblin framework?
Doblin framework is a set of structured easy-to-use cards divided into different types of innovations.
What are innovation frameworks?
Innovation framework is a structure designed to help businesses evaluate their strengths and weaknesses, take an informed decisions and build strategies.
What are the types of innovation frameworks?
Profit Model, Network, Structure, Process, Product Performance, Product System, Service, Channel, Brand, and Customer Engagement are types of innovation frameworks.
When you are starting a business, one of the most important things to do is to build up the brand of that business. Your brand is your identity, through this, your customer distinguishes you from other similar businesses out there.
Now building up the brand name is much more than just giving a cool name or a logo, it is all about building your business reputation and for that, you need to give 110%, maybe much more than that.
Reputation can be built through different ways, by providing great service, great products and attending the customer’s needs are some of the main ones and it takes a lot of time and hard work.
Now sometimes there can be some problems, which can arise at any time and tarnish the image of your brand that you have taken so much time to build. It can be a bad product, an action of your business that doesnât seem right or anything. Nonetheless, we canât just sit around and ponder about it; we need to do the deed to get our business back on its feet.
The most important thing while building a brand name is that you need to be preparing for any worst-case scenario and at any time. The brand name can come spiralling down because of a simple mistake and with social media on its top form; it wonât take even a minute to become breaking news, thus spreading like a wildfire.
In this article, we will give you an insight into powerful marketing moves that can fix your tarnished brand name. Some of the techniques that can fix your brand names are,
A brand for a company is like a reputation for a person. You earn a reputation by trying to do hard things well. -Jeff Bezos
This is a prime time to collaborate with different charities and follow the particular set of values that your company stands for. Start Corporate Social Responsibility (CSR) if you haven’t already because the actions speak louder than voice.
So, if by any chance a crisis arises and bad word of mouth goes out, if you stick to your values, your customers will understand that itâs just a wrong way of presenting a situation as your reputation is already a hit with the help of your marketing.
Share the Outcome of CSR
When your business is partaking in CSR, it is important to share it with your customers; this will show them that you and your business are responsible to society and its surroundings.
Sharing does not mean bragging, sharing the results through social media, and letting people know about the achievements of CSR in a humble way.
Create a Campaign for Honest Feedback
Your customers are your biggest asset, if they are not happy with your services; your business is bound to get doomed. After the crisis, start creating a campaign that will ask for honest feedback from your customers. This will make them realize that your business is trying its level best to build trust again. The campaign can be held digitally or physically as well. Although digitally, you’ll be able to interact with more people.
Be Responsive to the Problem
Donât try to be defensive and hide the problem, it will only fuel the fire, once it gets revealed because it will. When the problem arises, acknowledge it, be transparent to your customers, and clearly state your response to the world. If youâre wrong, donât shy away from apologizing.
Be Active on Social Media
We are living in a time, where everything is transparent thanks to social media. Be it your products or customer services, if people donât find it good, they often convey their concerns on social media and present their dissatisfaction.
Keep an eye on the hashtag of your brand and use social listening tools to understand what truly is cooking. If there is a negative comment, you can easily handle it by responding to it and solving the problem, before it gets out into the front for everyone to judge. Try to control all the conversation that is about your brand.
Communicate Carefully
Remember that communication is the key. Social media helps you in engaging your customers with your brand, so when a crisis arises, be careful while responding. The way you convey the message talks a lot about your brand.
Take your time, if you think there is a need, and then respond but not too much. Your brand name depends on it, one single response can eventually make or break your business.
Connect with the People
One thing about humans is that we are bound to make mistakes, what sets us apart is our way to acknowledge it and own up to it. When a mistake took place, apologies properly, and get ready to solve it, instead of being arrogant.
Express yourself and try to connect with people and understand what they are feeling, communicate with empathy and show your customers that the brand cares about them and not just focusing on making money.
It takes years to build a brand but it takes only minutes to have it crumble down. A business will somehow face a crisis at any point of its lifetime. One needs to be prepared for that and to bring it back to its feet, they need to use the above techniques properly so that the brand can get back its glory once again.
FAQ
How do you fix a tarnished brand?
Communicate carefully, Be active on social media, Acknowledge the problem, and try to connect with the people.
How do you strengthen a brand name?
Build a loyal customer base, Build a brand that stands out from the competition, Keep your brand name simple and easy to remember, and monitor your competitors.
How do you maintain a brand reputation?
Improve customer satisfaction, Reply positively to negative comments, Focus on providing excellent customer support, and increase employee satisfaction.
ââââBeing a Marketer is not easy. You need to deal with many things at a time. Irrespective of the work needed by a marketer to perform, their sole aim is to increase the sale and increase the number of customers.
There are ample techniques available in the market one can look for. But have you ever heard of the word Lead Magnet? Lead Magnet is found to be highly effective when created with proper tools and proper knowledge. But what a lead magnet is and how to create a lead magnet like a pro will be explained further.
Let us start with the easiest example you all might have seen. The subscribe option we get in between the article or our favourite author e-book chapters, prompts us to enter our information such as names, phone numbers, and email addresses for further access. Well, that is also a type of lead magnet.
A lead magnet is any free service being provided to customers at the cost of gaining their contact information such as email address to create a new bond with them. The pdf form of any available text, free template available to download after subscribing, are all examples of lead magnets.
There are many types of lead magnets available for one to select from. A lead magnet can be in the type of video, image, pdf, checklist, and many more. However, our concern needs to be directed towards the selection of methods and things to include.
WIDGET: leadform | CAMPAIGN: Link Building
What Should a Lead Magnet Contain?
Let’s look at a few things that every lead magnet should contain.
Call To Action (CTA)
This is the place from where visitors will be directed to the actual lead magnet. The button will be linked with a lead magnet.
Landing page
This is the main page responsible for the collection of their contact details. Once the visitor clicks on CTA, they will be directed to the landing page. Here they will be needed to fill up the information to access the content.
Thank You Page
Once the visitor has successfully entered the information and submitted the form. They will be directed to the thank you page along with the needed information of the promised resource. Once on this page, their mailing address will be saved to the list.
Alerting Email
After the completion of the whole process, customers now can get the notification of a new email having all the inputted information from the form along with the link to the resource they need.
How to Create a Lead Magnet in 3 Simple Steps
Making an effective lead magnet is not that difficult. A poor lead magnet will not attract customers nor is it a good option for any business. Hence clearly considering points to add and the options to select is mandatory.
Know about your audience and their needed resources
The first and most basic step in every strategy is to find out who your target audience is. Once done with that, go through multiple platforms they visit to find out their needs. A lead magnet is a type of resource which gives out immediate solutions. So look for a way to replicate the same.
Create your lead magnet
You should be now clear about the audience you want to target and the resources they need. For example, if your targeted audience is travellers, you can choose to create a checklist for them. This can help them with the easy planning of the trips or you can provide them with free e-books.
Once done with considerations, selecting a method of lead magnet needs to be followed. With the selection, the next thing needed is to include contents and the naming part should be completed.
While creating a lead magnet, always remember to use related services as its part. For a chef, it is more convenient to provide the recipe pdf as a lead magnet rather than giving sample chapters of a book.
Work On Your Conversion Path
Select a platform where the CTA will be displayed. Along with the platform, its design and associated links should be decided. With all these considerations, one can easily create an effective lead magnet. And the most important thing to remember is to keep the lead magnet updating from time to time for better results.
Tools You Can Use to Create a Lead Magnet
It is not always necessary to make things in a traditional way. One can always look out at the outsourcing platforms for easy and fast work rather than relying on others. Some of the best tools one can use to create lead magnets of different types are given below:
Canva (E-books, Pdf, Graphic designs, Checklist)
Canva Homepage
Canva is one of the well-known platforms used for creating multiple types of lead magnets such as PDFs, worksheets, checklists, e-books, templates, and many more as per the convenience of the user. Canva allows its users to work as an individual or as a part of respected teams. It is a one-stop solution for many types of lead magnet preparation.
It is best used to convert videos and podcasts into the marketing content. It is a great platform allowing both limited free and paid services for their customers. One can use this platform to create content from the videos or even create videos.
Piktochart (Infographics, Reports, Presentations)
Piktochart is a great platform enabling its users with the option of creating infographics, charts, reports, presentations, posters, and many more similar services. It allows its user to create content for both online as well as offline audiences. Piktochart has a great service available for its customers in the form of free as well as paid access.
Pixabay (Images, Videos)
Pixabay Homepage
It is not possible to create new content each time. There can be times when using an already existing image or video can attract much traffic rather than creating one. Only if the plagiarism part is covered well. Pixabay is a great platform for downloading images and videos from a large group of images and videos. Pixabay is made free for commercial uses along with high-quality images.
Wishpond (Marketing Tool)
Wishpond Homepage
When we talk about tools needed for lead magnets, not only creating lead magnet tools are required. Some marketing tools are also essential for the lead magnet to work. Wishpond is a simple tool used for lead generation and marketing automation. Wishpond has its pricing plans for different customers with different needs.
Conclusion
Lead magnet works as an attractive force for driving the contact information of clients towards the business. It allows the change of trials to the fixed customers only if the lead magnet is made properly. Some of the related information has been discussed in the above article.
FAQ
What makes a great lead magnet?
Solve the problem of your customers, keep it simple, giveaway free guides or ebooks and provide valuable information to your customers.
How long does it take to create a lead magnet?
Creating a lead magnet should take upto 5hrs to 10hrs.
What is a lead magnet?
A lead magnet is a free service provided by marketers to attract customers at the cost of gaining their contact information.
The food delivery startups have seen a boom in popularity like Zomato, Swiggy by serving customer-preferred foods from their chosen restaurants. But not all the apps excel in the food customer journey with the same delightful customer experience. Any UI design service should give special attention to the relevance of delivery as per the user preferences to make the food delivery experience best for them. So, here are some food delivery customer experience aspects that any food delivery startup should adopt.
Here are the few tips and techniques you can use to give your first customer a memorable experience to make the food delivery experience best for them:
This might sound a little unconventional but delivery by promoters or founders can make the delivery experience memorable for customers. Sometimes, this might not be possible for founders but if possible, delivering personally in the initial days and letting customers know that they are among the first customers of the business after delivery can make the customer feel special. One popular example of this is, In the U.S. the UberEats CEO, Dara Khosrowshahi delivered the food personally to the customers.
UberEats CEO Tweet
Spent a few hours delivering for @UberEats. 1. SF is an absolutely beautiful town. 2. Restaurant workers were incredibly nice, every time. 3. It was busy!! – 3:24 delivering out of 3:30 online. 4. I'm hungry – time to order some đđđş pic.twitter.com/cXS1sVtGhS
Maintaining a good quality of food is obviously the most important aspect of food delivery customer experience. In order to do so, the delivery guy must be instructed to maintain the food parcel with utmost care. Take feedback from customers & work on them to improve. You can also add sample packets of other food products so that customers can order next time if they want.
3. Timely Delivery
Tasty food on time is what the customer wants. Delivering food on time is another most important aspect of delivering food. For this, customers must be given an estimated delivery time beforehand. At the same time, the location tracking feature can be provided so that customer gets the real-time estimation of delivery.
4. Treat Every Customer as a Unique Customer
An AI model must be used to personalize the experience of customers which gives the feeling of being someone special. The startup must use intelligence into categorizing food on the basis of which it offers recommendations around dishes and restaurants that serve similar food.
For enhancing the search experience, Swiggy has built a custom AI model Sumo Logic that ranks all the restaurants uniquely for every single customer. The list of restaurants is unique for each customer, matching his preference.
Sumo Logic is a secure, cloud-native, machine data analytics service, delivering real-time, continuous intelligence from structured, semi-structured, and unstructured data across the entire application lifecycle and stack.
5. Personalized Food
Allowing menu-based browsing and restaurant listing based on user preferences, the listing should come with a clean listing of the food prices. In the initial days, after the customer placed the order, call them to confirm their taste preference. For example, whether they want it to be spicy or sugar-free. It will be the icing on the cake if you can personalize the food and if the chef could write a personal note as well.
6. A Personal Thanking Note
A nicely written personalized note from the founder thanking customers can delight their hearts. You can also give them free food for the next two orders or you can also give free Mouthfreshner/Chocolates/Sweets. It would signify that you want to share the happiness of starting your new business along with them. Also, it can be extended to all customers ordering from you on the first day, rather than just the first customer.
7. Surprise Discount on Food – Who Doesnât Like It
One of the best tricks is to surprise customers with a discount on the delivery amount. Giving a discount as a surprise would make the customer remember the online food portal forever.
8. Take a Pic – Save It Forever
You could take a picture of the customer accepting the food delivery and frame it using a beautiful frame with your company logo and gift it to them with coupons/ discounts for further usage or if you want to do more you can make an entire video journey of how much love and care has gone into the process and have a full meal delivered with a full staff team and everything to pamper the client. Document it all, just to show that this is what your company does. It delivers customers great food at the comfort of dining at their home
If you know of any other hack to delight the first customer please let us know in the comments.
Conclusion
The first delivery is always a memorable experience for a food delivery startup. However, for customers, a startup is not the first. Probably they have already tried different websites before coming to yours. The only thing which will make them come back to your website again is the experience that you provide. If you plan to launch a food delivery startup you always wanted your first customer to be very delighted by your service. Delivery experience is like the first impression for food delivery startups. If you excel in providing a great experience to your customers then you have already earned a potential customer.
FAQ
What makes a good food delivery experience?
A great key is to create a great online food startup’s delivery experience for your customers is checking on their food quality. It’s your way of saying thank you to your customers. Also, make sure that the food is sealed well and all the needed condiments are also included in the packaging. Don’t compromise quality over speed.
What aspects of the customer experience make a food delivery service stand out?
Personal Delivery by Founders/Team, Deliver Good Quality Food, Treat Every Customer as a Unique Customer, and A Personal Thanking Note will make your customer experience make a food delivery service stand out.
How can I promote my food delivery?
Invest in paid advertising, send emails, partner up with local influencers, and do local SEO.
Blue Ocean strategy and Red ocean strategies are widely used by startups. However, it is also perceived in MSMEs as well as Multinational enterprises and these strategies help them in finding the right market. Letâs look at what exactly is blue ocean and red ocean strategy.
In a red ocean market or a red ocean strategy, there is a concentrated market and will be highly competitive. These are normally found by the small but unpopular market. In a red ocean market, the competition would normally be high and the existing companies compete with each other using competitive methods.
One of the examples of a red ocean company can be different automobile companies. All the various companies are competing with each other to solve the same problem or the demand faced by the consumers. A red ocean market is highly competitive and would be riskier for a new company especially a startup.
Strategies to Enter Red Ocean Market
If you are planning to enter into a market that is mostly aligned towards a red ocean market then you will have to create a disturbance in the market. You will have to create a specific demand for your own product by creating a new product or an innovative product or service.
While creating a disturbance in the market, you will be able to gain most of your customerâs attention, and later on, it depends on your consumers to stick to your brand.
In a red ocean market, the main focus of your brand should be on beating the competition to gain the most value and the financial gain from overcoming the competition and attracting consumers towards your brand.
One of the most important ways to win over in such a market is by providing a lot of value for your consumers. The consumers should get the most out of their money this will help in winning over more than 60 % of the market consumer base.
Red Ocean Strategy Examples
Apple
Apple launched its iPhone in 2007 when the market was dominated by companies like Nokia, Sony and Motorola. Apple had to create a user base where users were willing to spend $600 on a phone. How did apple disrupt the market? they created a much better smartphone than its competitors which we all know today as iPhone 2g.
Steve Jobs with First iPhone
Five Guys
Five Guys is an American fast restaurant chain founded in 1986. Five Guys was planning to enter the fast-food market where its competitors, Mcdonalds and KFC were already dominating the market. How did it make it big in a highly competitive market? one of the reasons was it didn’t spend millions on advertising and presented good burgers with superior quality. It is now one of the top fast-food chains in America.
Red Ocean Strategy Examples in India
Spice Jet
SpiceJet is a great example of a Red Ocean company in India, SpiceJet is a low-cost airline that has acquired customers by offering services much lower than its competitors but it is always in direct competition with other companies.
A blue ocean strategy is focused more on the new trends and demands of the consumers in creating a new market based on it. Blue oceans are a more unoccupied market and not much known. The blue ocean market is mostly concentrated on providing value and is created based on that.
In the blue ocean strategy, a new product or service is created which is not available in the market which would solve a problem that is already there in the market. The blue ocean market pays a lot of attention to value and innovation aspects.
Strategies to Enter the Blue Ocean Market
The first and most important strategy is to identify a new demand or a new trend for a product or service. Before entering the market, you will have to conduct thorough research and analyze whether there is a new trend or a new demand in the market. You will have to analyze whether that demand is being met or whether the current products or service does not meet the demand.
In this market, it is not important to concentrate on the competitors as they are involved in providing the products or services that may or may not satisfy the demands of the consumers but what more important is to concentrate on the consumers and their needs and satisfaction.
The most important aspect of this market is that it is much more flexible which means if a new demand arises in the market, you can just create a new version of the product or come up with a new product that solves the requirement of the consumers.
The next step is to focus on a smaller niche and by doing so you will be able to design your product or service into a wider market targeting a specific group of people and will be able to build your own loyal consumers.
Blue Ocean Strategy Examples
Uber
Uber Logo
Uber is a great example of the Blue Ocean strategy. It solved one of the major problems of the consumers while booking cabs which was, denial of services, meter issues, and unwanted arguments.
Airbnb
Airbnb Logo
Airbnb is an online marketplace that acts as a mediator who wants to rent out their homes to people who are looking for places for accommodation. Airbnb eliminated the problems of travellers in finding a hotel with quality service. Airbnb is one of the most successful companies in the lodging industry with a revenue of $3.4 billion in 2020.
Blue Ocean Strategy Examples in India
Oyo Rooms
Oyo Rooms Logo
Oyo Rooms is a hotel chain founded by Ritesh Agarwal. Oyo Rooms entered an unexplored market, budget hospitality. It solved the problems of consumers who were looking for a decent hotel at an affordable price.
Conclusion
For a startup, both Blue Ocean and Red Ocean strategies aren’t a lot of worries as it absolutely relies on the possibility that you have and how well you execute it. In any case, the shots at filling in Red Ocean is more on the off chance that you have the option to make your image more accessible to the client and how great you promote your product, assuming your product, say, for instance, is of FMCG classification Red Ocean Strategy will be applied.
What’s more, on the off chance that it is of a few, for instance, gadgets or tech-based that give something which was not accessible before then Blue Ocean Strategy will be applied.
FAQ
Which companies use the blue ocean strategy?
iTunes, Bloomberg, and Ralph Lauren are some of the top companies that used the blue ocean strategy.
Does Netflix use the blue ocean strategy?
Yes, Netflix used the blue ocean strategy, It is a popular subscription-based streaming service.
What is an example of the red ocean strategy?
Indigo and Spice Jet in India are examples of Red Ocean strategy, they are providing low-cost airlines which have acquired customers but are always in direct competition with one another.
Marketing is the most important aspect of any business. It not only helps to publicize the business but also contributes to its growth, profit, and success.
With the advent of digitization and the whole world shifting online, even marketing is going online. Online marketing and advertising are like the basis of a businessesâ success.
Nowadays, we have various kinds of online marketing. These include email marketing, influencer marketing, social media marketing, etc. Another important kind that is gaining rapid popularity is meme marketing.
Meme marketing is the latest trend these days. Promoting a product or service while making people smile and laugh, what is better than that? So, keeping this in view, various top brands are now indulging in meme marketing.
A meme can be described as an image or video which is often amusing. These media circulates all over the internet at a rapid rate. Such images or videos have huge popularity over all the social media platforms.
The media may contain expressions, dialogues, or famous personalities. When these get presented in an amusing way, it then becomes a meme.
What is Meme Marketing?
Explaining Meme Marketing
In simple words, when a brandâs marketing strategy includes the use of memes, itâs called meme marketing. Meme marketing is no less than an art.
It is an art by which the brands display their discounts, deals, and their promotions in a meme. Then they implant these memes in the meme community.
The meme community consists of the people who create and share memes. This source can be standup comedians, influencers, YouTubers, etc. Brands approach them for their marketing through memes.
Netflix Meme
Importance of Meme Marketing
Meme marketing is one of the latest trends in the field of marketing. It is now used by various brands and businesses to promote themselves. The following points show the importance of meme marketing in todayâs time:
Meme marketing helps a brand connect with its customers. It offers a connection that is more casual and interesting. It offers a humorous way for the brands to market their product and services.
Gone are the days when marketing was done only through tv ads and newspapers. People spend more time on social media. Meme attracts a huge audience, which makes it the most important marketing method. It helps a brand earn more engagement towards itself.
The best part is it is a cost-effective method for the brands. Meme marketing is a creative way of marketing. It helps a brand to develop a close relationship with its customers and helps the brand to reach a wide audience by leveraging the meme community.
Brands That Employ Meme Marketing in their Marketing Strategy
Nowadays, most brands understand the importance of keeping up with the trends. One such trend is meme marketing. Looking at its importance and power of virality, various brands now indulge in meme marketing. Some of the brands are as follows:
Zomato
The moment we think of ordering food, Zomato is probably the first name that pops up in our heads. This brand is a huge success and there is no doubt about it.
Zomato Meme Marketing
Recently, the brand is gaining huge popularity with its meme marketing. When you open Instagram, you will find various memes by Zomato. They use super creative and relatable memes for their advertising. Be it a new series, old dialogues, or anything else, Zomato seems to have a meme for all.
Zomato Meme Marketing
Brand Factory
Brand Factory offers a variety of brands under one roof. They even give great discounts making it the smartest price seller. Keeping up with the trend, the brand has also inculcated meme marketing in its strategy.
Brand Factory Meme Marketing
They share various relatable memes for promotions. Sometime back, it made use of a viral Indian meme- âHello Fraands, Chai Peeloâ. They used it with a change âHello Fraands, Shopping Karloâ. This meme by the brand went viral and gained huge popularity.
Disney+ Hotstar
The OTT platform is a source of various latest and old movies and shows. This Indian brand likes to gain and retain its audience. So, it has taken a dip in the sea of meme marketing.
Disneyplushotstar Meme Marketing
Hotstar combines dialogues from various shows and movies to create a meme. The brand even makes Instagram reels to keep up with its meme marketing strategy. They recently used a scene from the movie âKaliâ to depict the Monday mood. This way, the brand can create a bond with the audience.
Netflix
The OTT platform has a great fan following for itself. Netflix is like an added best friend for todayâs generation. It engages in a super creative and effective meme marketing strategy.
Netflix Meme Marketing
Netflix has reached another level of this strategy. They have created an Instagram page called âNetflix is a joke/ Netflix Comedyâ. This page is wholly denoted to sharing the meme content. The brand even asks its customers to create shareable memes. This makes the customers more active and in turn, helps Netflix to gain more audience.
Netflixisajoke Instagram Page
Tinder India
The super popular dating app has also included the dose of meme marketing. The brand makes use of memes in various creative ways. They make memes related to zodiacs, movies, festivals, and more.
Tinder Billboard Advertising
Tinder also includes meme marketing through influencers. The influencers in the meme community help the brand to gain popularity. It also helps the brand to leverage the influencersâ audience as well.
The younger generation possesses more buying power. Most of this generation is dependent on online sources rather than offline sources. They spend a lot of their time on social media.
To gain this huge customer base online, the brands must make shifts in their marketing strategies. One of the most lucrative and effective ways is to inculcate meme marketing.
Memes are now a means of communication for the youth. Picking up a meme context and adding a promotional aspect to it is the creativity every brand must follow these days.
It helps a brand to deliver its message in a fun way. Memes are something that goes viral so quickly. This means more audience. Thus, this strategy is too good to be missed by the brands.
Conclusion
Meme marketing is the latest trend in todayâs world. This marketing strategy must not be missed by any brand. Creating memes for a brand not only helps to gain trust and popularity but also attracts more customers to the brand.
A meme that has some fun, quirky, and witty elements is perfect. This marketing strategy is super effective that has a knack for creating a place in the audienceâs hearts.
FAQ
What are the top brands that use meme marketing?
Netflix, Zomato, Brand Factory and Tinder are some of the top brands that actively use meme marketing.
Is meme marketing an effective marketing strategy?
Meme marketing is a great way to market your brand as it increases your brand visibility and engagement.
