The marketers are abuzz with what is known as attraction marketing. From what we hear, it seems to be a winning formula and something which, if the marketers haven't tried, to think about.
The Basic Concept
It is one of the newest marketing strategies around, and works on a principle called the Law of Attraction.
No, this isn't some flimsy relationship term, but something which more and more marketers are seriously considering these days. What is the Law of Attraction? Simply put, the Law states that people will be naturally attracted to something which they feel holds a value for them. So if you create a product that the customers want, simply by creating a bit of awareness around it, the product will sell. No need for huge expenditures on advertising and branding here. As long as the customer sees value and good utility of the product you're selling the customer will buy it.
So that was the Law of Attraction. This is where the basis lies. As the law claims, once you've created a product which you feel can be a big hit in the market, all you have to do is spread the word around. Make the right noises and let the people know that the product that they are looking and the product which will seemingly solve some big problems for them is available and that you are selling it. So if you price it right, i.e. the price is something that the customer wouldn't mind paying, then yes, your attraction marketing plan has worked quite well!
Secrets of Attraction Marketing
It seems to be a cinch! But it isn't. Of course it has its advantages like lowered marketing costs, giving the people what they want, and sometimes even assuming a monopoly position, and hence having the ability to control the prices. But then, why aren't companies taking training so seriously?
Because, the inherent nature of attraction marketing makes it tough to do. How do you sell your product on the market? How do you give it the visibility it needs? How do you attract the eyeballs of the people? All this is too tough. Unless of course you try to use some of these marketing tips.
- The first challenge is creating a product which will sell on its own merit, without competition. Because if there is a big multinational competing with you, their big budget and cost advantage will simply wipe you out. So creating a product which the people need and no one else has thought of is quite a challenge.
- The second thing you need to do is to find a way to keep your costs as low as possible. After all, if you don't have enough capital to start off a new venture, you'll have to cut your costs. And without a proven sales track record, lenders too will be wary of giving you finances. So keep a check on your costs.
- What media channels will you use? One of the most common would be network marketing. You should know a lot of people and be able to make your product the center of attention. And yes people should like it. The second channel you can use is the internet. For that you'll need to learn a bit of SEO and know about blogging. Internet marketing has endless possibilities and global reach. Who knows where your product will find popularity!
- Social networking websites are also a great free marketing channel. Once you've set up your blog which will describe your products and their utility to the people who visit it, you can put the link to the blog on various social networking websites. If it gets enough visitors, you can get a fair bit of revenue through the Google AdSense program! Cool isn't it? Being paid for marketing?
- Maintain good relationships with existing customers. By doing them a good turn, your customers too will endorse your products and you will get more and more customers.
- Keep improving. Make sure that you get the required feedback about your products from the customers. See if they are happy with your products or they'd like some changes to it. See how you can make the product more efficient and reduce the cost of production. The quest for perfection, as they say, is endless.
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