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 the marketers, who haven't tried it, need to think about.
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.
The Basic Concept
What is the law of attraction? Simply put, the law states that people will be naturally attracted to something which they feel holds 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.
There is 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.
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 for, and the product which will seemingly solve their problems, is available and that you are selling it. Also, if you price it right i.e. the price at which the customer wouldn't mind paying, then yes, your plan has worked quite well!
Tips to Attract Customers
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, sometimes even assuming a monopoly position, and having the ability to control the prices. Due to the fact that the inherent nature of attraction marketing makes it tough, the companies are taking training less seriously.
How do you sell your product in the market? How do you give it the visibility it needs? How do you attract eyeballs? You must try some of these marketing tips.
- The first challenge is creating a product which will sell on its own merit, without competition. If there is a big multinational competing with you, their huge 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 rejig your business plan. Without a proven sales track record, lenders too will be wary of giving you finances.
- One of the most common media channels is 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.
- 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.
- Maintain good relationships with existing customers. By doing them a good turn, your customers too will endorse your products and you will get more of them.
- 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 made to them. See how you can make the product more efficient and reduce the cost of production. The quest for perfection, as they say, is endless.
As you can see, it is a tough marketing tool to use, but provides limitless possibilities for those who choose to use it.