Low Price: As people are always price conscience, especially in this slow economy, this can be an excellent method to attract new customers. However, unless your company plans on being a “discount house” operation, you will need to evolve a different strategy to retain those customers, otherwise they will simply seek out the next big discount elsewhere.
Great Products: Every business advertises great products. Why is your product better than your competitor? Provide your prospects with a reason to walk in your door. Then make sure your products are updated and tweaked regularly to ensure a competitive edge.
Great Service: This strategy typically does not attract new customers, unless you detail how your service will exceed your competitors. On the surface, there is nothing to differentiate your company from your competitors. Of course, great service is a major key to customer retention.
There are many other innovative marketing strategies being employed in the marketplace which are based upon surveys. These studies can give you an understanding of your target market’s concerns as well as focus on the latest trends. One such trend which every major survey (Harris, Nielsen, Mintel, Intellitrends) has been following is Going Green. With unstable fuel prices, new energy tax credits, and the promise of an upcoming New Green Economy, there has never been a better time to incorporate Green into your company’s business practices and products.
Will Going Green help attract new customers or members? According to Intellitrends, nearly 35% of those surveyed considered a company’s environmental policies before purchasing. Monster Trak reported that, for college graduates, this number was above 80% and 92% of these “Gen Y’s” were seeking to work for a company with a solid environmental and corporate social responsibility policy.
Even with all of the news and surveys on Going Green, business journals have estimated that less than 2% of all small and medium sized companies in the U.S. have begun any green initiatives at all. Pity. According to the Makovsky Green Gap survey, people are looking for businesses to take the lead in improving the environment. That could be a once in a lifetime opportunity to differentiate and really make a difference.
Joseph Winn is the President/CEO of GreenProfit Solutions, Inc. which assists businesses in becoming environmentally responsible. You may view their website at www.greenprofitsolutions.com or e-mail Joseph at jwinn@greenprofitsolutions.com .