Coming into the market and to establish your customer segments is not an easy task. Most of the companies go for paid advertisement that hurts their yearly budgets and make situation more vulnerable to bankruptcy. Moreover, a study found out that 89% of millennials trust recommendations from friends and family than claims by the brand.
So, here are some innovative ideas that help these companies to grow big without spending much on their promotions –
Hotmail – Initially, when Hotmail enters the market it has only few hundred users who were using their services. So, instead of going for traditional marketing they adopted a new strategy in which they put a default signature stating that mail is sent through Hotmail. Thus, every time when a person sent a mail to other party it does its own marketing and catches millions of eyes. Now a days, this same strategy is being followed by OnePlus and iPhone.
eBay – The company was already performing well but to further expand their business, eBay marketing head comes up with a very innovative idea. They just started providing free surfing to their website on Gogo (Internet service provided on airlines), so bored commuters who doesn’t have any option but to explore eBay in their free time. This strategy helped eBay to grow business multi folds.
Mailbox - The more innovative your product is, the more likely you will have to find new and novel ways to attract your customers. For instance- Mailbox created the aura of exclusivity with invite-only feature.
Reddit - created hundreds of fake profiles that makes your service look more popular and active which in turn helps to attract others.
Facebook – started by launching its services for a small group of people i.e. only for Harvard, own that market, and then move from host to host until your product spreads like a virus.
Instagram and Snapchat – Instagram and Snapchat absolutely dominate the App Store because their product provides totally new features that everyone is dying-for. It leads to twenty-five thousand downloads on its first day for Instagram and later Snapchat.
Thus, just money can’t guarantee you to flourish in your segment but definitely a good innovative idea can do wonders.
This is all for Innovative Business Ideas, I will keep posting more on such informational topics. Keep Reading :)