Truly viral products sell themselves through word of mouth and quickly dominate the market. Here are 5 products that truly went viral.
Blogging is one of the most important components of inbound marketing. Many businesses, big and small, have adopted blogs as one of the main means of connecting with the customer. In this post, I will cover the main advantages of blogging related to your sales.
Amidst a lot of advertising dollars moving to social media, some marketers are wondering if email marketing is relevant anymore. The fact remains that, email is still the cheapest medium for marketing messages and one of the best ways to reach the non-yuppie crowd. Forrester predicts that email spend will grow 50% in the next 2 years and will reach $2 billion in 2014. Read a few more email statistics here.
What do you do when you want to buy a car? If you are a typical buyer, once you have identified the need, you start searching for various options, visit various auto dealers, do test drives and only after a relatively long process you finally press your purchase button. During his process, the salesmen have to actively assist you understand the various options and spend hours in getting the sales done. Compare this with buying a USB flash drive in an electronics store. It might not take you more than 1 hour in deciding the purchase and the salesmen might not spend a lot of time with you during the process.
Have you ever wondered how Apple can rack up significant sales even when then they provide only 1-2 choices for each product category? Does it not run counter to conventional wisdom that more choice means more sales? In a landmark 2004 book – “The Paradox of Choice: Why More is Less“, author Barry Schwartz argues that reducing choices reduces anxiety among the buyers leading to better sales.
I’m sure you would have heard of Quora by now. Quora is the social network that raised funds at a valuation of $800m although it has not generated a single dollar of cash. It is essentially a Question-Answer network, where users can post questions, and the community can answer them. Quora is populated by a bigger chunk of influencers (venture capitalists, entrepreneurs, tech enthusiasts) than other social networks and can help get traction for your product.
Annually, over $500 billion is spent on advertising (almost half of that in the US alone). However, a good chunk of that doesn’t lead to a sizable increase in sales at all. At a startup or a small business, you might not have the luxury of risking a big budget on an ad only to see all of it down the drain. This is why the marketers in startups and small businesses need to pay more attention to guerilla marketing.