The internet has completely changed economic thought. And not just in a grand, hyperbolic sense. There is a fundamental shift when a company begins to sell its products online.
A brick and mortar company is bound by the limits of its storage capacity. It can’t sell 500 000 cds because it can’t afford to have 500 000 cds on hand. This is an undeniable fact. But if you move online, you can exploit a limitless amount of inventory. Since buyers expect to wait a day or so for shipping the product, you can store those cds in a cheap warehouse. It can cost money to have a single cd under the bright lights and watchful eyes of a salesman in a store, but mere cents in simple warehouse.
The Long Tail by Chris Anderson goes into depth about what if means for the future of businesses. If you want your business to flourish in the digital age, I’d recommend this book. The general gist is this – as we move forward, the brick and mortar stores simply won’t be able to compete with the online retailers’ endless stock and cheap pricing. Instead of economics based on scarcity, it’s economics based on abundance. Chris goes over what it means from the supply chain end and what it means from the consumer end, but he doesn’t have the chance to cover the impact it has on the marketing.
So what does this change mean for you?
You need to work on marketing your product with more than ads. Ads should always be used in addition to an actual marketing plan. Online sales are generated by the most trusted and most publicized by fans of the product. That’s we why suggest embracing your fans. Try utilizing a message board, a testimonial form for them to fill out, exercise your social media tools and use publicity. Show off the satisfied people who are urging everyone to buy what you are selling. People are passionate about what they spend their money on. Let your fans work for you and give them the tools to help sell your company.
OutRight Communications is a marketing, design and PR firm that can skillfully craft your public image. Our team works together to ensure that your message is delivered to the public, whatever your message may be. We specialize in long term image crafting, publicity, web & graphic design, press releases & media interviews, author services & book publicity, media buys, and creative writing. Get in touch today to solve your media problems!
Showing posts with label Books. Show all posts
Showing posts with label Books. Show all posts
Friday, June 19, 2009
Thursday, June 11, 2009
What we're reading
As a follow up to our previous post on Staying Ahead of the Curve, here’s a list of what I’m currently reading to do just that:
The Strategy Paradox by Michael E. Raynor
An excellent book, although very dry at times, about how companies should be planning for the future. Filled with information for all levels of management and employee, it’s a great read if you want to know how to plan for the future. The key point is that what makes a business successful, its innovation, risk-taking and going against the status quo, is the same qualities we find in unsuccessful businesses. Shows us how to balance risk taking and mediocrity so we end up producing the mp3 player instead of the mini-disk player while giving you ways to avoid this.
Small is the New Big by Seth Godin
A nice collection of musing by the godfather of digital marketing. Filled with blog posts, Seth covers many issues, some important, some not on marketing and running a business. Not a cover to cover read, but a great book to have handy for some tidy inspiration
Re-reading my favorite book on one of my favorite Presidents. Morris spins this biography to the point where you’d swear you were reading a fictional tale. And you have to love how Roosevalt is the last president to ever knife a cougar to death. He was also the inspiration for teddy bears. All in all, it’s a great book to learn some history and the writing style is simply incredible for a biography.
Following in the lines of many incredibly different books, Pygmy doesn’t disappoint. Written in a very, very strange manner, Pygmy is a fun read once you get used to the wordings. Another great book by Chuck.
OutRight Communications is a marketing, design and PR firm that can skillfully craft your public image. Our team works together to ensure that your message is delivered to the public, whatever your message may be. We specialize in long term image crafting, publicity, web & graphic design, press releases & media interviews, author services & book publicity, media buys, and creative writing. Get in touch today to solve your media problems!
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