Piggy Bank Marketing
From trends to dollars
Executive business coach Mark Creedon from Red Monkey Coaching reveals how marketing to popular trends can add more cash to your stash!
Did I say piggy bank? Of course, what I mean is piggy back marketing and using this concept may just add lots of coin to your piggy bank! As you know, marketing your business is an ongoing, expensive process, which can be a bit hit and miss at times but imagine if big business paid for most of your campaigns for you! Let me explain how it works.
Large companies and organisations spend millions on marketing and advertising their products, services or events every year. Imagine how much money you could save by tapping into a fraction of those resources to increase your own business. That’s where the concept of piggy back marketing and its many variations originated. A generic form of the concept would be where you capitalise on popular events and or products to bring additional business to your shop. Next, there is the more targeted form like running a promotion off the back of a larger promotion specific to your industry such as a product launch, for instance.
I would like to share an example with you involving a client of mine who has had great success in his landscaping and garden supply business due to the programming on the TV station Channel 9. Kerry Packer and Don Burke have made this guy a lot of money and he often jokes that he should send them a thank you card! Every Friday night my client is glued to the TV watching Burke’s Backyard. He then goes to work very early on Saturday morning to create a display of the plants and garden products that were promoted on the program the night before. Without fail those products would sell out by the end of the day.
All it took was a few hours of his time to prepare simple signs and displays placed in high visibility areas that said “As seen on Burke’s Backyard.” This is a great example of targeted piggy back marketing and how quickly and easily it can be applied in your business. Get into the habit of watching popular television programs, particularly free to air shows and whenever they mention anything about the products or services that you offer make sure that you promote those products and make reference to the program in your point of sale or display material.
The more generic form of piggy back marketing can also work well for you. Keep your eyes open and your ears to the ground in regards to popular trends in the media and use them to your advantage. You could theme your shop to match the marketing of movie launches, touring performers or major events like the Olympics, State of Origin or AFL grand finals. Then run a competition giving away tickets to the event that you piggy backing which happens to be an excellent way to add additional contacts to your database at the same time.
Also don’t forget to submit regular press releases to local newspapers and media outlets. You may be surprised at how receptive they are to your submissions, particularly if they have a human interest angle or correspond with newsworthy events such as the recent floods throughout Queensland. That way you’ll get even more bang for your buck from your marketing campaigns! Well, what are you waiting for? Get piggy banking now!
photo credit: Nina Matthews Photography