by Dr Greg Chapman
Valentines Day is a great day for marketers. It’s an opportunity to get people in specific categories, such as florists and confectionary to boost their sales, but unless you are innovative, you will miss out.
What if you had a product that is never associated with Valentines? How could you elbow your way into the sales? What if you sold Doritos corn chips? Why would anyone give corn chips as a Valentines gift? Is there a market gap?
Based on their advertising, it would appear that their market is predominately male, females stereotypically preferring sweeter fare. So what can you give the male in your life on Valentines? Flowers and chocolates won’t cut it, but could Dorito flowers fill the gap? Doritos created a new product- ‘Ketchup Roses’ for the man in your life on Valentines Day with this slight corny (pun intended), retro ad. They sold out in hours.
What could you do to repackage your existing products and services to capture non-traditional opportunities by exploiting an existing market gap?
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Dr Greg Chapman is the Director of Empower Business Solutions and is Australia's Lea ding Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems. He is also the author of The Five Pillars of Guaranteed Business Success and Price: How You Can Charge More Without Losing Sales.
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