Lateral Marketing & Small BusinessWritten by Traci Hayner Vanover
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these same items. In so doing, their supply business grew significantly, while establishing themselves as an up and coming player in competitive market of soapmaking supplies. The additional revenue generated by supply sales has allowed them to penetrate new markets, introduce new product offerings, and update internal systems at a rate that might not have been possible without lateral expansion. In addition, availability of a recipe database has allowed new and inexperienced hobby soapmakers a venue from which to gain knowledge, as well as affordable startup supplies. The presence of resource helps in building customer trust and loyalty -- both are key elements in customer retention.The basic principles of lateral expansion in this example are quite simple. Look at your existing product offering, and identify items which complement that offering, and also appeal to others serving your general market. Identify a need in market for item or service -- based upon price, availability, or strictly on service. Then, develop a solid strategy to satisfy this need. By positioning yourself to meet challenges created by need, you also position your business to benefit from solution you create. To learn more about The Soap Dish, visit them online at www.TheSoapDish.com.
© 2004 Traci Hayner Vanover, The Promo Diva http://www.PromoBoost.com. Promo Boost offers a wide assortment of design, marketing, and promotional tools to help small businesses and the cottage industry. The Promo Diva is also the owner of Marketplace Gallery, a virtual marketplace offering affordable e-commerce solutions catering to the small business community, and offer a unique venue for craft aficionados. Visit us online at www.MarketplaceGallery.com.
| | The Benefits of Joint Venture MarketingWritten by Traci Hayner Vanover
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From a consumer perspective, it is a winning situation as well. Collaborative marketplaces create a "one-stop-shopping" experience, providing consumers with ability to browse several merchants during one browsing session. The ability to quickly obtain comparative pricing among similar merchants create a strong value among customers, and create a natural environment of competition. This forces participating vendors to strive for a higher quality product, at a competitive price.
© 2004 Traci Hayner Vanover, The Promo Diva http://www.PromoBoost.com. Promo Boost offers a wide assortment of design, marketing, and promotional tools to help small businesses and the cottage industry. The Promo Diva is also the owner of Marketplace Gallery, a virtual marketplace offering affordable e-commerce solutions catering to the small business community, and offer a unique venue for craft aficionados. Visit us online at www.MarketplaceGallery.com.
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