Lesson 5

This week I learned a lot about marketing.  This week I had a lot of time to think about marketing as I start up my own company and as my dad is asking for some advice on the brand we are launching as part of our family business.  The ting I enjoyed most this week was the article about the purple cow. It really showed me that the point behind any successful business is finding a need to fulfill or finding a new way to fulfill a need that is not already being done. The point of the purple cow is standing out and not doing the same boring things that everyone else is doing. It really made me look at my $100 project business. It is not a new revolutionary but there are aspects of it that are. My products are not processed in a huge factory; they are repurposed materials that give new life to wood that would have otherwise rotted away. That does make me stand out a little bit but I will need to come up with something more revolutionary as I prepare to market my product. I also had the opportunity to talk to my dad this week about a new addition we are bringing into our family entertainment company. We are adding a photo booth and as we talked we both realize that it is not something new or revolutionary, it is something that has been around for a while but it is different than any other photo booth in our area.  We talked about how we can turn this opportunity into a purple cow and the thing that popped into my head from the article was, if you could pick any client to market too who would it be. Most companies are focusing on weddings which is big money but that market is pretty saturated. We talked about focusing on corporate clients and focusing on the aspect that we can attach their logo and get client printout reports at the end of the event. By focusing on aspects that no one else is focusing on we can create a purple cow opportunity.

I really enjoyed learning about marketing this week and applying what I am learning, but I also enjoyed working on my $100 product company. This week I got all of my samples together and took pictures to put on my website. This weekend I will finish my website and begin marketing my product. Everything is going well so far. I plan on using a website to sell my product. I will see how much revenue I am able to generate from that and social media. I may end up creating an ebay store as well like other members of the class are doing.