Q: We can do better in social media. Online giveaways and contests seem to be working.
We still have a long way to go — six more months to go until our 10-year anniversary.
It's encouraging but also deflating, because we need better and faster growth. How can we market a new product in a new category with low (or no) marketing budget?
K.B. Lee, Founder & CEO
everbamboo.com
A: Clearly, you have been doing some marketing to survive a decade, and obviously you have found the idea of generating publicity cost-effective — you are using this media opportunity to get Ever Bamboo visible.
Even though your firm is based in Canada, and use of bamboo charcoal as an odor neutralizer and dehumidifier is unusual, you are using this column to generate coverage and, potentially, interest in your product.
Media relations, when done well and thoughtfully, can be very cost-effective and deliver great ROI.
This leads me to one path for the "new category" part of your question.
If your product really does represent a new category, there will need to be competitors in the space for your ultimate success.
Once there are more firms selling similar products, you will gain credibility for the product to some degree, but more importantly, your team will not be the only one trying to educate consumers about your type of product.
Let's assume you have two-thirds of the market share right now.
If the market grows because of competition, you will still maintain market dominance if you keep actively marketing — but the market size will grow.
So, look for ways to foster category growth that make the space welcoming to others who want into your market.
For instance, help change import duties for bamboo charcoal.
Not only will you reduce your fixed costs, but others will come to the market spending money to promote the benefits of your eco-friendly, air-quality products.
Mike Porter is the director of the master's in health care communication at the University of St. Thomas Opus College of Business.
