Thursday, July 30, 2009

In the quest of ultra cheap marketing trick

I have a small business interest in Bangalore, India ..... and I am always looking for some ultra cheap and effective marketing tricks........

Some basic philosophies which were subconsciously in my mind

Rewarding people who help you spread the word, get the right ideas, or help you identify the problem....
  • rewarding them can be through a monetary prize, some food coupon or any other privilege
  • rewarding by recoginition.
Then today I was watching this MIT world series video, which is about using prize as an instrument to do breakthorugh innovation.

The video summarizes essentially two points which prizes/competition can help you solve:
  • Generating ideas
  • Solving some identified problem
It also mentions that organizing a competition lowers the cost and people who participate end up doing more then the economic gain they can make. ( humans somewhat become irrational while entering a competition)

So........I am now much more strong believer in this instrument of organizing a competition .....whenever I need to get some ideas or a problem which I know I cannot solve .... :)

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