The Definition of Diversification in Retail Marketing

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Diversification is a term with a very important definition, especially in the realm of retail. Learn the definition of diversification in retail with help from a PR and marketing expert in this free video clip.

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Video Transcript

Hi, my name is Heddi. I am the Big Cheese Founder of San Francisco Bay's Travel Gift Card, mytab.co. Today, we're talking about a topic that I love, diversification in retail marketing. You doesn't understand, make sense from what I'm saying just now, it doesn't make sense as a sentence, as title, so, I'm going to explain, I'm going to make it into really good layman's terms because you see it all the time. Companies favor all the time using it. It is so clever. It is really savvy. It's what makes billionaires billionaires. So, I'm going to show you a couple of examples. So, let's get going. So, diversification. I'm going to show you really RelayRides, peer to peer car sharing. Peer to peer is really really good while people in the community are renting each of these products out. So, say for example, cars. Now, I know the guys from RelayRides and they are absolutely amazing. They are revolutionizing the whole peer to peer with cars. So, you can rent out your car and you can see, you can find out details and data on the individual on that car in your neighborhood. So, maybe they need to rent a car. What they're doing now really clever; they're working with OnStar and General Motors. So, I'm going to show you how this works. They have equate OnStar equipped cars. There are thousands and thousands and thousands of calls in the office, they setup a deal. So, instead of you going from customer to customer, neighbor to neighbor who are now sharing the cars, people would buy new cars and this is a New York Times press article about it. It is so clever of diversification in marketing. They're sharing that in General Motors for all new cars, they put with OnStar the RelayRides access. So, instead of you having to go and have RelayRides setup a click it, it's like a click it that you get from your car, on RelayRides, now with all OnStar cars, it is automatically integrated with the RelayRides code. So, say for example, you might want to do a test drive a new car out that is in the neighborhood as you and you want to rent it out for the day. There's now fifty million vehicles on the road equipped with this service and six million people will subscribe to it. So, you now have a huge audience of cars that you can now rent out from neighbors. But, also, it maybe a really good way to test drive a car, so that works with RelayRides; they're happy 'cause they're getting great business. General Motors having people testing out new cars as peer to peer cars sharing, and you as a customer, then you can take cars for new test runs, you're laughing because you can choose from tons of cars at a really really reduced price and this is why it helps RelayRides diversify themselves in marketing because they're increasing memberships and they're differentiating themselves from the crowded car sharing market already. It is so clever and that's what I'm huge fan of RelayRides. So, think about it really simple, something like RelayRides. They can stick with, hey, the neighbors are helping the neighbors out and you're renting cars submit to them; but, by now introducing a huge corporation like General Motors and having the RelayRides code embedded within the OnStar platform in the cars, that now help RelayRides use existing products and services but to now potentially fifteen million people. It is absolutely fantastic and that is the epitome of diversification in marketing. It's not using from business to consumer, B to C, now it's B to B; now with On, with OnStar and General Motors, but also ultimate it comes back down to B to C. So, whenever you're looking at different stores or different products that maybe using the same product, but maybe that bagel store that was always selling over to local customers in all their store, they are now selling to the other local stores in the area that want bagels at discount price. That is another example from the extreme from cars to bagels of diversification in retail marketing. It's brilliant. I'm the Big Cheese Founder of mytab.co. My name is Heddi, I'm signing off from San Francisco.

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