As the corona virus outbreak continues to worsen around the world, affecting the global economy negatively with many businesses shutdown for months and inflation taking over the market.

Many countries are under the pressure to reopen their economy to prevent Economy Recession.

Therefore as you reopen your business, I have decided to share with you one of the golden principle in marketing – The Hook and Bait Principle.

This is a principle they would not teach you in any business school.

I am sure the topic must have given you some nostalgic feelings especially those who enjoy fishing.

The HOOK

The Hook is a focused and narrowed marketing strategy targeted at a particular person or organization.

It is a marketing principle with only its defined client in-view.

For example, a solar panel installation company whose major potential clients are banks,schools, hospitals, companies, governmental organisations etc and minor clients like individuals and small and medium enterprises.

With the HOOK principle, they major on the major and minor on the minor. That is, the clients become DEFINED.

It helps business owners not just to cast their net into the market, but to sort, filter and narrow their search and PURSE the right Client.

 

THE BAIT

This focuses on VALUE rather than the PROFIT or PRICING.

It involves letting go of the little to achieve the GREATER.

Back to the illustration I cited earlier, the Solar panel installation company.

I realized that most times when these companies submit their proposals, little or nothing is done about it and this is simply because clients look at the PRICE of their service first before considering the VALUE they are adding.

Taking the Nigeria market as an example, most business owners in Nigeria use generators whether diesel powered engine or PMS (Premium Motor Spirit) powered engine as an alternative to PHCN (Power Holding Company of Nigeria) power supply.

Therefore to convince them, it would take more than just submitting your proposal but GIVING them a glimpse into the better experience you are introducing them into and that is what I call the BAIT.

BAIT is not the same as souvenirs, nor is it bribery and corruption. It is a way to leave an imprint of your company’s presence in the targeted organisation.

 

As a solar panel installation COMPANY, targeting ROM OIL COMPANY for instance with  an estimated PROFIT of 10 – 15 Million Naira from the project, your BAIT is to install your lowest package ( for example 300 Thousand Naira) at the Managing Director’s office or any room proposed by the organisation for FREE.

Then leave your presence in all their offices ( a desk calendar or a mug cup). Ensure you don’t miss this.

Remember your proposal must contain your full packages including the cost of your bait that you have done for FREE.

Then visit or call sporadically.

Another example is when a brand gifts a celebrity a cake on his or her birthday. It is a gift as well as a way to show case their product through the celebrity’s platform.

To win bigger clients in the industry you must be ready, not just to talk about the VALUE you can offer but also to let them experience the difference between your product and your competitors.

 

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