For most companies, there are ways to turn marketing efforts into profit centers. Of course, every situation and every company is different. Creative marketing solutions do not apply across the board.
But in all cases, it pays to think outside the box. I like racking my brain to think of ways to turn marketing efforts into profit centers. And I have found that it is usually possible.
Here are some examples from the days when I owned an industrial equipment manufacturing company, building specialty machinery for the polymer industry. I have since used the same type of thinking in financial services, publishing, and other companies I have owned or consulted with.
The Demonstration Lab
As a cost center: Customers came to our factories to use demonstration equipment to see if it could handle their processing and new product development requirements. The hope was that if they had a successful experience then they would buy our equipment. Every trial session required our staff to be available. As our company’s reputation grew, demand for our lab services grew exponentially. It was a money-spending sinkhole that occasionally led to equipment sales. (more…)