Before you buy into a new, shiny marketing tool or technique, first make sure it's right for your company. Often your existing ideas, product lines, and channels have more value than you think. Ask yourself these three counterintuitive questions:
Should I do the opposite of what everyone else is doing? For example, if your competitor is blasting out e-newsletters to their entire database, consider sending simple, personalized notes to your most loyal clients.
What abandoned technique can I bring back? Sometimes, marketing strategies are dropped for good reason, but other times the reasoning is not that clear. Think about whether there's an old technique that could still be useful.
Can I resurrect a product for an untapped market? Don't just market to the masses. Sometimes a small, high-end market is willing to pay for a difference in quality (think vinyl records, which were considered dead not long ago).
Source: Today's Management Tip was adapted from "Marketers, Go Back to Basics" by Dorie Clark.