Tuesday, March 26, 2013
Content Marketing: An Age-Old Strategy that Still Works Today
One case in point involves a tiny electronics firm in Seattle. The company opened in 1954 as Magnolia Stationers and Camera Shop in the Magnolia Village shopping district of Seattle. The owner, Len Tweten, loved music, which eventually led him to move the business into the world of high-fidelity audio. This transition over time also prompted a business name change to Magnolia Hi-Fi.
High-quality products and commitment to service were just a part of the overall plan to grow the business. Being a small business with no real marketing plan or budget, Magnolia Hi-Fi decided the best way to differentiate itself was to educate prospects with valuable information about the Hi-Fi world. To do this, the company introduced stereo buyer's guides (over 30 years ago), which provided educational content and answers to commonly asked questions on buying audio equipment.
The buyer's guides set Magnolia Hi-Fi apart from the competition. They also positioned the company as leaders and experts in their field in the eyes of their audience.
Did this content marketing plan work?
The tiny store grew into a small chain, which was acquired by Best Buy in December of 2000... for $87 million! In 2004, the Magnolia brand was incorporated into Best Buy as a store-within-a-store, known as Magnolia Home Theatre.
Content marketing works. It works best when you use multiple channels to distribute and share your content (print and digital work in perfect tandem for this strategy). Creating valuable content your prospects are looking for takes some work and resources. But don't overlook the rewards that can come from that work. It may not net you $87 million, but it can prove to be nearly as valuable.
You can read more of the details behind this remarkable story here.