Dallas, TX, April 6, 2015 / Submit Press Release 123 /
More companies say they are choosing to introduce the cost effective business model into their plans to help clients “achieve more with less.”
Dallas, Texas – Two years ago Financial Times contributor James Crabtree wrote an exposé about what was labeled an “increasingly fashionable” concept for businesses. Frugal innovation, which is also referred to by other names, has a lengthy history, but gained popularity in recent years as more U.S. companies sought ways to drive sales and increase their client base by making their offerings more cost effective. Media reports on innovations by corporations like, General Electric, which developed an ECG device that reduced patient testing costs in India to $1 per patient, have helped spotlight these efforts on a broader scale. As stated in an article by The Economist “The number of frugal products on the market is growing rapidly.”
Qamar Zaman of the Dallas based SEO company OneSEOCompany.com is one of the latest CEOs to discuss in the media how implementing the process has helped boost his company’s appeal as well as impacted the marketing success of his clients.
According to Zaman, the change has helped contribute to improved cost-efficiency in planning for customers, particularly small businesses that have limitations on their marketing budgets.
The CEO stated of the process, “We want to help small business gain media exposure leveraging the free web by providing them with a one stop solution that’s not heavy on their pocketbook, and gets them results without draining their resources. Simply put, we use the principle of frugal innovation to deliver our product.”
What is Frugal Innovation?
Frugal innovation is a process that involves taking steps to reduce the cost and complexity of production. Widespread success for resource-limited firms in India in particular, forced many companies in the U.S. to look to the nation as an example of how to mimic their strategy for their own benefit. The country’s output even compelled the U.S. Department of Commerce to pay attention. Following a visit to Jaipur by U.S. Commerce Secretary John Bryson the department noted “There are many Indian firms that have learned to conduct R&D in highly resource-constrained environments.”
Achieving More With Less
A key element pointed out by Zaman about frugal innovation is that contrary to popular belief, the process does not require skimping on the quality of goods or services provided to customers. It actually involves tailoring options so that consumers are not being forced to pay for things that bring them no benefit.
For example when it comes to press release distribution he says, “Most news distribution outlets, when selling their press releases, charge for base story distribution, and then charge for additions such as video, images, reach to social media distribution channels and dissemination to prominent journalists. The average ticket price of their offering ranges from $299 -$500 for 400 word press releases.” However, the full range add-ons are not a requirement for all customers, and by offering packages where options are customizable, clients only pay for what they really need.
“We feel why pay for more? Using the concept of Frugal innovation we strip out what’s not needed and have added only what is essential for exposure and brand building to our press release package offerings” says Zaman.
The Future of Frugal Innovation
A number of companies large and small throughout the U.S. have found success through the use of frugal innovation. It has been used for companies across a wide spectrum of industries including healthcare, business marketing, manufacturing, education, and more. Only time will tell whether it will continue to be viewed as an “increasingly fashionable” trend, or something companies will see widespread benefit in for years to come.
To speak with Dallas Internet Marketing Expert OneSEOCompany about his Frugal SEO Innovation products give Qamar Zaman a call at 972.437.8942.
For latest tips on online marketing visit his blog.
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