Do You Think Your Local Jeweler Networks Like This!Part Two
As you previously discovered in part one of this series about “how” an an extremely savvy local jeweler, could best maximize the long term profit potential of the various networks they may or not currently have access to.
Let’s step back (and hopefully) demonstrate “how” even some much smaller, less savvy and or capitalized budding entrepreneurs could still work with a much more experienced entrepreneur, such as our jeweler, for the mutual benefit of both.
How Blossoming Networks Adds Nicely To Every bodies Bottom Line!
(And Some More Than Others!)
Watch ‘how” it really pays to be able to think just slightly outside the box! Suppose you rent one of those mini portable display pushcarts that you (always), see especially during holiday season inside the major malls. And they sell various (primary) home made nick nacks etc.
And because it’s a major mall (believe it or not) those rather tiny carts can still cost a pretty penny to rent commercial space inside an extremely busy mall! Especially from late October through early new years.
And the overall profit margins can’t nearly be as good as your typical jeweler located inside the same mall! That being the case; the savvy jeweler (or one of their managers) will approach one of these budding entrepreneurial vendors with an extremely lucrative (potential) long term proposition.
As long as the vendor is not in direct competition with the jeweler, the jeweler would like to offer the vendor a chance to simultaneously increase their income, without interfering with their current venture!
The jeweler is going to allow the vendor (especially the women) to buy a really nice eye catching $1,500- $$2,500 dollar necklace (and $400 dollar diamond studded earring set!) for just $1,000 dollars total! Or something right around the jewelers actual cost! Or slightly above.
And whenever any potential customer is who is doing business with the vendor, compliments her on that beautiful diamond necklace and matching earrings!
The vendor simply “thanks them” and immediately hands them a special personalized (slightly enlarged) two sided business card, the jeweler will have made. The front side has the jeweler’s usual name & address stuff etc; but the backside says something to the effect of “Because you are an extremely valued customer, associate, friend and or relative of” then the vendor signs their name.
You are entitled to an extremely time sensitive VIP new first time customer only discount of twenty percent off your first purchase! Or head over to this s web address and enter your best email address,(or text this number) in order to receive your special VIP 40% off discount on your next two purchases!
Which option do yo think any serious potential new first time customer will choose? Yep! But are you really comprehending “what’s” really happening here? Two things:
A.) First: The savvy marketing jeweler has just found a rather inexpensive way to turn that seasonal vendor into a walking talking 24/7 positive word of mouth sales rep! Because once she’s done with renting her booth for that particular season, ( guest what?) she’ll still be periodically getting her hair done,correct? Yep!
And she’ll still be frequently hanging out with friends, family and customers correct? Yep! And you best believe, if she’s constantly got a fabulous $1,500- $2,000 dollar diamond necklace around her neck and matching $500 dollar diamond studded earrings to boot!
Inquiring minds will definitely want to “know” what the heck the 411 is! Don’t you agree? And of course, (since she’s savvy) entrepreneur she’ll just keep with her a stack of 50 of these (slightly enlarged) money makers (business cards) with her at all times!
B.) Second: The deal is, the jeweler has agreed to compensate the vendor, by giving her a 25% credit towards the gross amount of every referral she sends! And she can (either) use her credit every month toward the purchase of any piece of jewelry she’d like, or simply use it all at once, at the end of each year!
Plus, as an extra added incentive, the jeweler agrees to give the vendor a free piece of jewelry worth $3,000 dollars or less! Provided her gross referral amounts top $30,000 dollars (or X) in any year! “How’s” that for incentive bonuses!
Is this strategically building a long term, money making, positive word of mouth or mouse sales funnel or what?
Does anybody else still think local networks are overrated? And or a waste of your extremely valuable time?
Please list at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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