It’s definitely not a mater of whether, you or your major competitors, can grow a new small business or service, correct? It’s more a matter of how to grow a new small business or service. Even though you definitely don’t have access to a fortune 500 marketing budget.
Now this is not to suggest, you or your major competitors, have very money, in order to market or promote your products or services. Because clearly you do. However, going forward, you will be creative, in terms of “how” you leverage or utilize your marketing/promotional budget.
And as a direct result, your strategic use of these non conventional marketing/promotional strategies and tactics, will lead to increasing your bottom line.
Without you having to invest a ton of money, on the initial front end of your sales funnel.And what your marketing budget lacks in overall size.
You’ll more than make up for, with your overall bankable results. Sound like a plan you can live with, or what?
Just Because Your Marketing Budget Doesn’t Rival A Fortune 500 Company! (Doesn’t Automatically Mean You Can’t Consistently Create Some Impressive Profits!)
Case in point. Watch how your local retail jewelry store and a local, incredibly popular, family orientated bakery, forms a mutually beneficial JV (Joint Venture) arrangement.
And the both of you, (going forward), consistently make a whole lot more money, for literally pennies on the dollar. So here’s the 1st strategy, you at least test. Since you already know, your ideal retail jewelry customer, currently has a total lifetime customer value metric, of somewhere between $400- $11,000 dollars.
Give or take, over the next five to seven year period. This being the case. This explains, why you or you’re major competitors, are more than willing, to initially invest in at least 500 or X number of, “Big Gulp”plastic cups.
And they may or don’t have to have the word “Thank You!” Or “Congratulations!” written on them. (Plus, as an additional, cool marketing strategy. The recipients are told, to write of some masking or hardware tape.
Both their birthday. (Not to worry ladies, just the month and day the were born. Not the year. And their wedding anniversary this applies. And when they come in on those two days. Plus Mothers, Valentines and Fathers day. Their Xtra “Big gulp” beverages are free. Say what?)
But either way. Here’s how your long term strategy works.
Every customer, who initially buys one of the bakeries most expense beverages of any kind. The bakeries employees, automatically hands them one of their “Big Gulp” plastic cups.
And now, each time they come back, no matter which day it is. And no matter how much or how little they spend each time.
They only pay $1.29 or X for one of the bakeries high end beverages.
Are You Finally Starting To Appreciate How You can Grow Your Relatively Small Business! (Without Having Direct Access To A Fortune 500 Type Of Marketing Budget!)
Here’s the other strategy you or your major competitors,can at least A/B split test. You find out from the bakery owner(s.) How many higher end birthday cake orders, which typically cost over $50 or X amount of dollars.
With all the extra goodies included. And let’s say the bakery admits to selling at least twenty birthday cake orders, over $50 dollars. At least fifteen a week.
You tell the bakery owner(s), going forward. You will pay the bakeries hard cost of X. Plus include an additional $20 dollars per order. This way, each order, the bakery sells to the retail jeweler at cost,they still make a slight, but meaningful front end profit.
But far more importantly.Imagine the total shock, on each prospective customers faces. When they discover, their order is free.Say what? For just a moment. Put yourself in their shoes.
Honestly. What would your “full” reaction be? Meaning: How often would you?
A.) Constantly mentioning it to your current and future co-workers?
B.) Constantly mentioning it on and off of social media?
C.) Constantly mentioning it to their closest relatives or neighbors etc.
This Is How And Where Positive Viral Word Of Mouth Campaign Starts To Really Kick In!
And working off the marketing exposure theory of twenty five. So let’s have a closer look, at the first 52 weeks of math, of the very first year, this particular marketing strategy is put in place.
So on average. Before implementing your particular marketing strategies. So twenty birthday cake orders over twenty dollars each. Times 52 weeks per year. Equals an impressive 1,040 orders.
And those 1,040, or X number of local customers, each know 25 other local individuals and local business owners.(You can have the pleasure of doing the math.) So 1,040 X 25 = 26,000 locals. Translated, potential first time customers.
And on average. At least 30% of those, (in this particular case only.) A staggering 7,800 individuals, or business/service owners. Guess what? Because the bakery includes a market tested, sealed envelop, with each birthday cake order over $50 or X amount of dollars.
And the sealed envelop, has the following text, written on it. In big, bold red text. “Because You Are So Awesome!” And included inside.
Initially anyway. There will be at least two, extremely time sensitive, gift certificates included. One from the bakery.Where the recipients can save X% off.As long as they return to the bakery, before ten or X number of days.
Any order over $25 or X number of dollars. And the recipient automatically saves at least 25%.And every order under $25 dollars. The customer saves 15% or X.
You Definitely Don’t Need To Have A Fortune 500 Type Of Marketing Budget! (In Order to Make A Huge And Memorable Splash!)
And of course. There’s your market tested, extremely time sensitive gift certificate. Side (A.), invites the ladies to your store.And as long as they do so, before the ten or X day expiration date window. They come alone, and they save 10% up to $500 dollars.
However, simply for dragging a friend with them. Whose at least 18. They automatically save 40 or X% off. Up to 2,000 dollars. And side (B.) of your two sided index card.
They get to join you or your major competitors, opt in email/mobile marketing list. And automatically are entered into, your extremely popular, free drawing. For a chance, for the ladies to win, an extremely beautiful, $2,500 diamond studded necklace.
And the gentlemen, are entered, to get a chance to win, a $2,500 men’s Rolex watch. Rest assured.each month, a certain percentage of those runner ups.
Will rush into your jewelry store. For the opportunity to save X% off, for an extremely limited time.An simply for dragging friend with them. Whose at least 18. They save X% plus off.
So you know, at least some of them, will constantly be sharing their goodwill, both on and off of social media.Correct? Absolutely. So going forward. Can you now better appreciate. How to grow a new small business or service. Even though you don’t currently have access, to a fortune 500 type of marketing budget. Say yes.
You Really Are One Or Two Market Tested Strategies Away From Generating Consistent Income!
P.S.Now as is customary during this part of our show.Please share your extremely valuable comments (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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