This Is Why Building Brand Awareness The So Called Traditional Way Might Bankrupt Your Company!
You now know and understand. Unfortunately, tons of aspiring business owners and service providers, are literally going broke, trying to build their brand, correct? Nod your head cadets, because it’s true.
Building brand awareness of any kind, the so called traditional way. Is not only outrageously expensive. But for the vast majority, of the non fortune 500 companies, which try to go down this road. As brief as their trip may be.
Once you tally up, both the upfront out of pocket costs. Plus all of the missed marketing or promotional opportunities. Your all too typical small business owner or service provider, will simply have a near or completely drained bank account. And very little bankable results to show for all of their well meaning intentions.
But here’s the really sad news. As if things could actually get any worse. Unfortunately, a whole new, first time generation, of aspiring, on or offline entrepreneurs, are waiting in the wings, to attempt to go down the exact same road. Oh how tragic. So unless, you’re ready to suffer the exact same fate. You’d better pivot asap. Or else…..
So How Is Attempting Your Brand The Traditional Way Not Very Effective For Your Profit Seeking Small Business Or Service?
Basically. The entire speculative process, from start to finish.Is just way too expensive. Think about it for just a moment. You hire a top end advertising/marketing agency or super expensive, traditional type of marketing consultant agency.
And truth told. Their methods and strategies, are far more suited, for corporations or solo-preneurs, with extremely deep pockets. And tons of patience.
Because by an large.The glitzy, non accountable types of, (so called) image ads, they specialize in. For the most part, they just temporarily get your business or services-s name, temporarily, in front of the general public. Then they temporarily convince you.
To simply keep writing rather big checks, for the type of traditional advertising, be it local, prime time radio, local prime time TV. Or Monthly direct snail mail campaigns, to select zip codes etc.
And at the end of all this outrageously expensive, whirlwind of traditional advertising/promotional activity. While the advertising or marketing agency, will have certainly made out quite well. (And they’ve got the corporate awards to prove it.)
The vast majority of profit seeking, small business owner(s) or service providers, who attempt to use, this dismally performing approach. Will quickly discover, a ton of their financial resources are gone for good.
Every Profit Seeking Entrepreneur Needs A So Called Brand! (Right?)
Agreed. But here’s the thing. Unlike corporate america, which typically has extremely deep pockets. So they’re more than willing, to simply have a high end advertising or marketing agency, create these outrageously expensive,non accountable,glitzy advertising or promotional campaigns.
And constantly run them in specialty magazines. Or on local billboards etc. This is simply not a viable option, for the average profit seeking, small business owner or service provider. Correct? On the other hand.
Let’s say for the last three years alone. Your single location, designer, retail jewelry store. Has invested a cool $25,000 dollars per month. Or X amount. on those outrageously expensive, local billboard packages.
And whatever the amount of total leads, it’s created over the past year alone.Once you put a pencil to your numbers. (If you can stomach doing so.) Your average cost per lead, (CPL), is probably, somewhere in the mid hundreds.
Meaning, you probably spend, anywhere from a $250-$600 dollars per lead.Ouch. And because you’re not strategically marketing your jewelry or retail business.As well as you could or should be. You’re not fully leveraging, the long term positive affects, of the positive word of mouth and mouse possibilities.
Why Attempt To Reinvent The Wheel Over And Over When You Can Simply Leverage Affects Of Making Your Current Customers Happy!
For just a moment. Have a look at the math, for just one year of those outrageously expensive, local billboard ad campaigns. So here you are investing, $25,000 thousands dollars per month. Or X.
And in just one year alone, the total comes to a staggering $300,000 dollars.Correct? ($25,000 per month x 12 months = $300,000 dollars.) So let’s take half, or a mere $150,000 dollars of the total amount.
And strategically A/B split test doing the following. Let’s say you’re initially going to target, local female professionals. So this includes, some of your areas, top female CPA’s, CFP’s, female attorneys, with every type of specialty imagine able.
Pick out at least five, local female, real estate brokers. Be they residential or commercial broker specialist. The top female mortgage and stock brokers. As well as, at least three of the areas top, local female fashion guru-ettes.
This is a pretty diverse target list, is it not? Anyway, let’s say your initial, final tabulation, comes to 750 local professional women. Who you are literally banking on, knowing, at least 25 other local women each.
So all told. You expect, your overall, on and off social media reach,to be or quickly become, somewhere in the neighborhood of 18,750.Say what? (750 x 25 = 18,750.)
Give Your Target Audience A Real Reason To Sing Your Praises And They Will Enthusiastically Continually Do So!
So here’s what you do. You allow all 750 local professional women, or whatever your initial total number turns out to be. To purchase an extremely eye catching, pair of your mid level, diamond studded earrings.
Which normally retail for $450 -$650 dollars a pair. But they’ll only pay $200 or X dollars a pair. Say what? Hold on. You’re literally just getting started. And just for dragging a friend/semi qualified prospect with them, to your store.
Whose at least 18, before the extremely time sensitive discount coupon/gift certificate expires. You’ll also allow the first 250 professional women who do so.
They also get to purchase at a huge discount. One of your most popular, mid level bracelets, which typically retails for $400 dollars each.
But guess how much these first 250 or X number of local female professionals will actually pay? Are you sitting down? Just $99 dollars for the exact same extremely eye catching bracelet. Say what? In part two, you’ll discover at least three more proven ways, you’re gonna put this particular marketing/promotional approach, on steroids. Okay?
For now, are you definitely starting to see and appreciate, the long term, profit generating potential, of building brand awareness, using some market tested methods.Instead of the outrageously expensive, dismally performing traditional way.Say yes! Great. See you in just a little bit in part two.
It’s Not About Traditional It’s About Being Or Quickly Becoming Profitable!
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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