This Is Why You Definitely Need A Realistic Customer Retention Plan!

 

Have you also noticed how many profit seeking entrepreneurs, ill regardless of their current size. They initially anyway, are more than willing to waste a ton of their extremely hard money on outrageously expensive, dismally performing, traditional advertising or promotional campaigns.

Sure it’s incredibly easy to simply watch what your major competitors are constantly doing with their ad or promotional dollars.

And conclude if it works for them. You should probably be doing it too. But whose to say “how” much each new lead/new prospect/potential first time customer is actually costing them? Right?

On the other hand. The moment you or your major competitors decide to both invest and systematically nurture any type market tested customer retention plan. Your long term gross front and back end profits will definitely increase. (More and more over time.)

While your initial front end customer acquisition costs will clearly go down. And you finally have the option to both improve your bottom line. And invest even more in some inexpensive A/B split testing strategies or tactics. As you or your major competitors are about to discover.

Who Says Creating Brand Awareness Is Beyond Your Budgets Reach?

So how many of those commercial buildings in your particular area is at least 10 to 15 stories high and has at least 10-12 office suites per floor? Probably a few correct? And on the main 1st floor lobby. There’s a restaurant which usually opens about 5:30 – 6:0’clock every morning. M- Saturday. And closes at 2 pm in the afternoon.

And they sell the usual stuff. Coffee, breakfast & lunch menu type items, right? So you’ve basically got the picture. And naturally because of it’s convenience. On average probably 60-85% of the current and future owners and employees located within the building frequent the mini restaurant at least two or three times a week year round.

And who knows how many of them purchase large cups of coffee or cocoa x number of times per week. And let’s say a typical Xtra large cup of coffee retails for $5.29 per cup.

What if the mini restaurant instead attempted to turn that 15-30% of their customers. Who maybe come in just once or twice a week at best to buy their morning coffee.

Being A Proactive Marketer Or Promoter Whose Always Open To At Least Inexpensively Testing Is A Great Marketing Strategy To Embrace!

Because typically they choose to stop elsewhere and buy coffee and whatever else. Now because the mini restaurant provides Xtra large plastic “Big Gulp” cups with their first or next purchase of coffee. No matter what size they buy.

And going forward each time they bring the cup back with them. The customer only pays .$99- $1.29 cents per cup. Say what? And now more than likely they’ll probably purchase other pastries, donuts or bagels w/cream cheese etc.

Instead of purchasing those items before they actually get to the building. And if need be. The mini restaurant can go even further by inexpensively offering two sided laminated index type cards.

Side (A.) allows the mini restaurant to punch five to holes in it. Each time their customer purchases a either a bagel, donut or pastry. And each future purchase they save X until the fifth or tenth one is free.

Or they can simply get a two sided laminated index card. And it only cost $10 or X number of dollars. And it’s an entirely different color. But it’s for life. Huh? Meaning now they automatically save 15 or X% off their future purchases.

Inexpensively Creating Long Term Repeat Customers Is Definitely You Or Your Major Competitors Ultimate Goal!

And side (B.) of either laminated cards list. The month and day, (but not the actual year they were born!) ladies. Their wedding anniversary. If that applies.

Valentines, Mothers and Father’s Day as well. And on those days. They automatically save 30 or X% off their total purchases. And if they bring their “Big Gulp” cups. A large coffee or cocoa is only $.49 cents. Say what?

The bottom line with this type of strategy is to as inexpensively as possible create, long term repeat customers. And remember the mini restaurant should inexpensively test setting up various types of back end revenue generating JV (Joint Venture) partnerships with as many non directly competing, local vendors as possible.

There’s More Previously Untapped Marketing Opportunities Just Waiting To Be Inexpensively Tested!

Say for example. They could create a “grab bag” strategy. Where each of their customers who spend over X. (Inexpensively price test if you need to.) And they get to reach into a bag and win gift certificates from other local participating vendors.

A really cool potential revenue generating JV could be. One or two of the mini restaurant employees could go floor to floor. And find out from either the owner of the business or the receptionist or secretary. How many of the current and future employees would like to receive extremely time sensitive gift certificates from their local retail appliance center JV partner.

And your JV revenue share arrangement with the local retail appliance center could be as simple as the retailer pays the mini restaurant owner $50- $100 dollars per customer. No matter how much or little they spend on their very first or next purchase.

Hopefully you can now better appreciate how and why you or your major competitors definitely need some type of market tested customer retention plan. Don’t you agree? Me too.

Thank Goodness You Definitely Don’t Need The Absolute Best Customer Acquisition And Retention Plan In Order To Get Started!

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