This Is What Makes Some Of The Best Retail Loyalty Programs So Potentially Profitable!
So after systematically weighing the pros and cons. Are you finally starting to better appreciate how and why some of the very best retail loyalty programs work so incredibly well? I sincerely hope so.
Because as or when you do. Literally tons of previously untapped marketing opportunities are now available to you or your major competitors. Say what? Nod your head cadets because it’s true.
You’re about to “discover” how you or your major competitors can take an awful lot of emotional pressure off your shoulders. And dramatically reduce your overall stress levels and relive some of the unrelenting financial pressures as well.
And the best part of it is. You don’t need to go into massive amounts of short or long term debt. (Thank goodness.) But you will definitely need to adjust your profit repelling or profit stagnating thinking. Understood?
This Is Why Your Average Customer Acquisition Cost Is So High!
Wanna try an extremely eye opening-real world- marketing/promotional experiment? Good answer. So imagine two major offline local competitors. Both own single location, independently owned Mom & pop type retail appliance centers.
And both have in the not so recent past. Wasted a staggering $25,000 dollars a month. ( Or more!) On those outrageously expensive, dismally performing local billboard ad campaigns. (You know “what” I’m referring to, right?)
But now you’ve finally wised up enough to the point. You and your expert marketing team are at least open to inexpensively A/B split testing some non traditional marketing/promotional strategies and tactics.
So here’s what your major competitors has decided to do for now. He or she sends two of her top sales managers to a couple of the busiest streets in the downtown are. Preferably around lunch time. When both the local state workers and other works, vendors and suppliers are busy going about their daily routines.
And they start asking, (soliciting!) the passerby’s, if they’d like an extremely time sensitive 10% off discount coupon to their store. And they try this raher lame approach for at least three days or so.
And they’re told to keep track of “how’ many complete strangers they actually made this offer to. And each where given 500 of these discount coupons to begin with. And to check back in with the owner in three days.
So they can see how well this particular approach did or didn’t do.
It’s Extremely Tough To Pitch Complete Strangers! (Who Have No Idea Who You Are Yet!)
As you might well imagine. Neither sales manager had much to brag about. Between the two of them. In three long five hour shifts each day. Even though they both started out with 500 discount coupons each. Or one thousand collectively.
After all was said and done. They each still had 496 each. So between they only managed to give eight of them away. So what? Pretty dismal, correct? Now contrast that rather lame approach.
To what you’ve been quietly A/B split testing. Every customer who spends at last $50 or X amount of dollars. And joins your opt in email list too. They’ve just earned three potentially valuable bonuses worth X. Say what?
1.) Totally unexpected potential bonus gift # one: They automatically receive an extremely time sensitive, market tested “bounce back” offer of some kind. Huh? Meaning as long as they return to your store before a specific date. Preferably the next five physical days or less.
They automatically save X% off their total purchase.
Making Doing Business With You Both Fun And Extremely Profitable For Your Ideal Customers Is An Extremely Profitable Marketing Tool!
2.) Totally unexpected potential bonus gift # two: Next, simply for dragging a friend back with them whose at least 18. Before the expiration date. They automatically receive some type of benefit for doing so. Something they would normally pay retail for. They either get at your actual hard cost. Or save 20-75% off the normal retail rate.
And your friend saves X provided they do X, Y or Z before they leave your store.(Get creative here. And start blowing your major competitors away.)
Because the positive word of mouth and mouse exposure. Is definitely more than worth it in the long run.
3.) Totally unexpected potential bonus gift # three: Simply for joining your opt in email list they receive another extremely time sensitive discount coupon offer of some kind.
Again you’re ethically bribing your ideal customers who spend at least X. Because the more they’re willing to spend. The more likely it is. They’ll return and become long term repeat customers. And they constantly refer you new business. Which literally cost you pennies on the dollar.
Not to mention the potentially bank account filling testimonials you’ll constantly receive too. Are you starting to better appreciate “what” makes some of the very best retail loyalty programs so potentially profitable? Say yes.
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!
As always if you got any value out of this post, please share this on your favorite social media sites or tweet this. Thanks!
And if you’re currently registered on Linkedin or twitter, and you’re serious about about doing some type of power networking. Let’s get connected asap!
Extremely important note: And if by chance, you happen to know any of the lesser known podcasters,(or radio show host)
who also target small business owners, service providers or aspiring startups entrepreneurs etc.
And they’re pro-actively looking for potential guest speakers. Please don’t hesitate to-either- pass their name and contact information directly
to me or vice versa! Thanks!
(Click the link just below, and watch the first video at the top of the page, if you’d like to see the entire 33 minute replay, of a guest podcast on
marketing your small business or service. I Recently appeared on.)
And be sure you grab your explosive free 22 step small business marketing idea kit series, because it will help you increase your gross profits by
as much as 25% in the next 90 days or less.
And help you master your effective communication in marketing skills.(No matter what your particular niche market is.) It’s a $97 dollar value and it’s free! Please note some links on this page are affiliate (income producing) links.
