This Is How You Make Darn Sure Your Promotional Strategies Position You For Long Term Success!
It’s no secret your typical small business owner or service provider literally has no realistic clue what their ideal customer is worth to their bottom line over time.
And as a direct result (they or possibly you as well!) constantly miss the opportunity to convert one time sales into long term business. And in most cases for literally pennies on the dollar. Which is ‘why” it’s critically important (entrepreneur) you proactively embrace some proven promotional strategies and tactics.
Because some of your traditional marketing strategies and tactics. While they’ll definitely help improve your bottom line. They’ll also in some cases dramatically increase your initial front end costs as well. So even though you’re working harder and harder. (Translated physically working longer hours per day. Especially in the beginning of your entrepreneurial journey.
Your gross profit margins might even be constantly shrinking. Because you can’t or haven’t put in place a proven system or process which dramatically reduces your cost. Maybe it’s time you did. Don’t you agree?
Whether You Call It Advertising Strategies Or Marketing Tactics! (They Should Lead To Inexpensively Long Term Repeat Sales For Literally Pennies On The Dollar!)
(Strictly for hypothetical marketing illustration purposes only.) Let’s say you’re definitely open to “discovering” some relatively inexpensive ways to grow your customer base for your local hair or nail salon.
And while one of your most popular stylist is busy shopping at a local women’s clothing store. Your stylist gets into a really interesting conversation with the owner of the store.
And she finds out the owner currently has three full time employees and one part timer. And currently does business with at least five local, non directly competing vendors.
The short of it is the following. Your stylist asks the owner the all important “magic question.” Which is, “is it okay to periodically refer you new business?” And upon receiving an emphatic yes. She automatically ask the follow up question. Which is “and by the same token, as long as it doesn’t interfere with anything you currently have going on both now and in the not so distant future.
Are you okay with periodically returning the favor?” To which the store owner answers with an emphatic yes. Basically you arrange to offer your hair stylist customers who spend a certain amount.
They receive a market tested, extremely time sensitive, (first time customer only!) gift certificate to the clothing store. They come alone and they save 10% up to $75 dollars. (Not terribly exciting or motivating is it?)
or they can drag a friend with them, (who’s at least 18) and also a potential first time customer. And for doing so before the ten or X day expiration date expires. They will be ethically bribed with a 20 or X% savings up to $500 dollars.
And everything above $501 dollars or more. And they automatically save 30% off.
Entrepreneur Some Form Of Ethical Bribery Definitely Helps Move The Needle! (And Fast!)
So each time the hair or nail salon owner(s) or both. They ethically bribe their customers to spend just a little bit more than they originally intended to. They get an extremely time sensitive ethical bribe gift certificate coupon (or something!) with a relatively high perceived value.
Which they totally didn’t expect. And statistically speaking. Just like when McDonald’s trained cashiers (all over the world), ask “would you like fries or an apple pie with that?” Rest assured a certain percentage of you or your major competitors will absolutely take advantage of such a generous, (totally unexpected!) extremely time sensitive offer.
Which also means a certain percentage of you or your major competitors customers will storm their social media accounts. Constantly bragging about the really cool ethical bribe they received.
And as a potentially powerful word of mouth and mouse ( marketing bonus sweetener.) The clothing store or whatever the particular retailer or service provider happens to be. They will allow the nail or hair salon owner(s.)
And all of their current or future employees (aka) stylist get grandfathered in at X% off life time savings percentages. And on the anniversary of the business or service. (provided the customers own their own business or service.)
The business owner and their current and future employees automatically save X% off their total purchases. For an extremely limited time of course. And simply for dragging a friend with them they not only save X% plus.
But their guests save 1015 or X% off up to $500 dollars or X. The main point being certain market tested promotional strategies and tactics.
Will greatly improve your ideal customers total lifetime customer value metrics. While other bank account filling marketing strategies and tactics primarily lead to one and done type cash flow generating activities. Which option do you prefer?
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