This Is Why Starting Off Small Can Actually Be Or Quickly Become A Major Advantage!
Just in case it’s not crystal clear just yet entrepreneur. There are most definitely some major advantages to you and I initially starting off small. Especially as it relates to investing in any type of potentially expensive, (not to mention!) downright wasteful spending on traditional advertising or non traditional marketing strategies or tactics.
Here’s an all too common marketing mistake you constantly see newbie offline business owners or service providers make. Without doing any strategic A/B split testing whatsoever.
Someone inside the company or service is persuaded to pay for either six months (or potentially worst yet!) one full year of traditional advertising. For, take your pick. But truth told they literally have no idea at all which main power, “what’s in it for me?” headline actually resonates best with their target audience. Yet here they (or you!) are signing off on a years worth of outrageously expensive pre paid local billboard ad campaigns.
And even though they receive an incentive bonus discount of 10-15% off the usual 40,000 – $60,000 dollar a month rate. Based on the cost per lead (CPL) results these local campaigns typically produce. They or you are over paying by literally 50-600% per lead or more. It’s time for a proven change. Would you not agree?
Entrepreneur Try Not To Get Caught Up In Growing Too Fast!
Imagine “how” a rather common situation like this often turns out. Let’s say own or co-own a local mom & pop single location, non franchised pizzeria. And even though you and your partner work incredibly hard in, (but not on!) the business.
Even though you’re getting by. But the hours even after you close are incredibly long and grueling. You make ends meet and always meet payroll on time. But truth told with your current razor thin gross front in profit margins.
You really don’t have any readily available cash or business or personal credit to invest in trying to further grow your business. At least not using the potentially expensive traditional methods. And one day out of the blue. The local universities division one ladies lacrosse team has finally made it to the national final eight round of the national tournament. Which not only means major and continuous national TV coverage for the University itself.
But other local businesses and service providers as well. Where as a typical Friday & Saturday night from 6 pm to 1:00 am when you would normally be closing.
You might get a total of 40-75 orders. Now starting at 5:00 o’clock in the afternoon on Friday. You already have an eager crowd, (of mostly fans out of state), along with the University student body. They have already not only taken every available table in your semi tiny shop.
But there’s literally already a line of at least 80-120 (probably one and done out of state consumers) patiently waiting outside to come in and pick up their order(s.)
Because they downloaded you or your major competitors app and ordered ahead of time. Usually you or your major competitors would be overjoyed. However, there is simply no way for you to effectively service this enormous crowd. Because you are not in the position both staff wise and technology wise to handle this type of temporary influx of brand new, (and for the most part!) first time, one and done customers.
When Or The Moment You Create A Reliable Back End Income Stream To Your Business Or Service! (You Or Your Major Competitors For Literally Pennies On The Dollar Are Able To Go To A Whole New Level Or Two!)
Case in point. So imagine if one of your most reliable back end income stream generating profit centers is a JV (Joint Venture) revenue sharing arrangement with a local -non franchised- retail appliance dealer.
And as soon as it’s announced all over local TV and local radio, as well as all over social media. One of the local University’s Division One, female Lacrosse team has made it to the final round of eight. (Which is most definitely a big deal for the University itself, the coaches of the female lacrosse team. As well as the current and future recruits.
And of course the local economy as well. Even if it’s only for a few days to one week. So your retail appliance center JV partner immediately informs you via text days before both the outside crowd starts lining up. And as the inside of the shop starts getting over crowded.
Because here’s “what” they’re gonna do to inexpensively generate a ton of both new first time. And far more importantly long term repeat customers.
Who they will systematically generate for literally pennies on the dollar. Say the day of the final eight game in which the local division one female lacrosse team is scheduled to play.
The extremely marketing savvy retail appliance center will have placed some extremely large signs both inside and outside of you or your major competitors pizzeria.
So large music legend “Stevie Wonder” couldn’t miss them. The signs will inform both those in and outside of the pizzeria. Every order over $25 or X number of dollars. (A maximum of two or X per customer.)
They will receive a free $25 or X dollar extremely time sensitive gift certificate from blanks retail appliance center. All they need to do is sign up (opt into) you or your major competitors lead capture, (opt in email building) page for all of the exciting details.
You Or Your Major Competitors Get Creative And Keep Finding Non Traditional Ways Of Ethically Bribing Your Ideal Customers Or Prospects! (And Your Business Or Service Will Definitely Continue To Grow A Whole Lot Faster Than Usual!)
As soon as the potential subscribers come to your market tested landing page. They will be strategically segmented into both in or out of state subscribers.
They’ll check a box if their local or check another box if their from out of state. (Entrepreneur this is “why” you need to be utilizing the paid version of your email service provider of choice. So you can strategically do things like segmenting your lists. For maximum long term profitability)
Coming up very shortly in part two. You or your major competitors will quickly “discover” what to do with your segmented list in this particular, hypothetical marketing illustration. See you in just a bit, okay?
Are you starting to better appreciate some of the many long term advantages to initially starting off small?
(Those of you currently located in the US, thanks so much for stopping by. And enjoy “Independence Day!” The best to you and yours going forward. Continued success and you and yours remain safe!)
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