So How Would A Major Non Franchised Furniture Store Strategically Extend Their Market Reach?
(For Literally Pennies On The Dollar!)
First of all practically any retail furniture store owner(s), whether they’re franchised or not. They can easily spend (or waste!) a ton of money on outrageously expensive, dismally performing traditional advertising and or traditional promotional campaigns, agreed?
But the burning $64,000 dollar question is. Should they or you continue to do so? Because it’s not like these outrageously expensive, traditional ad mediums don’t already have a ton of other potential advertisers lining up to spend money too, correct?
Entrepreneur a much better allocation of your funds and effort. Might be to figure out “how to” strategically increase your long term market reach without going into major debt.
Or without burning resources, assets or putting your emotional and mental health at risk. Don’t you agree?
Thank Goodness It’s Definitely Not About An Outrageously Expensive Mass Marketing Strategy Or Tactic!
Entrepreneur if your corporate pockets are deep enough. And you’ve got a ton of patience to go along with it. You and or your major competitors can write huge checks are try and spend your way into prosperity.
Typically this mass marketing approach ultimately ends up costing way too much money. Of course there is absolutely nothing wrong with strategically using some traditional advertising methods here and there.
But closely tracking your results or lack there of. And doubling down where the results are positive. And cutting things off when it’s clearly not working. After you’ve systematically A/B split tested your results.
So as always the following example(s) are being used for hypothetical marketing illustration purposes only.
Take your typical non franchised, mom & pop local moving company. As their local economy starts to temporarily slow down for any number of reasons.
The locals have less discretionary income to spend. So they will usually spend it with the bigger more established brands, correct?
So What If You And Or Your Major Competitors Can Discount Your Prices But Still Meet Or Exceed Your Overall Quarterly Or Annual Revenue Goals?
Sure on the initial surface or without a full explanation. This sounds a little pie in the sky, does it not. But stop and seriously consider the following, previously untapped marketing possibilities.
Let’s say a local mom & pop, non franchised moving company has already lowered some of their price points by X% in order to try and compete with the much better funded local franchised competitors.
And “if” they try and lower their prices any lower they’re now trying to survive on razor thin margins. Which could potentially put them on the verge of bankruptcy if their cash flow is temporarily interrupted, right?
(And sadly this happens to independently owned business owners or independently owned service providers far more than you probably realize.
They (or you!) get in a temporary cash flow crunch. And they attempt to solve their (what they think!) is a temporary monetary challenge. So they try and solve it with a conventional solution. They try and borrow money from a local bank or credit union paying semi reasonable interest rates.
Sometimes So Called Convention Challenges Need Unconventional Solutions!
So much to their surprise. The lender takes a close look at their temporary cash flow challenges. And ultimately decides both the potential collateral they’re attempting to pledge for the loan.
Plus their razor thin margins just pose too much of an unnecessary risk for them at this particular time.
“Why” go way out on a limb when there are far more safer and therefore more reliable entrepreneurs to loan money to? But imagine there’s a local non franchised retail furniture store owner.
Whose ideal customer currently has a total lifetime customer value metric. Somewhere in the neighborhood of $400 – $11,000 dollars give or take. Over the next five to seven year period.
And rather than continuously waste a fortune on outrageously expensive, dismally performing traditional advertising campaigns.
Instead the retail furniture store owner(s) will at least attempt to partner up with a few local, non franchised moving companies.
You Definitely Don’t Have To Allocate All Of Your Resources Or Assets Into Trying To Build Your Customer Base Alone!
And let the moving company offer their current, past and future customers. (As well as current and future employees.) (For an extremely limited time of course.) They can not only rent a truck or actually pay the movers at an advantageous discount to transport their stuff locally from point A to point B.
But just for renting the truck and save X % off. They also get an extremely time sensitive, one or two sided gift certificate from the retail furniture store. (Courtesy of the local moving company.)
First time customers only can save X% off. (And now with just a few potentially profitable marketing twists.)Which “if” nothing else can and definitely should be inexpensively A/ B split tested.)
First: The first X amount of customers who rent a truck for the current daily retail rate of X. The extremely time sensitive discount certificate they receive from the retail furniture store is for the maximum rate of X% off.
And simply for joining the retailers opt in email list. Which automatically enters them into the retailers monthly or quarterly free drawing. For their chance to win a $10,000 or X dollar master bedroom suite.
(Truth told the retailers actual hard cost is typically half or a little less.)
The Faster And More Effective You Become With Your Ethical Bribery! (The More And More Successful You’ll Ultimately Become!)
Second: Wherever the local moving company happens to be located. Whether it’s in a commercial warehouse structure or a local mini strip mall etc.
They’ll make darn sure ever other non directly competing business or service provider there. Knows both the owners, their current and future employees. As well as their current and future vendors.
Can all rent a high truck and save X% off for life. (Because in reality the retail furniture store owner(s) will gladly pay the difference in prices per customer.
In order to get their extremely time sensitive, market tested, opt in email list building certificates in these potential prospects hands.
Third: And finally…The local movers will do everything they possibly can. To power network with several of the local junior colleges or local state colleges.
And offer students who are moving off campus. Discount prices to rent trucks. And by extension offer discount savings on retail furniture via the retail furniture stores extremely time sensitive gift certificates.
Entrepreneur without over complicating things any further. This is the 30,000 foot view of “how” a local, non franchised retail furniture store strategically extends their market reach without going broke. Any questions?
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