Why It’s Ultimately Gonna Be Decided By Your Specific Marketing Incentives! Part Two
(Especially If You Decide To Add A Potentially Profitable Back End Marketing Strategy Or Two To Your Long Term Marketing Mix!)
Hopefully after initially reading and re-reading part one of this ongoing series. You now better have both a deeper understanding a appreciation. Of how certain proven marketing incentives.
On either the initial front end. Or the far more potentially lucrative. Long term back end of your sales funnel. Either approaches can and definitely should be systematically leveraged. For maximum profit generating possibilities. Don’t you agree?
This Is Definitely One Of The Proven Keys To Systematically Building A Rapidly Growing Small Business Or Service!
Think about “how” much the typical total lifetime customer value metric is. For a cruise ship business owner(s) ideal prospect or customer. A quick but very important distinction.
Sadly a vast majority of your major competitors. Do or have not yet been able to determine the overall long term residual value of their ideal prospects. (Meaning those who don’t buy much over time. For whatever reasons.)
Say in the case of an extremely marketing savvy retail jeweler. Let’s say they routinely sell a pair of extremely eye catching diamond studded earrings.
Which typically retail for at least $650 dollars or X. (But truth told their actual hard cost is half or slightly less. And they really want to strategically generate a ton of positive word of mouth and mouse buzz.
But they’re really not interested in wasting another $40,000 – $75,000 a month in the larger markets. On those outrageously expensive, dismally performing, local billboard ad campaigns.
Let’s use. (Strictly for hypothetical marketing illustration purposes only.) The $40,000 dollar a month figure. Profit seeking entrepreneur please multiply $40,000 x 12 months.
In other words. Let’s focus on their investment of $40,000 dollars per month. Over a one year period. ($40,000 x 12 months = $480,000 dollars, does it not?)
Why It’s Ultimately Gonna Be Decided By Your Specific Marketing Incentives! Part Two
Here’s Is How And Where You Or Your Major Competitors Can Strategy Turn The Tables! (And Make Your Marketing Or Promotional Dollars Literally Work Over Time To You!)
Now let’s divide $480,000 dollars by the actual hard cost of $325 dollars for a pair of extremely eye catching earrings. Which typically retail for $650 dollars or X.
So 1,476 local women from literally all walks of life. Are showcasing some local jewelers extremely eye catching bling. 😀 But instead of paying the usual retail price of X. They only paid Y!
You know a certain percentage of both their professional and inner circle tribe(s), will definitely wanna know the entire 411, correct? And since each local lady usually knows at least 25 other local women apiece! 😎
My math says 1,476 X 30 = 36,900. Thirty % of them are primed to become first time customers within the next 90 or X number of days or less.
Which means 11,070 locals. (36,900 x .30% = 11,070.) Typically spend on average $475 dollars each. This extremely savvy retail jeweler just grossed on the initial front end only ladies & gents. 😀 A very respectable $5,258,250 dollars!
And remember. They haven’t even followed up with the remaining 25,830 locals. In other words the remaining 70%! 😎
Don’t Try And Build Your Business Or Service Strictly Relying On Your Front End Sales Revenue Only!
And remember. Since the retail jeweler offered a free drawing. Where each month or quarter. One local man and local women. Each win the 1st grand prize.
They each win a $7,500 dollar piece of great looking bling. A fancy diamond studded necklace for the ladies. And a Men’s Rolex watch. Which usually retails for $7,500 dollars or X. (Actual hard cost
That’s why their follow up opt in email list is so large. Even after X% unsubscribe. For any number of reasons. Even if the numbers in this strictly hypothetical example are half on the initial front end. It’s still a pretty darn good pay day. Don’t you agree?
If so, go ahead and get started on implementing your own creative marketing incentives. Or at least inexpensively testing them,.
Just Because The Vast Majority Of Your Current Major Competitors Aren’t Fully Maximizing Their Previously Untapped Marketing Opportunities! (Doesn’t Automatically Mean You Shouldn’t!)
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!
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