Cheer Up You Can Still Increase Your Profits Even Though Your Competition Increased And Your Credit Line Is Reduced!
(And There’s A Nagging Recession And Your Customer Base Is Down Ten Percent Or More!)
So are those enough challenges for you or do you need more? Of course you wanna do whatever’s necessary to increase your profits right? Stop and think about your “how” typical -cash starved- struggling small business owner and or service provider, would respond to the aforementioned situation.
And just to really grease the skid, let’s also mention the fact that, you’ve got unwanted additional pressure from increased competition, that’s hell bent on being the less expensive alternative! And to add insult to injury, your banker recently informed you that your recently increased line of credit, has just been decreased!
Okay, so “who” wants to another round of, “can it get any worse?”
How To Increase Your Profits Even Though You’ve Increased Competition!
(There’s A Nagging Recession And Your Line Of Credit Just Got Reduced!)
Okay, so we’re definitely piling on here! But hey, it’s just to open your eyes to the potential long term profit potential, that’s contained in this incredibly powerful long term marketing strategy. But in the same breath, let’s be totally realistic here! This particular three prong approach strategy, cannot save or help you if , you’ve got extremely lousy or neglectful customer service!
Or, if your business model is flawed to begin with. But if on the other hand, all you’re really suffering from is, a temporary lost of customer or client base. Then the following (under utilized strategy) will definitely help you (and some of) your savvy joint venture partners out!
Since you already know and realize that your typical competitor spends on average, a whopping 500% (at least) in order to create that all important first time customer or client, correct?
Why not not approach your marketing strategy from the other end! Huh? Let’s suppose you market a paid newsletter of some kind. Why not go out of your way to offer those expired former paid subscribers, an outrageous offer, in order to get them back! Because remember, it’s still in all likelihood, dramatically cheaper than trying to create a brand new subscriber!
But here’s where you “leverage” this smart marketing opportunity to the hilt! First, offer them say, X% off, in order re-subscribe. For ex; instead of paying the normal rate for twelve issues of $97 dollars.
You’ll only charge your actual (offline hard cost) of $47 dollars ( or X), for the same twelve issues. So for ex; you’ll offer them two years (or 24 issues), plus three to five of your best market tested free bonuses valued at X, for just $47 dollars! Or some ridiculous market tested lower price!
But here’s the kicker! You’ll also let some of your best non competitive JV partners, make that exact same offer to some of their best customers and clients, in exchange for their inactive or ex customers or clients becoming active with them again!
If just 20% of their ex customers or clients, become new subscribers of yours. Your still way ahead! And that’s the point! And the absolute best part is, this simple under utilized strategy, won’t cost you nearly as much as routinely spending an additional 500% or more to create your typical new first time customer or client!
So it’s a really an economical way for you to increase your profits, for pennies on the dollar. Don’t you agree?
Please list at least two simple spin off concepts (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 Digg or tweet this. Thanks!
And be sure you grab your explosive free 22 step small business marketing idea kit series, because it will help you increase your profits by at least 25% in the next 90 days or less.
And help you master your effective communication in marketing skills.(No matter what your particular target market is.)
It’s a $97 dollar value and it’s free!
