How A Nagging Local Recession Can Actually Help Grow Your Retail Jewelry Business!Part Two
So after reading and hopefully re-reading part one of this ongoing series, you too now realize, even a prolonged, nagging local recession or two, can actually help increase the long term gross front or back end profit potential, on your retail jewelry business.
Don’t you agree? Me too. 😀 Now before going any further.
Let’s add just a dose of reality here, shall we? 😀
No one is actually suggesting, you or I, are actually wishing and or down right hoping for, some type of mild and or severe recession of any kind.Quite the contrary.
Since recessions of any kind, be they mild and or severe, they are a normal component of any given prolonged business cycle, correct?
This being the case, it definitely makes sense, to prepare (as best you can), to strategically maneuver the waters, so as not to be as victimized by it, as your typical, semi cash strapped small business owner and or service provider would normally have to try and deal with, as best they can.
So Are You Curious To Discover How a Nagging Local Recession Can Really Help Grow Your Retail Jewelry Business!
Case in point. Typically during any type of prolonged, nagging recession.Prices typically, temporarily go south, do they not?
And if for whatever reasons, the semi cash strapped small business and or service, can’t fully recover, to it’s previous gross front or back end profit margins.
Then more than likely, the business and or service, will simply become just another statistic. Since one of the undeniable realities of any type of recession, is cheaper prices.
Here’s how you and or your major competitors, can strategically leverage a local recession, in order to systematically grow your retail jewelry business.
A Personally Customized Sales Funnel Will Definitely Help Elevate Both Your Short And Long Term Profit Potential!
Let’s suppose, (because of) an extremely mild case of temporary insanity. 😀 You were somehow convinced, to invest part of your extremely hard earned money, on some outrageously expensive, (not to mention) dismally performing, local billboard advertisement campaigns.
And let’s say you’re currently spending at least $3,500 (or x amount) of dollars per month on those lack luster billboard ads.
And now that you’ve officially come to your senses. Let’s take a serious look, at a few relatively low cost, potential marketing alternatives.
So since you now have access, to at least $3,500 dollars per month, to try and grow, or at least stimulate the long term growth of your retail jewelry business.
Suppose you were to approach a local, upscale winery business owner, where you and some of your staff, has literally been buying some of your more expensive wines and champagnes from for years.
And here’s what you initially propose with them, in terms of a potential strategic alliance arrangement.
You Really Can Continually Increase The Size Of Your Jewelry Business Without Necessarily Spending A Fortune To Do So!
You’d like to sponsor a monthly raffle, where each month, for a one time cost of just $25 dollars or X.
One grand prize winner, automatically wins one bottle of expensive wine per month, for an entire year! Say what? 😀 That’s correct.
For just a one time payment of $25 dollars or X. Each month these semi upscale customers get to enter a raffle and make a one time payment of X.
And each month, one grand prize winner, receives the option, to choose any one bottle of wine per month, for the next twelve months!
And the only stipulation is, the bottle of wine cannot exceed $150 dollars per bottle. Otherwise, the 1st grand prize winner pays the difference each month. 😀
This Is How And Why It Definitely Pays For You To At Least Partially Understand The Lifetime Value Of A Customer Formula!
So just for the sake of using some specific numbers, in order to convey this particular marketing concept.
Let’ say January’s initial first grand prize winner, paid the one time raffle entry fee of $25 dollars.
An they won. For the next twelve months, they get to go into the local upscale winery, and they choose an extremely popular brand name wine of their choice, which typically retails for $150 dollars. 😀
And if their choice for that particular month, happens to cost more, they’re legally responsible to pay the difference.
You Really Can Help Your Cause With The Right Small Business Marketing Strategies And Or Tactics!
The reason the jewelry is quick to 100% finance such an incredibly simple, non traditional marketing strategy, is at least two fold.
The individuals who entered the raffle, are also the ideal potential customers of the jeweler. And the jewelers current ideal customer, has a total lifetime customer value metric of somewhere between $6,500- $11,000 dollars, over the next five to seven year period.
The jeweler can easily (mathematically) justify initially investing, to pay the wineries hard cost of each bottle of wine. Plus do so for the twelve grand 1st prize winners.
Because as you may already suspect. Each month, the other 99% of the runner ups, will receive two potentially valuable second prizes, valued at X.
Let Your Entrepreneurial Ideas Help Take Your Semi resourced Challenged Small Business And Or Service To the Very Next Level Or Two!
If the winery doesn’t already realize, one of their best, main follow up offers, should be some type of market tested, extremely time sensitive “bounce back” offer.
The jeweler will strongly encourage them to create one to start testing asap! And Side (B.) of the wineries, extremely time sensitive bounce back offer, will be the the jewelers offer, to become a VIP opt in email/mobile marketing subscriber.
In order to enter the jewelers monthly free drawing.Each month, one extremely lucky local guy can potentially win a men-s Rolex watch, valued at $2,500 dollars or X.
This Is Definitely The Type Of Long term Sales Funnel Which Can Eventually Lead To Major Long Term Profits!
And once a month, one extremely lucky lady, will win a beautiful, $2,500 dollar diamond studded necklace.
Hopefully you agree, this would be a much more effective and strategic use of their $3,500 dollar monthly investment. Correct? Agreed.
And the other thing is, each runner up, will also be informed, it’s the wineries local jewelry store (JV) partners, who are really sponsoring this particular marketing strategy.
With The Right Strategies Your Retail Jewelry Business Can Grow Just As Fast As Any Other Retail Business With The Right Marketing Plan Can!
And over time, the retail jewelry business store owner(s) will not only be inexpensively be building their VIP opt in email/mobile marketing list.
But at the exact same time, they will definitely be inexpensively generating, some brand new first time customers, for literally pennies on the dollar. Will they not?
Plus, as an additional added bonus, they’ll be helping this local, upscale winery business, increase their gross profits too.
Are you finally starting to better appreciate, how a local nagging recession or two, can definitely help you build and or continuously grow, your retail jewelry business?
Without having to constantly spend a fortune in order to do so.
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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