How And Why You May Be Currently Sitting On A Ton Of Untapped Growth Assets! Part Two
So the current advertising or promotion you’re currently using. Two things. First, are they really working? And if you were to stop them completely. Or temporarily pause them. For whatever reasons. Would they still generate some long term front or back end gross profits for you?
If not, why not? And if you’re only currently paying for any type of traditional advertising or promoting. Do you honestly consider them long term growth assets or not?
And given the choice (entrepreneur), do you prefer long term growth assets or resources, to traditional advertisements. Which continually go up in price. But not necessarily overall effectiveness.
Let’s face it already. Just because you or your major competitors consistently write extremely big checks for your advertising/promotional budgets. Doesn’t automatically mean more profitable ad campaigns does it? No way. However….?
Are You Definitely Starting To Wonder What Are Some Good Marketing Ideas? (To At Least A/B Split Test!)
Great question. Imagine this probably, not too likely marketing scenario unfolding any time soon in your area of town. Let’s take one of the upscale areas in your town.
And let’s say you’re either the sole owner or co-owner of a local, single location, non franchised retail appliance center. And to date your ideal customer, currently has a total lifetime customer value metric. Of somewhere between $300 – $15,000 dollars.
Give or take over the next five to seven year period. Give or take. And sadly just like the vast majority of your major local competitors. You too have wasted more than your fair share of revenue on those outrageously expensive, dismally performing local billboard ad campaigns.
At last count. About three years ago. You ran a local billboard add campaign which unfortunately lasted for twenty four months. (Do the math if you dare.) Twenty five thousand dollars a month. Over a two year, (twenty four month) period. This equals a staggering $600,000 dollars! Say what?
And when you actually tally your actual costs per lead (CPL) you definitely start to feel ill. Or at least you should. On the other hand. Look around in your immediate area.
And see how many non directly competing business owners or profit seeking service providers are out there. Who you or your major competitors could (and definitely should!) be forming some type of mutually beneficial JV (Joint Venture) or cross promotional relationships with.
Doing so will not only help dramatically lower your upfront, out of pocket customer acquisition costs. But you can also directly and indirectly increase your long term referral generating possibilities as well. For literally pennies on the dollar.
Sometimes You Just Have To Spread A Little Marketing Joy In Some Unlikely Places! (in Order To Generate The Long Term Results You Want!)
Say for example. Since your ideal customer has a total lifetime customer value metric of somewhere between $300- $11,000 dollars. Give or take over the next five to seven year period.
So you decide to laser target the local Mom & grand Moms in your immediate area. Huh? But with a nice marketing twist or two. And if things don’t work out to your liking. You will only have risked a relatively small amount. As opposed to the vast majority of your local competitors.
Who’ve already committed literally tens of thousands or hundreds of thousands of dollars. On you name it. Outrageously expensive, local prime time radio or TV ads.
Full or half page Sunday newspaper ads etc. You will be targeting local kids. Say ages 7-12. Be do so through their parents. Huh? Case in point. You will initially reach out to an extremely popular, single location, Mom & pop owned bakery owner.
Hopefully one both you and at least some of your staff has been patronizing for years. Here’s what you initially propose. Have the owner(s) tell which two days of the week. Depending on what time of the year it is. Which are their two traditionally slowest days of the week.
Sometimes What Initially Appears To Be A Weakness! (Can Indeed Be Converted Into A Long Term Strength!)
Imagine how fast this type of local promotional news will travel. Both on and off of social media. Say Tuesday-s and Thursday-s to begin with. The first 50 or X number of local women who come into the bakery.
They get to purchase an Xtra large “Big Gulp” beverage of their choice. But instead of paying the normal retail price of $4.79 per cup. They’re given a large plastic cup. (Paid for and supplied by you or your major local competitors.)
And the “Big Gulp” only cost them .$99 cents. Say what? And now whenever they bring it back. (And rest assured a certain percentage of them will.)
They only pay .$99 cents or X. Think about how much constant, positive word of mouth and mouse buzz this simple marketing ploy will definitely generate. Both on and off of social media.
Obviously as word continues to spread. More and more local women will definitely start to frequent this particular bakery. Correct? Absolutely. So what’s the end game for you or your major competitors.
You May Not Need An Army Of Extremely Satisfied Locals To Help Make Your Case! (But It Certainly Doesn’t Hurt Your Cause!)
Because in reality behind the scenes. You’re the one financing this marketing goodwill. (So glad you finally asked.) Actually it’s multi fold.
1.) First: You will have the bakery owner9s) to agree. In writing if need be. They will hand each local lady or the first X number on them. On the previously specified days. They order a “Big Gulp” and they will also be handed a sealed envelop, with the following words, written in big red print on the outside of the envelop. “You definitely deserve this!”
So you know they won’t waste any time ripping it open. Right?
2.) Second: Inside these local ladies will discover the following. An extremely time sensitive gift certificate. Where they can save 50% off any birthday cakes they purchase within the next 60 or X number of days.
In reality. Once again. You or your major competitors will pick up the actual hard cost. So the bakery isn’t out of a penny. Yet they still benefit from any long term marketing goodwill.
Plus, they’ll also receive an extremely time sensitive gift certificate from you guessed it. You or your major competitors retail appliance center. But that’s not all. Coming up shortly in part three. You will discover how to tie it altogether and literally hit it out of the park. So please stay tuned.
In the meantime. Are you starting to get a better idea of how and why you or your major competitors may be currently sitting on a potential goldmine of previously untapped growth assets? I sincerely hope so.
You Really Don’t Need To Look Any Further Than Your Current Customer And Vendor Base! (For Some Serious Long Term Growth Opportunities!)
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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