How To Grow Your Bakery Business Even In The Face Of Some Fierce Competition! Part Three
So now that you have a much better idea, of how to grow your bakery business and service.
Now it’s really more of a question of where do you actually start, correct? Agreed.
Because you should have a much better handle on which particular marketing strategies, to at least initially get the ball rolling in the right direction, correct?
In the remainder of part three of this ongoing series, you will be exposed to at least three more currently untapped, lead generation strategies and or tactics to seriously consider.
All the while knowing and understanding your major competitors are currently nowhere near your level of understanding and or marketing sophistication. Agreed?
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As you recall in part two. Since your ideal corporate clients (which) primarily consists of local small business owners and or service providers. Correct?
Who ideally have anywhere from 5-25 employee and or associates each, correct? On average when the owner(s) of these establishments sample your wares for the very first time.
About three out of ten or 30% of them eventually convert into some extremely valuable, long term repeat customers.
(Which are some extremely valuable stats to know and truly understand. Because now you know and understand with reasonable mathematical certainty.
For every 100 or so local businesses or services which initially order from you. Over time about 30 of them (and typically at least 40% of their current and future employees) will also become extremely loyal, long term repeat customers. 😀 )
Which means, depending on how active their services and or companies are, with various in house celebrations and or recognition events etc.
Your business will constantly be receiving orders to supply customer appreciation days. National secretary days. And or “Small Business Week” type of events etc.
And in house celebrations, for the opening of second locations, various in house promotions of key staff members, retirement and or going away parties etc.
Hopefully, you’re starting to appreciate the total lifetime customer value concepts a whole lot better. Correct? 😀
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As you initially read and re-read part two of this ongoing series about how to grow your bakery business.
And you truly start to appreciate the total value your local business building skills are continuously bringing to the entrepreneurial table. 😀
Here’s where you and or another local, non directly competing vendor,(be they a retailer and or service provider of some kind.) Can and definitely should form some type of mutually beneficial, joint venture (JV) partnership of some kind.
Enter a local, extremely marketing savvy retail jeweler. Who (perhaps) currently runs, a fairly successful single location retail store.
Which is closer to the higher end of the local market. And their current, ideal customer has a total lifetime customer value metric of somewhere between $6,500- $11,000 dollars. (Give or take over the next five to seven year period. (With 65- 80% being total gross profits and the remaining 20% being non traditional customer acquisition costs.)
And since the jeweler has such a large, gross front and back end profit margin to work from.
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They can easily afford to help you grow your bakery business, while they steadily profit from the back end of their long term marketing strategies and or tactics.
Here’s one brain dead simple marketing tactic the retail jeweler who just happens to specialize in. Some of the higher end designer jewelry, can easily use your bakeries local female clientele,(from virtually) all walks of life, to help create some positive, viral marketing word of mouth and mouse buzz.
Both on and off of social media for literally pennies on the dollar. Keep in mine, currently, this local retail jeweler has used outrageously expensive, dismally performing, local billboard ads to try and generate some brand new first time customers.
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And they’ve also spent a ton of money, (which truth told) the vast majority of it, they’ll probably never see again. On the traditional, local prime time TV and or radio ads, right?
And those leads typically cost anywhere from $125 -$475 dollars each! Say what? 😀 Nod your heads cadets because it’s true.
This being the case. The retail jeweler (and or you), propose the following lead generation/positive word of mouth and mouse marketing tactic.
Initially, twice a week on the bakeries traditionally two or X number of slowest days of the week.
The jeweler will in essence, (sponsor) a five or X dollar credit to the first 25 or X number of local women, who order at least $10 dollars worth of goodies or more! 😀
Think about these 25 local women for just a moment, twice a week for 52 weeks out of the year being given, a $5 or X dollar credit, they totally didn’t expect!
Can you say social media and text messaging explosion! 😀 I sincerely hope so.
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Did you catch the marketing math in the last section? If not. Connect the dots.
Initially the extremely marketing savvy retail jeweler will inexpensively test issuing a simple $5 or X dollar credit twice a week, to the bakeries first 25 or X number of female customers who spend at least $10 dollars or more.
And because they will initially start out doing so on two of the bakeries, traditionally two slowest days and or seasons of the year.
These 50 local women from literally all walks of life and different economic backgrounds will receive this benefit 52 weeks a year.
Which means at the end of 52 weeks a grand total of 2,600 local women of varying degrees of influence and affluence! 😀 (52 x 50- 2,600 local residents.)
They will easily have shared their good fortune with at least 25 other local women & men, correct? 😀 (You get the pleasure of doing the math. 2,600x 25 equals? And typically 30% of that gross number spends at least $50 dollars each.))
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Which means, an additional 65,000 individuals, who all know at least 25 others as well! 😀 They too, will be exposed, to both the jeweler, and your bakery, correct?
In part four of this ongoing series, you’ll discover how to grow your bakery business, even in the face of some better financed, major competitors! Okay? See you in just a little bit in part four.
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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