How to improve retail sales on a shoestring budget!part Two
As you previously discovered in part one of this series about how to improve retail sales, even on a shoestring budget.
There are any number of surefire ways for your cash starved, small business and or service, to do just that. Don’t you agree? However, in part two, you’re going to zero in on an extremely powerful (long term) marketing concept, that was mentioned in part one.
And use it to absolutely break the bank, for a whole lot less, than your major (better) capitalized competitors will be able to! Sound good? Let’s get started!
How To Improve Retail Sales For A Fraction Of The Traditional Cost!
As you recall in part one about how to improve retail sales, for illustration purposes only, the example small business was located inside of a popular local mall. (And of course, in order to successfully implement this particular mega proven marketing strategy, it’s not necessary for your business and or service to be located inside of a mall!
It was just being used, so that all the other businesses involved, make implementing this powerful strategy, so much more practical and profitable!)
As you recall the concept of cross promotion syndication was being introduced. Here’s the basic outline, let’s say there are eighty five active stores (at any give time) located inside the mini or full fledged mall.
And forty of you (or X number) of you decide to combine (syndicate) your cash (advertising dollars) and other resources, in order to stretch your marketing dollars and marketing leverage. So agree to strategically (and collectively) add $100 dollars cash apiece to a syndicate marketing pool.
Watch how you can creatively use to create some serious (long term) positive word of mouth (local) buzz, that’s far more profitable than simply pooling your money to buy outrageously expensive, traditional advertising from (either) your local TV or radio stations etc.
How To Improve Retail Sales With Powerful Cross Promotion Syndication s!
Here’s your math: if (again) strictly for illustration purposes only. If forty of the business owners inside the mall agree to participate in this powerful cross promotion syndication.
It will cost each participant just $100 dollars (or X) cash per week. Because you’ll need to inexpensively test what amount of total dollars and how you allocate them, produces the most bang for your buck!
But $100 dollars each times 40 participants equals a gross market budget of $4,000 dollars.And of course if each cross promotion syndicate partner can afford to invest just $200 dollars each, then your total weekly cross promotion marketing pool now equals a whooping $8,000 per week!
Now let’s quickly take a look at five incredibly powerful ways that you can strategically use this weekly marketing pool, to explode your long term profits for literally pennies on the dollar!
1.) Cross promotion marketing strategy # one: Test placing at least three kiosk type of displays ( staffed with a live person of course) at both ends of the entrances into the mall, plus one in the middle (on every level), if the mall has at least two levels.
And add a really huge sign that reads “Free Weekly Drawing! No Purchase Necessary! Win $1,000 dollars cash and a $300 dollar gas card!” As the mall shoppers rush to sign up, have your live attendant offer them a special (extremely time sensitive) VIP discount coupon for 20% off for the next ten (or X number of days), and on the back of the index card, list all 40 (or whatever) the total number of cross promotion syndication partners is.
And they have at least ten days to shop at any of the participating cross promoters and save 20% off. No minimum purchase required!
2.) Cross promotion marketing strategy # two: After the ten days (or whatever) time frame you decide on is up, offer them a renewal card good for the next six months at $20 dollars or for one year at just $30 dollars!
(This will help slightly offset some of your marketing costs to print the various coupons and index cards etc.)
How To Improve Retail Sales Through Powerful Word Of Mouth Advertising!
3.) Cross promotion marketing strategy # three: Each week after you choose your weekly grand prize winner, which will cost a total of $1,300 dollars of your $4,000 gross amount. You take at least $1,600 of your remaining $2,700 dollars ($4,000 – $1,300 = $2,700 dollars.)
And you send at least twenty women a dozen roses, a box of rich gourmet chocolate and a $20 dollar gas card to boot! And this will be delivered special courier to their home,job and or place of business etc!
(Plus, include at least ten VIP discount coupons, for them to pass out among their friends! You can bet their social media sites will be a buzz with positive chatter!)
And this is valued at $80 dollars apiece! So that’s an additional $1,600 of the remaining $2,700 dollars. ($2,700 – $1,600 = $1,100.)
4.) Cross promotion marketing strategy # four: Here’s the other thing you do, as the mall shoppers rush to enter the free weekly drawing. Ask to see the shoppers receipts and if they total over $75 dollars (or X), meaning, you’ll need to inexpensively test. To see what’s the typical average amount spent per shopper.
If their total is over $75 dollars, they get to reach into a special VIP grabbers bag that has all 40 of the cross promotion partners special VIP discount coupons in it! So in essence, they’ll be getting a proven “bounce back offer” to come back to the mall and save an additional X% off, within a very short period of time!
5.) Cross promotion marketing strategy # five: And finally. … You take the remaining $1,100 dollars and you do some really cool stuff like send at least 20 people runner ups that entered your free weekly drawing, and you deliver two large pizzas and 25 buffalo wings too.
And have them delivered to their job, business and or home. Plus, you include ten free (date stamped) VIP discount coupons good for 20% off, for the next ten days.
And let them decide who to give them too! And that (entrepreneur) is basically, how to improve retail sales, even on a shoestring budget!
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!
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