If You Think Your Business Or Service Is Like A One Night Stand You’re Sadly Mistaken!
So right after or during a sale of your awesome products or services. Do you immediately focus on the very next, brand new first time customer?
And sort of mentally abandon, the brand new customer (s) you just worked extremely hard to acquire? If so. My friend, your business or service, is probably suffering from, a mild to severe case of one night stand syndrome. Say what?Nod you heads cadets, because it’s true.
Meaning: Sadly you only see the immediate sale. And you clearly are neglecting and (without) knowing or fully appreciating it. You’re about leave a ton of back end, long term residual gross profits on the table.
Because your brand new customer, whether you realize it or not. They have the potential to continuously refer new, at least semi qualified prospects to you. Or your major competitors. Or constantly buy from you or your major competitors, for literally years and years to come. Don’t you agree?
Have You Noticed How Proverbial One Night Stands Can’t Or Don’t Stand The Test Of Time!
Take this first, hypothetical, (albeit) straight forward marketing example. Let’s suppose the annual bridal show is either about to or has just taken place in your local community. And believe it or not. The really popular ones, can easily anticipate anywhere from 10,000 – 40,000 local, (primarily women) passing through their two or three day event.
Which means, those booths, can literally cost, anywhere from $5,000 – $25,000 dollars. say what? But briefly stop and consider the following. Let’s say you’re a retail jeweler.
And your ideal female customer, has a total lifetime customer value metric, of somewhere between $400 – $11,000 dollars. Give or take, over the next five to seven year period.
And let’s say, (strictly for) hypothetical marketing illustration purposes only. Let’s say in your particular city or town. The attendance for your cities three day bridal show event was 27,943 local.
And let’s say 93% of them were women.So 25,986 local women passed through and made the rounds to practically every booth on display.
And one incredibly marketing savvy bridal booth owner. They sponsored, (what else?) A free drawing.Where the 1st grand prize winner, wins a free -mid level- bridal gown. Which typically retails for at least $2,500 dollars.
And let’s say 7,345 local women enter.
If All You See Is The Initial Front End Sale Of Your Business Or Service! (You’re Literally Leaving A Ton Of Untapped Opportunities On The table!)
Of course you realize and fully appreciate. Sadly, only one local lady, will be the 1st grand prize winner. Correct? And ‘what” about the remaining 7,344 entrants. Do you or the other extremely short sighted marketers, simply kick them to the curb? Of course not.
What then? Well. If you’re using, a reputable, paid email service provider, to build you long term, opt in email or mobile marketing list.
Now you or your major competitors, can easily and systematically follow up, with all of your runner ups. For literally pennies on the dollar. And make the runner ups, some extremely time sensitive offers.
Like maybe. For the next X amount of hours only. Come alone and save 10 or X% off any purchase up to X. Or, simply for dragging a friend with you, whose at least 18. You automatically save 25-40% off any purchase up to X plus. (Are you starting to see how potentially profitable, this incredibly simple strategies can be or quickly become.)
Have You Also Noticed There’s Definitely More Than One Way To Profitably Skin A Cat?
Or ‘what’ about this as an extremely viable marketing alternative. What if you or one of your extremely marketing savvy, major retail jewelry store competitors, proposed the following:
A.) They could either invest, 50% of what the vendor paid, to rent the booth. And share equal ownership, in all of the locals who enter the free drawing. So if this particular vendor, invested $10,000 dollars to rent their booth for this entire three or X day event.
Your investment of $5,000 or X number of dollars. Means, no only, whatever business the vendor initially does on the front end of their sales funnel. But any, long term, repeat back end sales they consistently generate.
They’re actually doing so, for a fraction of the traditional out of pocket cost. Because $5,000 or X amount of dollars of their initial investment was returned to them.
B.) And for your part. In this particular example only. You or your major competitors. Invested $,5,000 dollars. Got 100% joint ownership rights, to 7,345 local women subscribers.
Who on some level, are definitely interested in the women-s bridal industry. In part two, (you’ll) discover some really cool, marketing alternatives.But for now. Please seriously consider the following.
There must be at least a few local offline or online vendors. Who would gladly either:
A.) Revenue share anywhere from 25-50% of their gross front end profits, after deducting their actual hard cost of their product or service fulfillment. In exchange of, not having to pay any up front, advertising, promotional or marketing costs.
B.) Or, if you prefer, you could sell or revenue share your list, via a Joint Venture) arrangement, with other non directly competing vendors, who ned your subscribers. But simply aren’t quite as savvy with their marketing efforts as you are.
You could send an endorsement type of email, to segments of your list. In order to initially test and gauge the effectiveness of their initial offer.
And only roll it out, to the rest of your list.If and only if, yo both like the initial results. Needles to say. None of the above, is likely to happen on any level. As long as you’re treating your business or service, like a one night stand. Would you not agree? Me too.
Keep Running Your Business Or Service Like A Glorified One Night Stand If You’re Not Totally Serious About Professionally Scaling Your Long Term Gross Profits!
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!
As always, if you got any value out of this post, please share this on your favorite social media sites or tweet this.Thanks!
And if you’re currently registered on Linkedin or twitter,and you’re serious about about doing some type of power networking.Let’s get connected asap!
Extremely important note:And if by chance, you happen to know any of the lesser known podcasters,who also target,small business owners,service providers or aspiring startups entrepreneurs etc.
And they’re pro-actively looking for potential guest speakers.Please don’t hesitate to-either- pass their name and contact information directly
to me or vice versa!Thanks!
And be sure you grab your explosive free 22 step small business marketing idea kit series,because it will help you increase your gross profits by
as much as 25% in the next 90 days or less.
And help you master your effective communication in marketing skills.(No matter what your particular niche market is.)
It’s a $97 dollar value and it’s free!
