How Savvy Entrepreneurs Help Struggling Entrepreneurs Become Profitable!
Have you ever noticed how, some extremely hard working entrepreneurs, the moment the cash flow of their business starts to sputter and or hiccup, they attempt to secure some type of relatively expensive, traditional bridge loan (of some kind), in order to help them get over the hump?
Have you noticed this hopelessly flawed strategy as well?
For some odd reason(s), they’re totally convinced, a successful lender, will put their depositors hard earned money at risk, over a business/service, which is clearly having more than it’s fair share of reliable cash flow issues.
Word to the wise, forget about it.However, this is not to say, (and or suggest)the windows of long term opportunity and profitability, are not in the position to open extremely wide.Because they most certainly are, as you’re about to discover.
So Who Do Some Extremely Savvy Entrepreneurs Help Struggling Entrepreneurs Eventually Become More Profitable?
Case in point; let’s suppose you -currently- run two, local, incredibly successful retail jewelry store outlets. And your ideal customer, be than they male and or female, currently has a total lifetime customer value metric of anywhere from $8,000- $12,000 dollars, over the next five to seven years.
Of course, your total lifetime customer value calculations, have already figured in the fact, about two percent of your ideal customer base, is easily worth upwards of $25,000 dollars over the exact same time period.
And another 25-30% of your current current base, will only spend about $1,000 – $1,500 dollars with your business, over the next five to seven years.
So -obviously- your long term, bread & butter is the 75-80% customer base in the middle, right?
It’s Always Best To Develop A Realistic Marketing Plan For Your Small Business!
Say for ex; you and or one of your valued managers and or associates, visits a local, upscale women-s boutique shop.
However, even though their clothing/accessories business, is doing fairly well, they’re not able to quite make it to the next level or two.Simply because they don’t have the immediate infusion of cash they need, to make at least some of the investments or improvements to the business they’d like to make.
And as was previously mentioned they’re not quite in the position to secure any type of conventional financial help just yet.
And they have no desire to give up part ownership and or control of their business, to outside investors.
Your Current Entrepreneurial Skills And Or Abilities Can Be Monetize In More Ways Than You May Currently Appreciate!
So you approach the owners of the boutique, with the following, joint venture, strategic alliance type of arrangement.
Since they’re not currently doing any type of strategic, opt in email/mobile marketing list building of any kind. You want them to start promoting a monthly free drawing, where they offer one of their most popular, designer hand bags, as the 1st grand prize.
And since this particular designer bag, would normally retail for $1,250 dollars,(or X), this should be more than enough promotional bait, to compel a high percentage of their daily first time & repeat customers, to leap at their chance to win. Don’t you agree?
Here’s the marketing twist, since the jeweler has huge markups on most of the designer jewelry they sell at high end retail prices , they can easily afford to purchase the designer hand bag,(and other popular accessories) at the jewelers actual cost.
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Here’s where the jewelers investment into the women-s boutique stores marketing efforts, could potentially pay off in a big way, on the back end for both the jeweler, and for the boutique store owner(s.)
Initially, the jeweler will pay for the paid email service provider, for the women-s boutique store. And the clothing store, will simply purchase a relevant and unique domain name, which hopefully ends with a dot com extension.
And they will allow (in this particular case), Aweber, my paid email service provider of choice, to self host their sign up form/capture page form.
So whenever a visitor, potential first time customer/prospect and or repeat customer types the domain name into their browser window, they will automatically be re-directed, to the boutique stores market tested lead capture page, in order to enter the drawing.
Now the boutique store owner(s) can and definitely should, invest in a giant fish bowl, to go in the store, and maybe 2,000, two sided business cards and index cards, promoting their monthly free drawing.
(Important note: The following sign up form below,(lead capture page) was built in all of twenty minutes, using Aweber, my paid email service provider of choice, their rather basic sign up form editor.)
How Savvy Entrepreneurs Help Struggling Entrepreneurs Become Profitable!
You Should Always Be Open To Some Proven Ways To Promote Your Small Business!
In order to quickly build some powerful and potentially profitable, positive word of mouth and mouse buzz.
The extremely marketing savvy jeweler, will also invest, in purchasing 50 bottles of the boutique store owners most popular perfumes, which normally retail $150 dollars a bottle! Which means, on top of purchasing a fancy designer hand bag each month, they will also invest an additional $3,750 dollars per month, to purchase the 50 bottles of great smelling perfume.(50 x $150 dollars per bottle in $3,750 dollars.)
And because they can purchase them at half price, or $75 dollars per bottle. Here’s three battlefield tested, positive word of mouth & mouse marketing strategies, the jeweler highly suggests, the boutique store owner does with them each month.
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1.) Potential battlefield tested marketing strategy # one: First, the first 50 female customers, who spends over $300 dollars, offer them the $150 dollar a bottle perfume, for 50% off as an upsell purchase.
2.) Potential battlefield tested marketing strategy # two: And the first ten female customers who spend over $500 dollars (or X), give them the $150 bottle of perfume for free!
You know this proven tactic will get these extremely happy customers social media activities in full gear, correct? 😎
3.) Potential battlefield tested marketing strategy # three: And finally, every female who spends over $750 dollars, give them the free bottle of $150 dollar perfume, plus an extremely time sensitive, brand new first time customer discount coupon, from the jeweler, to save 60% off the price of some of their best selling, diamond studded earrings.
Because normally, these diamond earrings normally retail for $400 dollars a pair! And just for bringing a potential first time customer with them, whose at least 18, they can save 60% off the earrings.
The Strategic Use Of The Back End Of Your Business Is One Of The Most Effective Ways To Promote Your Business And Or Service!
Because these particular marketing strategies, are primarily back end based for the jeweler, they’re more than willing, invest upfront.
Because as the positive word of mouth & mouse buzz about the boutique store steadily grows,(among the affluent, highly visible local women), both the boutique store and the jeweler is also targeting.
And thereby, the boutique store owners opt in email/mobile marketing list, will continually grow, because as more and more first time customers, enter the boutique store for the very first time.
A certain percentage of them, will eagerly enter opt in, order to enter the monthly free drawing.
And once they’re on the boutique store owners list, they will also periodically receive, VIP, extremely time sensitive offers, from the jeweler as well.
Courtesy of the boutique store owner(s.) Are you starting to appreciate, how some extremely savvy entrepreneurs, help struggling and or semi cash strapped entrepreneurs, eventually turn a profit? Great! See you in just little bit in part two.
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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