Who Says Small Marketing Budgets Mean Your Small Business Can’t Make Big Money? Part Four
Hopefully after reading (and possibly) implementing, at least some of what you’ve been exposed to in the first three installments, of this ongoing series.
You can now truly appreciate, (on a much deeper level),just because you have a resourced challenged small business and or service, which is starting out, on a rather meager (extremely tiny!), ad budget, doesn’t automatically mean, you can’t gross, some really big profits, right?
Well at least, that particular myth, will no longer be impeding your future progress, right?
So glad to hear it. Next, you can and definitely should, focus on how and why, your initial ad budget, can and should work extremely hard for you,24/7.
Provided (of course), you truly understand how to leverage it. Like you’re about to discover.
Just Because Your Small Business Is Initially Starting Out With A Rather Small Budget Doesn’t Automatically Mean You Can’t Make Really Big Money!
In order for you to truly appreciate these next few, (hypothetical) marketing examples.And hopefully benefit from them, in the not so distant future!There’s needs to be a disclaimer of explanation, before aggressively diving in head first.
Since our hypothetical marketing example, involves a local jeweler, whose extremely marketing savvy.
In all likelihood, they’re not starting out, with an extremely limited advertising/promotional budget, by any stretch of the imagination .Instead, when the phrase, “severely cash strapped” is being used here.
It’s merely referring to the fact, (they will) initially test rather small, so they can determine, if it makes economic sense, (to either) expand and scale up, what they’ve initially started.
And or to simply junk it and move on to the next potential marketing strategies and or tactics etc.
Extremely Marketing Savvy Entrepreneurs Understand When To Expand And Or Cut Their Losses!
Case in point: Suppose the extremely marketing savvy jeweler, decides to create some serious, long term, positive word of mouth and mouse buzz.And they’re determined, not to have to spend, literally tens of thousands of dollars, in order to do so.
Like their major competitors do. Here’s one of the ways, they’ll (in expensively), initially test, to see if the strategy is worth continuing, on the massive scale they have in mind. Since one of their main, joint venture (JV)/cross promotional partners, is an extremely popular, upscale women-s boutique shop.
Here’s what the jeweler will initially propose.Since both non directly competing vendors, target local women, who routinely earn, high five and six figure a year incomes, and both vendors, ideal female customers, have total lifetime customer value metrics, of $,8,000- $12,000 dollars, over the next five to seven years.(Give or take.)
Unbeknownst to the ladies in attendance,the extremely marketing savvy jeweler, pays the actual hard cost, (plus) any and all applicable taxes and fees, in order to sponsor, (100% ) finance, once every 90 days, a really upscale (expensive!), catered gourmet lunch, and fashion show event, (either) at a rather nice, local hotel, but it’s by invitation only!
And it typically cost $25 dollars each to attend! Or, if you simply bring a potential first time customer, whose 18 and over, you get in free!
Which also means, you have to be on the boutique shop owners, opt in email/mobile marketing VIP list.Because the extremely marketing savvy jeweler, gets to list build/lead generate at the event as well!
Because they’ll provide each attendee, with one of their very best, two sided, market tested index cards, so these ladies can enter the jewelers free monthly drawing, for chance to win a $3,500 dollar diamond studded necklace!
Your Natural Entrepreneurial Skills Will Help Your Business And Or Service Go Viral!
Unbeknownst to the ladies in attendance, about midway through the event all the ladies, who brought a semi qualified, first time guest.
Their attention will be directed to the boutique store owners, who will enthusiastically inform them, just for bringing a guest, they get to enter a raffle, where a $4,000 dollar fur coat, will be offered, for just a one time payment of $500 dollars! And every one else, who didn’t bring a guest, they can still enter the raffle, but they will have to pay $1,500 dollars for the chance to win!
Let’s say there’s a grand total of 225, local women in attendance, who currently earn high five and six figure a year incomes!
And 75 of them, were smart enough to bring a guest!And 60 of them gladly enter the raffle, which means, (they alone) invest a one time payment of $500 dollars each. So the boutique shop owners, already grossed $30,000 dollars on the event! (60 x $500 dollars = $30,000 dollars in additional gross-front end- profits!
And another ten ladies,shell out $1,500 dollars, for their chance to win as well! So the boutique just grossed another $15,000 dollars to boot! ($1,500 x 10 = $15,000 dollars!) Not too shabby, right?
Really Effective Lead Generation Strategies Tend To Constantly Build Off Each Other!
The boutique store owners will definitely be sure, and post part of the video raffle coverage, on their youtube/vimeo channels. Plus post it all over their social media accounts! And you know, some of those highly influential ladies in attendance, will most definitely be texting, and posting pictures of the event, on Facebook, Instagram and twitter, just to name a few!
Are you starting to see (and hopefully) appreciate, what’s meant, by initially starting out, with an extremely limited budget! because renting a nice ballroom, and springing for an upscale gourmet meal and fashion show, is hardly cheap!
But the total cost, pale by comparison, when you compare it to, the outrageously expensive alternatives, of local, prime time TV and or radio ads etc!
With The Right Market Tested Strategies You Small Business Can Literally Ru Rings Around Your So Called Competitors!(Don’t You Agree?)
Both vendors are ultimately after, some serious, long term, positive word of mouth and mouse buzz! Long after this event ends! This being the case.Here’s the very next market tested strategy, the boutique shop owner(s) will employ.
Remember the ten ladies, (who unfortunately) decided not to bring a guest, but they still wanted their chance to enter the raffle? So they have to spend $1,500 dollars each, for their chance to win a $4,000 dollar fur coat!
Which in of itself, is not all that bad of a deal, right? Because they’re still saving 62.50% off the normal retail price for the coat! Will this type of proven marketing activity, make your events social grapevine go viral or what?
Do Your Current Lead Generating Strategies Produce Like This?
But here’s what the boutique store owner(s) gladly does for those ten highly influential ladies, who collectively, just added an additional $15,000 dollars, to the boutique store owners bottom line inside of a few hours!
They will gladly allow those ten ladies, to choose any 64 oz. bottle of great smelling perfume of their choice! And give it to them free!Where normally, it would cost at least $225 dollars, plus taxes! My friend, this how you build a reliable, long term sales funnel! Don’t you agree?
Please tell me, you’re no longer confused, as to how, some extremely savvy small business owners, even starting out with some rather tiny advertising and or promotional budgets, are still able to make some really big money? Great! So glad t hear it!
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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