So What Marketing Techniques For Small Business Are You Seriously Considering?
Okay, so when you hear the term “marketing” or “promoting.” What images immediately come to mind? Hmm? Why do you suppose that is? And further more. Entrepreneur, when it comes strategic marketing techniques for small business owners or savvy service providers.
Do you automatically start thinking about your so called marketing or promotional budget? If you do. Stop. Say what? And for just a moment. Please seriously consider the following.
How much your ideal customer or client is actually worth to you over time. Huh? In other words. Before you invest another nickel in any type of potentially expensive PPC (Pay Per Click) advertising campaigns. Or solo ads etc.
You need to semi accurately determine what’s your ideal customer or clients total lifetime customer value metrics. This way going forward. You’ll have a much better idea, what you can and definitely can’t afford to invest, with regards to consistently generating initial leads/prospects. Both on or offline for your particular business or service. Make sense? This is good to hear…
So What Are The Major Types Of Marketing Strategies Or Proven Tactics Savvy Entrepreneurs Should Be Readily Embracing?
Excellent and extremely relevant question. Basically. The really short answer is. The more you and I can power network, with other non directly competing vendors.
The more you and I or you major competitors can go or become viral. For virtually pennies on the dollar. Say what? Stop and consider the following, all too common situations. Ever notice around the major holidays. Particularly in the Untied States.
There are these aspiring entrepreneurs. In this particular case vendors. Who invest anywhere from $2,000 -$3,000 dollars per week. And more to set up their one person stand inside an incredibly busy mall. And obviously the more people who still frequent these malls. Especially during the frantic holiday rush season.
The higher the cost to lease these carts per day or week. And if they’re actually allowed to lease a cart from the mall by the day. Well, you already know, it will cost more to lease the cart per day. Than it will cost to lease it for at least 5-7 days. Unless?…. (Hold that particular thought. We’ll get to that potential marketing strategy in just a moment.)
So imagine. An aspiring entrepreneur. They invest their extremely hard earned money. They lease a rather small cart. Set it up. Not knowing going in.
What percentage of the malls day or weekly traffic. Has any interest whatsoever. In?
1.) Their psychic reading services. 2.) Universal skin purifying ointment. 3.) Hand made jewelry. 4.) Their homemade jellies, jams or DIY (Do It Yourself) beer making kits.
Here’s the main point. Even though there may temporarily be a ton of locals in any given major mall during the holidays. Whose to say on average.
How many of them are potentially interested in X? And X is what you or your major competitors just happen to be promoting. Or attempting to promote.
Invest At Least Some Of Your Time And Energy Into Learning The Proven Marketing Or Promoting Fundamentals!
Let’s say you’re either the owner of a single location, retail jewelry store. Who may or may not be currently located inside this particular mall. Where the aspiring entrepreneur is currently leasing their push cart for anywhere from $2,000 -$3,000 dollars per seven day week or X. Or so much per day.
And this upfront expense doesn’t also include the hard cost of their products or services. Or what the entrepreneur is currently paying themselves per day or week.
So mathematically speaking. In order for their venture to remain viable. They have to consistently gross X per day they or you lease the cart. Otherwise they quickly or ultimately get upside down financially. Correct?
On the other hand. Since you’ve already run your ideal customers total lifetime customer value metrics. You know your ideal customers, (primarily women BTW), are typically worth anywhere from a low of $400 dollars up to as much as $10,000 dollars gross.
Give or take over the next five to seven year period. This being the case. Here’s a potential marketing/promotional strategy. You can and should at least inexpensively test.
You approach at least one of these aspiring entrepreneurs whose currently renting/leasing a rather expensive cart. On a daily or weekly basis. Whose promoting relevant products or services to your ideal target audience of local women.
Typically between the ages of 21-55. Or X to X.
There Are Literally Tons Of Previously Untapped Marketing Opportunities Just Waiting To Be Implemented By You Or Your Major Competitors!
So first of all. Presuming the push cart vendor is a woman. You initially offer the lady an extremely eye catching pair of your diamond studded earrings.
Which normally retail for at least $450 dollars. However. You’ll gladly let her have them at your actual hard cost $225 dollars. Or X. Say what?
If she’ll agree to simultaneously promote your jewelry. How you so skeptically ask? Simple. You offer to offset her cart leasing fee. Basically. You want her to pass out. Both when she’s both inside and outside of the mall. Huh?
You want her to proactively pass out your two sided, market tested index cards. Side (A.) of your card, invites the recipient to enter your extremely popular monthly free drawing. And side (B.) encourages them to come to your local jewelry store. If for whatever reasons, they decide to come alone.
They automatically save 10 or X% off their very next purchase. Up to $300 dollars.(In other words. They decide to come alone and they only save a rather small amount.)
On the other hand. Simply for dragging a friend with them whose at least 18. And for an extremely limited time they automatically save 40 or X% more up to $2,000 or X amount of dollars. Say what?
You Or Your Major Competitors Need To Start Strategically Power Networking!
So you know a certain percentage of them will definitely be dragging someone with them. Correct? No doubt. But here’s how it may potentially work out for the vendor.
A.) You or you major competitors will gladly pay them $50 or X amount of dollars for every paying customer they send your way via your extremely time sensitive, two sided index cards or gift certificates etc.
B.) Every time they send you X amount of paying customers per week. You’ll gladly pay half or the full amount of their daily or weekly cost to lease their cart. Say what? That’s correct.
Coming up very shortly in part two. You’ll discover at least two more market tested ways, to monetize this situation. Okay? For now are you starting to better appreciate what marketing techniques for small business are definitely worth seriously considering?
The Better You Understand Basic Marketing Strategies And Tactics! (The Sooner You Can Start Consistently Implementing!)
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,(or radio show host)
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!
(Click the link just below, and watch the first video at the top of the page, if you’d like to see the entire 33 minute replay, of a guest podcast on
marketing your small business or service. I Recently appeared on.)
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!
