Thanks Goodness This Isn’t About Coming Up With The Best Marketing Ideas Ever!
You’ve definitely heard it said, you and I need to pro-actively advertise and or promote, correct?
And rest assured, you and I definitely need a proven strategy or two, to constantly expose, qualified prospects, to our extremely valuable products or services, right? That said.
Here’s where, far too many aspiring entrepreneurs, seem to go or remain off track.
It’s when you rack your brain, constantly trying to come up with, some of your very best marketing ideas and or strategies ever.
Meaning; you do not, have to struggle, trying to be overly creative. Nor do your bank account filling marketing strategies or tactics, have to be super cutting edge.
Truth told. Your target audience and ideal customers or clients, really don’t care (so much) about how you solve their current or future problems and or concerns.
As long as you consistently do it morally and ethically. And your solutions are affordable. And with that much, broad, marketing latitude.
And providing you know and understand, your ideal customers, total lifetime customer value metrics.You’re free to put together some extremely practical solutions.Don’t you agree?
For The Most Part Building A Positive Word Of Mouth And Mouse Army Definitely Makes Economic Sense!
Case in point. See “if’ the following, real world marketing/promotion makes sense to you. Let’s say you currently own a single location, Mexican style, family orientated restaurant.
And you serve these incredibly popular, burritos and quesadillas. And directly across the street, is another family owned, franchised fast food restaurant, which also sells burritos and quesadillas.
So in order to attract, some first time, and hopefully, long term repeat customers, you start offering every customer who comes to your restaurant, on certain days. Say the first 25 only. A free quesadilla.Which is an X dollar value.
And just for simply dragging a friend, with them whose at least 18. You offer both of them free medium drinks, plus the friend saves 30% off their entire order too. Not too bad, correct?
However.As soon your corporate backed competitor, gets wind of your rather generous offer. They decide to double down on your marketing generosity. So because they have major corporate backing.
Here’s ‘what’ they do, in order to out position you.And gain a ton of brand new first time customers on certain days.
They allow the first 100 customers, every day they’re open, (who drag a friend with them), whose at least 18. Both get a free burrito and quesadilla.And two Xtra large sodas of their choice, for just .$99 cents each.
When normally an Xtra large beverage alone, would normally cost $4.79 each.
So How Do You Build An Army Of Goodwill Ambassadors?
Honesty.Given the choice. If you were a potential first time customer, and you a friend, were trying to decide, which of these two local, Mexican style restaurants to patronize.
Based on their offers, which one would you choose? Exactly. So of course. Knowing what your competitor is doing. You decide to try and compete head to head.So your restaurant matches their offer, tit for tat.
But here’s your main problem. Your major competitor across the street, has some incredibly deep, corporate backing. And rumor has it, they’re digging in for the long term. Which means, they don’t care how much money it cost them in the immediate short term.
Say the next 12-24 months, they temporarily lose.If the bottom line is, they crush your business and send you and any other potential competitors packing.
So here’s the $64,000 dollar question. Does a price war like the one just described, makes sense to you? And before you dismiss the following as, not only untrue or totally unrealistic.
Think about what recently happened to Uber in China. Uber got into a relatively short lived price war with Didi. And Uber ultimately had to throw in the towel, after losing billions of dollars.
With no end in sight. Because mega giant Didi, made it crystal clear. They were prepared to continually and strategically lose billions of dollars annually, in order to drive Uber out of business in China. And they ultimately did.
Before You Copy Cat Another Marketers Marketing Strategy And Or Promotion! (Make Darn Sure You At Least Partially Understand And Agree With Their Rational For Doing So!)
Say for instance. You offered your semi limited free burrito and quesadilla marketing/promotion strategy on the initial front end of your sales funnel.
Because on the strategic back end of your long term sales funnel.
You had at least two, potential JV (joint venture) partners, who were more than willing, to pay you $75 dollars each. For each, extremely time sensitive discount coupon, you gave your customers.
For taking advantage of your front end promotion.So even though your strategic free offer, was actually costing you, (say) anywhere from $7-$9 dollars, in initial front end cost.
On your back end, you’re grossing, anywhere from $75-$150 dollars.That’s not a bad (ROI), Return On investment.Now is it? In fact.Given those types of spreads.
You could definitely afford to get creative and improve on the generosity of your initial front end offer.Right? Absolutely.
The main point being. You definitely don’t have to try and constantly come up with, your very best marketing ideas ever.Instead.Just leverage any given marketing situation to the hilt.
And constantly apply the proven marketing fundamentals.And you’re definitely on your way.Don’t you agree?
It Definitely Doesn’t Have To Be the Greatest Marketing Concept Or Strategy Of All Time In Order To Be Extremely Profitable!
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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