Do You Think Your Local Jeweler Networks Like This!Part Three
Remember in part two “how” this local savvy jeweler decided to approach a vendor that temporarily rents one of those portal mini pushcarts in the mall, during the holiday season? Thus (hopefully) demonstrating, that networks don’t always have to be big, in order to successful!
In part three of this series, you will discover at least three more potentially (long term) profitable benefits, that this savvy jeweler can derive from mining the gold of their various networks.
Don’t Focus On The Actual Size Of Your Networks!
(Instead Focus On How Much Gold You Can Extract From It!)
Picking (right up) where part two left off; once the vendor and the jeweler decide to work together, and the jeweler gives the vendor the (slightly enlarged) personalized two sided business cards to start passing out, every time someone compliments the vendor on her eye candy jewelry!
The jeweler gets the added benefit of potential first time customers constantly joining (either) their opt in email and or mobile marketing list! Compliments of the vendor (turned) part time commission only sales rep!
But here’s the next thing, remember in part two, how it was suggested the jeweler would not give the vendor a 25% credit towards the purchase of any jewelry, based on their gross amount of referrals?
The jeweler also proposed giving the vendor an additional bonus of a free piece of jewelry valued at $3,000 dollars or less, if the vendors gross referral business exceeds $30,000 dollars (or X.)
Let’s say at the end of the year (after) the jeweler tally’s everything up. The vendors total gross referral revenues (while impressive), top at just over $23,470 dollars, in new first time customers for the jeweler!
That’s a bit shy of the $30,000 dollar gross figure, correct? Even though the vendor still received a 25% credit of $5,867.50 dollars. ($23,470 x.25% = $5,867.50)
Treat Your Network Like A Real Business And It Will Pay You Like A Real CEO!
Why not doing something really cool for the vendor, so the positive word of mouth (and mouse) will go viral! Certainly the jeweler can afford it! Because remember, that $23,470 dollar total, minus the 25% credit to the vendor of $5,867.50, is only the first purchase by these new first time customers!
And statistically speaking, on average about 25% of them (or more), will become reliable long term repeat customers. Which means (over time) they’re also good for some testimonials, referrals and larger purchases! And probably good for a few online purchases too!
Especially if they’re married! There’s annual spouse birthdays, anniversaries, Valentines day & possibly Mothers day, just to name a few! So the jeweler is definitely going to cash in big time! So “why” not do something really cool (and totally unexpected) for the vendor! To really get the vendor yapping it up about their arrangement with this extremely savvy local jeweler.
Why not ask the vendor to pick out any type of luxury car they wish and rent it for them for one week! So it sets the jeweler back $500-$800 dollars! You talk about the talk of the town!
How many more (slightly enlarged) business cards do you think the vendor will pass out! And if things work out long term.
Maybe that could become the jewelers annual thing! On the vendors birthday (provided) they’re in town, the jeweler will spring $150-$200 dollars, for dinner for two at the restaurant of the vendors choice!
And rent the luxury car of their choice for one week! Entrepreneur “how” cool is that! And finally… The jeweler will also make a special arrangement with at (two) local upscale restaurants, and whenever the jewelry store owner is having dinner at one, he or she, will bring along (at least) five pair of their best $400 dollar diamond studded women’s earrings!
And while they’re dining, they’ll pick out a few lucky couples (potential new first time VIP customers) and have their waiter (or waitress) hand the unsuspecting couple a gift wrapped box with the earrings in them, along a short note explaining “how” their invited to be a special VIP new customer of the jeweler and receive 20% off their first purchase.
Or head over to the web address and receive a special VIP new customer only discount coupon, that automatically entitles to them to 40% off their next two purchases! With absolutely no minimum purchase required!
What do you think 85% of these totally shocked couples will do? You got that right! Plus, that woman will be showing off those diamond studded earrings from now on! And returning to their favorite restaurant more often! Hello!
Entrepreneur does this not prove beyond a reasonable doubt, that your networks size is totally irrelevant! Don’t you agree?
Please list at least two simple spin off concepts (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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