This Is How Strategic Acquisition And Retention Marketing Help You Stand Out!
(Even In An Over Crowded Market Place!)
So “how” profitable or beneficial was your last two or three paid advertising or promotional campaigns? Did you at least break even on the initial front end of your sales conversion funnel? And BTW your sales funnel can be on or offline.
But you wrote a check. And no matter “what” the ultimate outcome is or isn’t. Your investment is still gone. Correct? And one week or one month later. If for whatever reasons. How much longer term residual impact did your outrageously expensive- traditional ad campaign have? After two weeks or later. My guess is probably none, right?
On the other hand. How much better off (financially speaking) would you or your major competitors be or quickly become. If or when you started proactively implementing some type of proven acquisition and retention marketing strategies or tactics?
The remainder of this post (and possible) ongoing series will hopefully open your marketing eyes extremely wide to the real previously untapped marketing possibilities.
Why The Advertising Budget For A Small Business Often Gets’ Misused Or Wasted Altogether!
Case in point. Let’s say there is an extremely nice upscale restaurant (or two!) located within five blocks of your single location, non franchised retail jewelry store.
And since you and some of your key staff often dine at both of these extremely popular establishments. You’ve been on a first name basis with both the owners and some of their key staff members. (Literally for years.)
So it’s no real surprise when you or your major competitors “ask” the so called “magic” question to the restaurant owners. Which is, “is it okay to periodically refer you new customers and business?” Typically you will get an emphatic yes 95-98% of the initial front end question.
Provided you already have some type of established relationship with the person or vendor etc. And provided they answer yes. You or your major competitors immediate follow up question is. “And by the same token.
As long as it doesn’t take away from anything you currently have going on or will have going on in the future. Are you okay with periodically doing the same?” Again as long as you or your major competitors got a yes on the initial front end question.
Statistically speaking, you’ll typically receive another yes on your immediate follow up question 95-98% of the time as well.
You Or Your Major Competitors Marketing Budget Can And Definitely Should Be Used In Effective Non Traditional Ways!
Say strictly for (hypothetical) marketing illustration purposes only. In the past whenever you or your major competitors were attempting to use outrageously expensive local primetime radio or TV ads.
Your costs per lead (CPL) easily exceeds $650- $800 dollars each. Say what? So needless to say both you and your major competitors are constantly on the lookout. Or at least you should be for some potentially profitable, non traditional lead generating alternatives. Agreed?
So imagine this potentially profitable marketing alternative. Instead of wasting another $5,000 – $7,500 dollars on one of those outrageously expensive, dismally performing multi colored -direct snail mail brochure campaigns. Which goes out to a five to ten block radius of your retail jewelry store.
What if you or your major competitors at least inexpensively tested the following, non traditional lead generation strategy.
You find out from the owner(s) “how” much the various types of Hor d’ oeuvres cost. And how much it actually costs to serve one large alcoholic or large beverage of some kind.
And the cost of at least one of their more expensive deserts. For example. Say the actual hard cost for their typical more expensive, (an incredibly popular) deserts are $2 dollars each or X. And you find out typically their slowest days of the week throughout the entire year are Tuesdays & Thursdays.
You Or Your Major Competitors Can Strategically Take A Little And Continuously Do A Lot!
Say for example. You or your major competitors initially test investing a grand total of $6 dollars in order to allow the first 50 or X number of customers in the door to get three free deserts of their choice. Which is an X dollar value. Say what? So (in this particular case only.) The first 50 customers who come to the restaurant. (On either certain days or certain hours of the day.)
(Hold up: Let’s quickly revise this potentially profitable, non traditional marketing strategy.) Only the restaurants opt in email or text message subscribers will be able to take advantage of this particular offer.
Because they will simply show the waiters or waitresses their phone which has the extremely time sensitive coupon offer.
Let’s take a closer look at the math involved. Initially on Tuesdays & Thursdays. The first 50 or whatever the maximum capacity numbers legally allowed in the restaurant. These 50 customers who are also opt in email subscribers.
They get a credit for three free deserts valued at X. Which is an extremely effective strategy of consistently getting them to drag someone with them whose at least 18, right? 😀
(BTW, can you see a potentially profitable A/B split testing opportunity literally staring you in the face?) I digress. So 50 or X number of customers times a $6 dollar credit each. Equals $300 dollars initially times two days a week. Equals a $600 dollar marketing or promotional cost per week for your local retail jewelry or appliance store.
Which definitely helps the local restaurant owner(s) build potentially bank account filling goodwill among their regulars and new first time visitors who are literally initially drug there.
By a friend, relative, neighbor, co-worker, boss, colleague, employee, in law or fellow association member etc.
Who’s Gonna Expect To Receive One Of You Or Your Major Competitors Extremely Time Sensitive Gift Certificates Inside Another Vendors Marketing Promotions?
Each customer who qualifies gets’ a sealed envelop which has the words “You definitely deserve this!” Written on the outside of the envelop. So you know it definitely won’t take much time for them to rip these envelops open, right? 😎
This is where the restaurant customers “discover” you or your major competitors extremely time sensitive gift certificates. Say what? Get this. Side (A.) of your extremely time sensitive gift certificate invites the recipient to enter your monthly free drawing. (Meaning they join your opt in email list.)
For their chance to win a $2,500 dollar piece of extremely eye catching bling. Ladies could potentially win an extremely eye catching diamond studded necklace. And the gentlemen could potentially win a $2,500 dollar Men-s Rolex watch. 😀
Keep in mine neither piece of jewelry actually costs you or your major competitors anywhere close to it’s actual retail price. Typically it’s about half or slightly less. And side (B.) informs the recipient to come to your store before the ten day handwritten expiration date on the gift certificate expires.
This Is How And Where You Or Your Major Competitors Take Your marketing Or Promotional Strategies To The Next Next Level Or Two!
(BTW, the waiter or waitresses look on the the calendar or their phone and simply go ten actual days out. (Not the the next ten business days out.) But if for whatever reasons they decide to come alone. They only save 10 or X% off any purchase up to $200 dollars or X.
But simply for dragging a friend with them whose at least 18. And not a current opt in email or text message subscriber. They save 40 or X% up to $1,500 dollars.
And now you or your major competitors are consistently generating semi qualified leads for anywhere from $6 to $75 dollars each. Say what? The reason your customer acquisition costs are on the high end is because of some of the more advanced lead generation strategies or tactics you can inexpensively test.
Hopefully going forward. These strictly hypothetical marketing examples have given you or your major competitors a small glimpse into “how” strategic acquisition and retention marketing strategies and tactics can definitely help you or your major competitors inexpensively stand out.(For literally pennies on the dollar.) Don’t you agree?
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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