This Is How The Best Retail Loyalty Programs Literally Skyrocket Your Long Term Gross Profits!
Of you and I realize there is simply no way possible to have a homerun type of result on every particular marketing or promotional effort we attempt, right? Agreed. That being said and readily acknowledged.
There is absolutely no valid reason(s) for you not at least inexpensively A/B split testing some of the very best retail loyalty programs currently available. because systematically doing so gradually opens the door (extremely wide!) to some previously untapped marketing or previously untapped promotional opportunities.
Which truth told. You or your major competitors don’t have to immediately jump into any particular marketing strategies or tactics. Instead systematically and strategically A/B split testing. Wil allow you or your competitors to gradually watch a test strategy or tactic unfold.
Review your overall results. And decide to either continue and gradually ramp your efforts up. Or if the initial test flat out bombs. Which definitely will and should happen from time to time.
You can decide to abandon the strategy or tactic altogether. And your current and future bank account will be much better off for doing so. And you’ll start distant yourself from your major competitors. Sound like a plan or what?
Have You Also Noticed How Some Of The Very Best Small Business Marketing Ideas Are So Incredibly Profitable!
Case in point. Let’s say you’re either the senior marketing director or the sole owner of a single location, independently owned retail appliance center. And to date your ideal customer has a total lifetime customer value metric of somewhere between $475 – $11,000 dollars. Give or take over the next five to year period.
And let’s say you’re currently located in a popular mini strip mall which has four other stores in it. And one of them is an incredibly popular single local gourmet coffee shop.
And since both you and several of your key employees frequent the shop at least 2-3 times per week. Buying everything from great tasting pastries, gourmet coffee, cookies, muffins and donuts etc. And since you’ve literally been on a first name basis with owner(s) for several years and counting.
One day while ordering around $50 dollars worth goodies for your weekly Monday morning meetings. You pop the “magic question” to the owners. Huh? You ask, “is it okay to periodically refer you new customers?” Statistically speaking.
As long as you or your major competitors pop the magic question to a vendor, supplier or contact you already have an established relationship with.
You’ll typically get an emphatic yes 95-98% of the time. And by the same token. Your immediate follow up question is. “And as long as it doesn’t take away from anything you have correctly going. Or will have going in the not so distant future.
Are you okay with periodically returning the favor?” Once again. If you got an emphatic yes on the initial front end question. Statistically speaking. You should get another emphatic yes 95-98% of the time. (Try it and see for yourself.)
This Is How And Where You Or Your Major Competitors Start Systematically Working On Not Just In Your Business Or Service(s)!
After getting the go ahead from the gourmet coffee shop owner. Here’s “how” you or your major competitor plan on helping them inexpensively generate more initial gross front end revenue. Plus even more viral positive word of mouth. Both on and off of social media.
Because you’ll have them create a huge sign which reads something to the effect. “spend at least $10 or X amount of dollars and reach into our “grab bag” for some bonus goodies.
And basically because you or your major competitors are 100% financing this initial test. Here’s some of the goodies, every customer who spends at least $10 or X amount of dollars with the gourmet coffee shop.
1.) First: You will pay the gourmet coffee owners actual hard cost for an Xtra large “Big Gulp” cup of coffee. Or some other Xtra large beverage of their choice. And since their actual hard costs are just $1 dollar each.
You pay them $200 dollars per week. So they create 200 or X number of gift certificates which entitles the recipient to one free Xtra large “Big Gulp” beverage of their choice.
(You can also inexpensively test this proven concept initially on just the gourmet coffee shop owners traditionally slowest days of the week. And if or once it proves successful. Gradually increase it from there.)
Isn’t It Amazing How Really Tiny Marketing Tweaks Can And Will Eventually Lead To Some Major Long Term Gross Profits!
2.) Second: You’ll also include at least two. Gift certificates which entitle the recipient to purchase either a dozen donuts or a dozen bagels for just $2 dollars. Say what? In reality you simply pay the gourmet coffee shops actual hard cost. This way they’re not out of anything.
But rest assured. They will be constantly bragging both on and offline, to any and everyone who will listen. Saying they spent at least X amount of dollars at the gourmet coffee shop. And won the chance to reach into their ‘grab bag” and received X, Y or Z.
3.) Third: And of course your real motivation behind this particular strategy. You will will also provide the gourmet coffee shop with at least 250 a week of your extremely time sensitive, two sided gift certificates.
And side (A.) of your gift certificates invites the recipient to enter join your opt in email list. In order to enter your free monthly drawing. For A chance to win a $5,000 or X dollar home deluxe entertainment center.
Are You Starting To Appreciate Why You Don’t Initially Need Direct Or Indirect Access To An Extremely Large Advertising Or Promotional Budget?
And side (B.) invites them to come to you or your major competitors showroom. Before the hand written 10 day window expires. (The gourmet coffee shop owner(s) or their current or future employees are ultimately responsible for physically writing in the 10 or X day expiration date.
(And your disclaimer on side (B.) will inform the recipients. No gift certificates will be redeemed without an expiration of no more than 10 or X physical days from the current date of redemption.)
And side (B.) also informs them. For an extremely limited time. They come alone and they save 10% off up to $100 dollars. However, simply for dragging a friend with them to your store. Whose at least 18 before the expiration date expires.
They automatically save 40% up to $1,000 dollars. And as long as they’re on your opt in email list. They automatically get savings up to $1,500 dollars.
So in essence you or your major competitors strategically use these rather inexpensive ethical bribes, to compel more and more local gourmet coffee drinkers to visit the local gourmet coffee shop.
And at least some of them will opt to spend more money for a chance to reach into the gourmet coffee drinkers “grab bag.” And those extremely great tasting, low cost goodies will definitely compel at least some of the locals to not only constantly brag to friends and family members and current and future co-workers etc.
But they’ll frequent the gourmet coffee shop more often. Don’t you agree? Are you definitely starting to appreciate how some of the very best retail loyalty programs. Definitely help you or your major competitors consistently make more money? Say yes.
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