This Is Proof Positive Why Treating Your Business Like A One Night Stand Is A Major Marketing Mistake!
By now you definitely appreciate and realize, there are literally tons of profit seeking entrepreneurs, who at least some of them are your major competitors, right?
And some of your major competitors, currently have marketing or promotional budgets, several times larger than yours, right? And they also have direct access to much larger pools of credit, do they not?
This being the case. It’s critically important, you stop treating your business or service like a proverbial one night stand. The main reason being. This one and done sort of mentally, far too many aspiring entrepreneurs have.
Over the long term, it literally costs you or your major competitors a ton of, long term residual gross profits. Because you’re not banking, those long term repeat sales, nor are you constantly banking from those strategic upsells or higher priced products or services.
And over time, this and the inevitable referrals, really adds up. Don’t you agree?
Your Business Or Service Is Far More Valuable Than The Very First Sale!
Case in point. Let’s suppose you run or own, a single location, women-s nail salon. And your ideal customer, normally comes in at least one a month. And she’ll normally have the nails on both hands, re-touched up.
And 40% of them. Or four out of every ten, also love to have both hands, pre- washed and placed in some kind fancy hand wax. So they just increased their cost by and extra eleven dollars.
Their cost just went from $29 dollars to $41 dollars. So on average, the twelve times the typical customer seats down. Four of those times, they’ll spend on average, an additional $11 dollars.
Plus they tend to stick around, on average three and a half years.Before they either change nail stylist altogether.
Of Course Your Very First Sale Is Important! (But It’s Definitely Not Your Main Goal!)
Let’s suppose, it’s pretty standard, to only charge $14 dollars, to trim your clients nails, on both hands. And statistically speaking. Your average client, who initially gets their nails trimmed.
They tend to also start getting their nails painted too. And since it typically costs $29 dollars, to paint both hands-s nails. And they’ll typically stick around at least 3.5 more years, just like their other main repeat customers do.
So needless to say. Their ideal customer(s), has a rather profitable, total lifetime customer value metrics. Don’t you agree? So if need be. Wouldn’t or doesn’t it make perfect economic sense, for you or your major competitors, to let other local, non directly competing vendors,
Pass out, extremely time sensitive gift certificates, you your or your major competitors nail salon.And brand new customers, get a attractive, discounted price, on either their very first nail trim.
Or X% off getting their nails down. And to sweeten the pot. Drag a friend whose at least eighteen, and both get their nails down and save 25% off. plus get their nails trimmed, for just $7 dollars each.
Knowing, their is a very good chance. Both or at least one of these local ladies, will be sticking around, for the the next 3.5 years.
Are You Finally Starting To Appreciate Why It’s Definitely About The Long Term! (Not Just The Short Term!)
And if you really stop and seriously consider you or your major competitors, previously untapped, marketing alternatives.
Why not let, local massage salon providers, offer your extremely time sensitive discount coupons, to induce their inactive customers to re-activate.
Or give them away, as extremely time sensitive bonuses. For their best customers, who provide them with bank account filling referrals. Of course they’ll provide their own discount incentive based coupons as well.
The main point being.With just 2-5, other local, non directly competing vendors, systematically passing out, you or your major competitors, extremely time sensitive gift certificates or discount coupons.
And anywhere from 25-50% of those first time customers, eventually turn or evolve into long term, repeat customers. You or your major competitors, just added to your long term, repeat customer base, for literally pennies on the dollar. Agreed?
Which should finally convince you why, it’s a major marketing mistake, if you keep running your business or service, like it’s a glorified one night stand. Don’t you agree?
Don’t Be Afraid To Give A Little Upfront In order To Gain A Whole Lot More Down The Line!
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