This Is What Makes Having A Brand Development Strategy Worth It’s Weight In Gold!
Hopefully you at least partially understand and fully appreciate why more than ever. In order to effectively compete. Especially with your better financed major competitors. (Who literally have no problem constantly spending a ton of money on those outrageously expensive, traditional advertising or promotional campaigns.)
You definitely need a reliable brand development strategy. Agreed? Good. of course your next major question obviously becomes. How do you or your major competitors strategically and systematically creating one. Correct? No worries.
Because not only does your current or future brand development strategy not have to be extremely complicated. But (thank goodness!) it also doesn’t have to be or become outrageously expensive either. in order for you to begin and nurture it’s continuous long term growth. Sound like something you’d definitely like to know more about? Great. Turn the page and let’s get started…
You’re Probably Wondering How Can I Make My Brand Powerful? (Correct?)
Of course. Who in their right aspiring entrepreneurial mind doesn’t want to know that? And don’t think for even one nano second. Just because you’re either the sole owner or co-owner of a single location, non franchised retail jewelry store. These market tested strategies or tactics, can’t or won’t work for your business. Or if you’re a profit seeking service provider of some kind.
These potentially bank account filling marketing strategies or tactics won’t work for you either. Because if this is your current train of thought. You’re actually making it a whole easier for your major competitors to leap frog past you. In literally month not years.
In fact. Remember when one of your top female sales managers, came to work sharing, (more like bragging!0 about the really cool savings she recently got, at one of your areas most popular upscale women-s shoes stores.
Which immediately got you and your marketing teams creative marketing juices flowing. So much so. You had your female sales rep personally reach out to the shoe store owner(s) and offer the following JV (Joint Venture)/cross promotional proposal.
This Is Why You Simply Have To Start Systematically Leveraging Other Non Directly Competing Vendors Various Assets And Or Resources!
First of all. Since the designer pumps one of your top female sales managers purchased. Usually retail for at least $350 dollars a pair. And she saved $60 dollars off.
This is what you initially propose to the women’s shoe store owner(s.) Since your ideal, local female customer, currently has a total lifetime customer value metric. Somewhere between $300- $9,500 dollars. Give or take over the next five to seven year period.
With 65-85% of that figure being long term gross profits. And the remaining percentage being non traditional lead generation expenses and other non traditional first time customer acquisition costs.
Typically your first thought would be to initially keep your first time customer acquisition costs as low as possible. Correct? However, because you’re being strategic. And you’re thinking extremely long term here.
This is what you initially propose to the women’s shoe store owner(s.) Take their two traditionally slowest days of the week. Depending on which particular season of the year it is.
Who Would Ever Believe You Or Your Major Competitors Could Consistently Benefit From Helping Other Non Directly Competing Vendors Increase Their Overall Gross Profits! (On Their Traditionally Two Slowest Days Of The Week!)
And on each of those two days. The first 100 or X number of local women per day. Who spend at least $200 or X number o dollars. Say $200 dollars or less. They automatically save $50 dollars off their purchase of any pair of shoes. And every female customer who spends between $201 -$499 dollars.
They automatically save $75 dollars off the usual retail price. Say what? And the first five local women, (again on the two traditionally slowest days of the week only!) For now. Those who spend over $500 dollars for a pair of women’s designer power pumps.
Those five automatically save $100 dollars off. (In reality behind the scenes. Your retail jewelry store is gladly footing this particular bill.) Say what? Because this is how you will inexpensively gain access to these local women-s professional and personal inner circles.
This Is How And Where You Or Your Major Competitors Word Of Mouth And Mouse Campaign Really Goes Into Overdrive!
For just a second. Take a 30,000 foot view at the potential long positive word of mouth and mouse potential. If you or your major competitors actually utilize (just!) the initial front end of this particular marketing strategy. Just two of the women-s shoe store owner(s) traditionally slowest days of week
Each week for an entire year. So 52 times. The first 200 women per week. (100 per each slowest day of the week.) Multiply 200 x 52 weeks per year. And you should get a grand total of 10,400 local women. Correct? Agreed. 9200 local women per week x 52 weeks = 10,400 total.)
And lets say only 40% of them or (4,160 of them) initially become first time customers of you or one of your main local competitors. And their initial average spend is just $475 each.
You or your major competitors still grossed an impressive initial front end of, (are you sitting down?) A whopping $1,976,000. Not too shabby, correct? and rest assured. Some of those 4,160 or X number of local women. Personally know and are related to other local women who are definitely of high local influence and probably affluent themselves.
And so are at least some of their current and future neighbors. Current, ex and future co-workers, relatives and or colleagues etc. Hopefully you smell the potential long term gross profits?
If so, then you should realize and better appreciate why, this is what makes having a realistic brand development strategy potentially worth it’s weight in gold. Don’t you agree?
Are You Starting To Fully Appreciate Why You Gotta Start Being More Proactive With Both Your Marketing And Promotional Efforts!
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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