This Is Why Starting Off Small Can Actually Be Or Quickly Become A Major Advantage! Part Two
Hopefully after initially reading or re-reading part one of this ongoing series. You now have a much deeper and better appreciation for “why” it definitely makes since to keep things both simple and as inexpensive as possible. Especially when you’re initially starting off. Would you not agree?
Because over time they can be or quickly some major long term advantages to initially starting off small. For one thing as far easier to be strategic if both your ongoing expenses and dramatic increase in needed staff and management skills don’t quickly exceed your current real world experience levels.
Think of “what” might potentially happen “if” or when you have one person, (or two at best!) answering your phones during typical business hours of 9 am – 7pm M-Sat. (And your typically closed on Sundays.
When suddenly, (totally unexpectedly) a major news outlet or a major insider industry newsletter, magazine or major podcast mentions either your business or service’s offline location. Or they mention your website. Plus share your web address all over their social media accounts. And this explosion in massive free exposure causes a flood of totally unexpected calls.
Or a ton of unexpected web traffic and you’re not offering some type of high perceived list building free giveaway. Because you already know on average a staggering 99% of your first time visitors won’t be spending a dime, correct? And without a proven lead magnet giveaway already in place to at least capture a percentage of these first time visitors contact info for long term follow up purposes.
A staggering 99% of them won’t ever be coming back. So the vast majority of these first time visitors revenue generating potential will be missed.
On The Other Hand Starting Off Small In Business The Right Way! (Can Definitely Be Or Quickly Become A Major Advantage!)
Quickly picking up where part one initially left off. As you recall. A local non franchised, single location Mom & pop pizzeria was open to some now traditional ways of generating ongoing revenue streams. Without necessarily having to sell more and more pizza and wings etc.
So this one particular husband & wife team formed a mutually beneficial JV (Joint Venture) revenue sharing arrangement with a local non directly competing, non franchised retail appliance center owner.
Whose ideal customer has a current total lifetime customer value metric of somewhere between $400- $11,000 dollars gross. Give or take over the next five to seven year period. (The actual numbers here are nowhere near as important as you fully grasping the overall concept of total lifetime customer value metrics.)
Remember in part one. Because one of or the main local universities division one female lacrosse team has finally made it as far as the final round of eight for the national tournament. Both local and national media as well as now stop social media exposure is freaking huge.
The university student body is galvanized like never before, right? All types of local businesses and local service providers are experiencing increased crowds like never before. (And truth told unless or until a similar sporting or major political event like this happens again.
They probably won’t experience this type of profit generating activity again anytime soon.
This Is How You Or Your Major Competitors Leverage Unusual Massive Free Exposure! (For Literally Pennies On The Dollar!)
As you also recall in part one. The extremely marketing savvy retail appliance dealer had their pizzeria JV revenue share partner(s) place some extremely large sign both in and outside of their businesses.
And basically these signs which offered a really cool ethical bribe to every customer who spend at least $20 dollars or more on their order. Say from Friday through Sunday. Because the local female lacrosse team was scheduled to play early Saturday afternoon. And when both the in and out of state customers went to the the retail appliance center owners lead capture page.
In order to receive their promised $25 or X dollar gift certificate. For spending X amount of dollars with you or your major competitors pizzeria or sandwich shop. Or Jamaican, Chinese or Mexican restaurant etc.
They will be asked to check a box. In order to indicate whether their a local or out of state resident. The reason the extremely marketing savvy retail appliance dealer is strategically segmenting their list this way. Is because going forward.
As You Look Closer And Closer You Definitely Start To See A Gazillion Potential Mini Profit Centers Just Waiting To Be Discovered By You Or Your Major Competitors!
The out of state subscribers will be directly straight to the retailers website. Where as the the local subscribers will be directed to both their store and website. (The strategy definitely makes sense, right?)
However, while the out of state potential first time customers are still local. They will be ethically bribed, with an extremely time sensitive offer. To drag at least one friend with them to their retail store.
And for doing so they automatically save 40 or X% off their total purchases up to $1,500 or X amount of dollars. Otherwise if for whatever reasons they decide to come alone. They only save 10% off up to $100 or X amount of dollars.
(Which should basically make it a no brainer for a percentage of these out of state potential one and done first time customers. To decide to drag a friend with them. And as long as their guest also joins you or your major competitors opt in email list before they leave the store that day.
They too can save up to 30 or X% off their total purchase. Up to $1,000 or X amount of dollars. Otherwise, if they choose not to join your list. They can still save 10% off up to $100 or X amount of dollars.
(but definitely not to be lost in the long term marketing sauce. The strategy of your JV revenue share partner placing their ethical bribe lead capture page sign both in and outside you or your major competitors store. Has absolutely nothing to do with just leveraging an increase out of state visitors to a major sporting or political event.
They can and definitely should inexpensively A/B split test this proven strategy on the vendors slowest days of the week or season. Because they’ll inexpensively strategically build their opt in email list. And the vendor will systematically benefit from the increase in average order value (AOV.)
Entrepreneur are you definitely starting to see and better appreciate some of the many long term advantages to initially starting off small?
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