How The Ultimate Insiders Use Incentive Programs To Drive Your Competitors Crazy!Part Five
As you previously discovered in part four of this ongoing series about effectively using low cost, high powered incentive programs, of all kinds.
Your extremely valued customers and clients, aren’t the only ones that enjoy an unannounced ethical bribe or two, every now and again. Would you not agree?
In fact, in part five you will discover an even more extremely profitable way to creatively create more first time customers and tons more positive word of mouth and mouse buzz, via social media.
For literally pennies on the dollar. An once again, drive your major competitors crazy. By avoiding wasting tons of your hard earned and extremely limited marketing funds, on outrageously expensive, traditional advertising mediums and methods!
Let’s dig in,shall we?….
How’s This For Incredibly Profitable Incentive Programs!
As you’ve been following our ongoing marketing saga, our savvy restaurateur allowed a local jeweler to get exclusive right to market to the restaurant owners customers, as they exit the place after they paid their bill. And to the customers surprise, on either their front seat or taped to their mirror was an extremely time sensitive VIP new customer only lead capture page type of two sided index card.
The jeweler (as you recall from part four) pays the restaurant owner(s) a set (negotiable) upfront fee (in this particular) hypothetical example only! An exclusive monthly upfront fee of $2,500 dollars or X.
Now then, as you also recall from part four, the restaurateur started creatively using that $2,500 dollar cash slush fund to generate more new first time (and hopefully) repeat customers. One of the tactics they inexpensively tested was to send certified letters to four of the top Real Estate brokers in town. Maybe two of the top residential brokers and two of the top commercial brokers.
And just for the sake of illustration, let’s say (initially) one from each category took them up on their extremely generous lead generating offer! Meaning, one of the cities top commercial real estate brokers and one of the top residential real estate brokers, decided to dine out and use the $200 dollar VIP discount coupon!
Now then, the savvy restaurant owner(s) will now go a couple of extremely profitable marketing steps further! Because remember, each month, their jeweler (or company and or service X) is going to give them another $2,500 upfront dollars in cash! (Or whatever the agreed upon amount happens to be!)
Now then, the restaurant owner will gladly give the residential real estate broker 15 extremely time sensitive VIP new customer only discount coupons valued at #60 dollars each! (That in of itself is a $900 dollar value! $60 x 15 = $ 900 dollars in value!)
And the broker gladly gives one to every property owner that sells a property through their firm! Plus, the top real estate agent of the month gets on top of their hard earned commission and whatever else they get from the broker, it also includes a $200 dollar VIP discount coupon from the restaurant as well!
The Right Kind Of Really Awesome Incentive Programs Makes Your Company Really Stand Out!
(Don’t You Agree?)
Plus, on national secretaries day, each of the brokers offices, they’ll give the secretaries a nice $200 dollar VIP discount coupon to the restaurant as well!
Now entrepreneur, right about now your wheels are (hopefully) starting to really turn! And that’s very, very good. And you’re starting to have some questions. One of which is probably something along the lines of, if they’re only getting $2,500 upfront in cash.
How are they able to afford to test out all of this different marketing strategies and tactics? Fair enough! In the interest of time, let’s really go deep in part six and hopefully, when you’ve completed reading it, you’ll totally appreciate how and why some really cool incentive programs, are just what the Dr. ordered! Fair enough? See you in part six! Until then…
Please list at least two simple spin off concepts (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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Incredible series Mark. Thanks for explaining it with the example of a jeweler and restaurant owner. With $2500 and some smart ideas once get crazy returns
You’re quite welcome Kinjal!
So glad you found some value in the entire series! Thanks
for stopping by and sharing your thoughts!
So what exactly what does your business and or do?
This looks like a pretty interesting exercise in cooperative promotion, Mark.
It’s a matter of everyone involved giving up something to get a much greater return in the end.
Your marketing funds may be limited, but your imagination need not be. And that’s going add up to a much nicer ROI in the end because, as you point out… your competition’s not going to do that. They’re just going to try to outspend you. I say, let ’em do it! They get all the overhead while you have all the fun 🙂
Love it, Mark. Outside the box.
David Merrill 101 recently posted…The Shortest Path To Online Success
Yes sir!
But as you so astutely pointed out coach, it’s a matter of being able
to see and truly appreciate the overall lifetime value of your customer/client base potential!
Because like you also pointed out, your typical cash strapped small business owner and or service provider
will either try in vain to out discount you or out spend you!
And both short term strategies typically eventually lead to the same outcome! You’re going
out of business!
Thanks for sharing some extremely keen insights and offering your continuous support!
I totally appreciate it!
This is a fascinating and informative series Mark. I don’t run a bricks and mortar business but I do have a background in marketing so I can see a lot of potential for where you’re taking us. While I agree with the point Leslie made about the $2,500 cost, I also think that if you want greater rewards you have to think bigger and move beyond ‘everybody’ as your target audience.
Marquita Herald recently posted…Healing Broken Hearts One Lick at a Time
You’re so right Marquita!
And I can’t tell you how many times I’ve had potential consulting clients balk at
so of what I initially advocate for them!
Only to have them return a short time later and
realize they truly can’t afford to continue to wasting tons of their hard earned money on these
dismally performing traditional advertising methods!
Lot’s of times all they really need is to have their eyes opened with a few more costly, failed
traditional advertising campaigns, then they finally get seriously motivated to not only stop losing money, but finally start
consistently generating some serious returns on their investment/marketing dollars!
And that’s when they normally give the green light!LOL! Thanks for sharing your thoughts Marquita and
for your continuous support! I truly appreciate both!
Hi Mark. I’m going to have to backtrack and read the earlier parts of this series. Am I right in saying that the initial incentive cost is $2,500? That would be a lot of the average Joe to come up with. But I can see how this would make the rounds and build up over time. Thanks for sharing.
All the best,
Leslie
Leslie Denning recently posted…Day 15 – Let’s Get Physical
Yes you are most certainly correct Leslie!
If that is, you were referring to your all too typical cash strapped Mom & pop
small business owner and or service provider!
Not so however, your typical savvy local jeweler and or mid sized retail appliance dealer!
They’ve huge markups and therefore routinely spend $20,000 -$50,000 per month on traditional advertising mediums,
like local newspaper, radio and or TV ads etc!
And their always extremely motivated to increase their overall gross profits, while simultaneously lowering their initial upfront out of pocket
costs!
And increasing their first time and repeat customer base! So strategically investing $2,500 $10,000 to create new and repeat customers is a
breath of fresh air for them!
But it’s an extremely valid question! Thanks for asking it and for showing your continuous support! I definitely appreciate it!