Wanna Know How To Build Strategic Partnerships Without All Of The Fancy Paperwork? Part Two
Quickly picking up where part one left off. You or your major competitors are definitely on the edge of discovering how to build strategic partnerships. (Without ever having to hire potentially expensive attorneys.)
Just to be clear here. No ones talking about trying to legally avoid having to hire potentially expensive lawyers. Fact is you or your major competitors don’t need them in order to make these informal partnerships extremely lucrative. Both on the initial front and long term back end.
Basically it’s one of those potentially profitable, I scratch your back and you scratch mine arrangements. And rest assured these local potential goodwill ambassadors will be more than motivated to help you or your major competitors out. Provided of course, you do your part.
Let’s have a closer look at ‘how” these informal arrangements could potentially play out.
Consistently Attracting More Customers Just Isn’t As Difficult Or Expensive As Far Too Many Profit Seeking Entrepreneurs Make The Process Out To Be!
So back to our potentially profitable, (albeit) hypothetical marketing example. Which is being used strictly for illustration purposes only. So over time. Your non franchised retail jewelry store locates several local buildings.
Which currently has a ton of social media active female state workers. And these local, potential -female- goodwill ambassadors literally run the gamut of diversified lifestyles.
They range from single, married. Married with small, teenage or adult kids. Some are in the middle of a messy divorce. Others are grandmothers. Some have active side hustles. Others are a year or two away from retirement. And every other scenario in between. They attend birthday parties and other social events. They attend barbecues.
And they love to paste both photos and videos of you name it. Which is “why” you or your major competitors are more than willing to ethically bribe the first 250 or X number of these women. Who do a bare bones minimum of the following three things.
1.) First: They will be ethically bribed for joining and remaining an active subscriber of one of your primary opt in email lists.
2.) Second: They drag a friend with them to your store whose at least 18 and not a current opt in subscriber. Before the ten or X day hand written expiration date expires on the extremely time sensitive gift certificate expires.
3.) Three: They spend at least $500 or X number of dollars. (Strategically A/B split price test. So you have a pretty good idea which particular price point consistently produces the most bang for your buck.)
And the first X number of local ladies who meet these pre-conditions. This is ‘how” they’ll be ethically bribed.
You Wanna Strategically Get The Word Out In A Major Way For Literally Pennies On The Dollar! (Then You Or Your Major Competitors Need To Systematically Market Or Promote Like This!)
The first thing you or your major competitors make these local ladies aware of is the following. They will each be given 25 or X number of extremely time sensitive, new customer only, two sided gift certificates to pass out to whomever they wish to.
And the first 50 or X number of them who generate ten first time customers. Regardless of how much or how little they spend with you. and they’re still an active opt in email subscriber.
They automatically save 40 or X% off up to $1,500 or X numbers of dollars. Plus, they automatically get to purchase an extremely eye catching bracelet. Which typically retails for $300 dollars. For an extremely limited time they only pay your actual hard cost of half or $150 dollars.
And the moment any of them generate 25 first time customers for you or your major competitors. (Are you currently sitting down?) Provided they’re still an active opt in email subscribers. They also get to purchase an absolutely beautiful diamond studded necklace. Which usually retails for $2,500 dollars.
But they only pay half or $1,250 dollars. Plus you’ll gladly refund whatever they actually paid for their awesome looking bracelet. Without going forward.
“How” much positive word of mouth and mouse mileage do you think this type of long term marketing approach will consistently produce?
You Ethically Bribe The Relative Few Among The Relative Many! (And Watch Which Direction Your Long Term Sales Growth Starts To Go!)
First of all. You know these 250 or X number of local ladies all know at least 25 other local ladies, right? ( 250x 25 = 6,250 locals.) And typically at least 30% of them initially will become first time customers within the next 60 days or less. (6,250 x .30% = 1,875.)
And if these 1,875 locals typically spend on average $475 dollars each. (1,875 x $475 = A gross front end profit of $890,625 thousand dollars. But “what” about the remaining 70 or X% who don’t initially become a first time customer? (Do you or your major competitors just blow them off?
Do you think you or your major competitors could at least inexpensively A/B split test some type of extremely time sensitive ethical bribe offer? Which is definitely not as good as your first initial offer.
But you still manage to throw in enough goodies. Like simply for dragging a friend with them whose at least 18. Before your ten or X day expiration date window expires. They get a 32 oz. bottle of extremely popular perfume. (Which you or your major competitors get at cost from one of your local Joint Venture (JV) or cross promotional partners.)
You Can Either Take Things To The Very Next Level Or Two! ( Or You Can Stand By And Watch Your Major Competitors Do It!)
Which typically retails for $189 – $249 dollars per bottle. For an extremely limited time they only pay $99 dollars for either bottle. Obviously they will only be made aware of this extremely time sensitive offer. If they joined your opt in email list. So they could enter your monthly free drawing. For their chance to win a beautiful $2,500 dollar diamond studded necklace. (Which truth told only cost you half or $1,250 dollars.)
Of course (for an extremely limited time!) all the runner ups who drag a friend with them to your store, whose at least 18. Before the ten or X day expiration date window expires.
They can save $700 or X number of dollars off one of your beautiful diamond studded necklaces. Rest assured a certain percentage of them will leap at the chance to drag a friend with them. So they can save the $700 or X dollars off.
But they can also save $150 or X number of dollars off an extremely eye catching pair of diamond studded earrings. And since they usually retail for $450 dollars a pair. You best believe some of their personal and professional inner circle will definitely wanna know ‘how” they can get hooked up to, right?
Needless to say entrepreneur. Are you now starting to better appreciate how to build strategic partnerships for literally pennies on the dollar? Without having to hire any fancy and potentially expensive lawyers.
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