Are you calculating lifetime value of a customer.
Hopefully you discovered a ton of practical (easy) to implement, not to mention (surefire) marketing strategies or tactics, in part three of this powerful ongoing series.
As a direct result of calculating lifetime value of a customer.
Follow this simple logic.
Suppose you are the typical small dairy farmer that has 150 (at times) totally cantankerous cattle.
You rise at 5 am every morning (and for) the next 4.5 half hours, you lead them back to the barn.Good luck! 😀
And the last worker out of the barn, merely closes the door (but) sadly doesn’t secure it!
Stop Systematically Letting Your Long Term Profits Slip Away!
Yea so, big deal.You’re right (it’s) an extremely big deal. Here’s why. (Less than 30 minutes later), they’ve all escaped and you, (sadly) have to start the entire tedious ordeal all over again! From scratch.Say what?
What’s the point you ask, thought it would probably slip right past you!
Just like all the long term potential profit.Entrepreneur, you’ve already discovered that on average, a brand new first time customer or client will cost you about 500% more than normal!Correct?
That being the case, as soon as your retail customer purchases anything, why aren’t you or your trained sales staff, (literally) shoving your best market tested type of (time sensitive) ‘bounce back’ discount coupon offer, in their hands (and or) slipping it into their bag(s!)
Your Marketing Funnel Can Work Wonders On It’s Own!
Offer them 20 (or X% off) their entire next purchase, (no minimum) purchase required.
Provided they return within 10 (or X number of) days or less. (You gotta) constantly inexpensively test.
Plus, offer them an additional 10% ( or X % off) if they return before the date with a new first time potential customer, whose 18 and over!
And leverage their patronage further by allowing them to reach into your in house grab bag.
Because (if), and hopefully they’re probably, fairly active on social media. (Preferably) Facebook and Instagram, since more local potential customers will probably see and act on it!
Remember, you’re steadily building lifetime value of a customer, not trying to go broke by hosting one super discounted blow out sales event! 😀
The One Time A Whopping 500% Return May Equal Disaster For Your Business!
Speaking of a 500% return. Sadly, do you realize that every time (on or) offline, you or one of your trained sales staff totally disappoint one of your customers and or clients.
They will repeat this negative situation,(more like) broadcast your misstep (on average), an additional 500% more than they will sing your praises. Translated, you and nobody else can afford it!(Especially long term.)
Three More Simple Ways Local Businesses Can Profit From Calculating Lifetime Value Of A Customer!
The restaurant: The local cash starved family style restaurant could form a powerful joint venture (JV) arrangement, and allow a regional or national specialty food company, that specializes in fancy (rather) expensive gourmet deserts, creatively help finance their advertising budget.Huh?
Here’s how. Since the specialty food company knows the total lifetime value of their ideal customers is a whopping $2,300 hundred dollars over five years, (or the next 60 months.) (Five years x 12 months per year = 60 total months.)
The specialty food company spends $20 dollars on a gas card and the restaurant gives it to any customers that returns within 15, (or X number of) days or less with at least two adults over 18 and at least two kids (12) and under.
This Is How And Where A Proven Direct Marketing Approach Can Potentially Pay Off Really Big For You!
They’ll also give any party of three adults over 18, that return in 15 days or less with at least three kids under 12, a $50 dollar gas card and a 50% off any two deserts purchases! Get creative already! 😀
Plus, the restaurant gives every paying customer a VIP index card that directs them to the food companies special lead capture page.
And they can enter a free monthly drawing (where) they have a chance to win one free gourmet pie (of there choice.)
Delivered to their home and or place of business, (at least) four times per year.An X dollar value!
Their wedding anniversary (if it applies) their birthday, Mothers day, and Thanksgiving! And if need be Xmas and New Years as well! 😀
Expand Your Creative Thinking And Watch The Long Term Results Of Your Sales Funnel Improve As Well!
The local bookstore: The local bookstore offers each paying customer (over) and under $30 dollars, some really cool prizes as well.
For ex; they win free cool prizes like a $25 dollar gift and or cash award card. Fifteen percent off their next purchase.
Twenty five percent off their total bill, (provided) they return within X amount of days and bring (what else), a potential new first time customer that joins their VIP opt in email/mobile marketing list!
Any purchases over $50 bucks. (You gotta) inexpensively test and retail company X gives the bookstore, (either) a $50 dollar gas card, or an extremely time sensitive discount coupon that’s good for X% off their total purchases for the next 60-120 days! 😀
Translated, next 2-3 months. Or X% off their next three purchases, (provided) they bring a new first time customer with them, and they mention your business on their Facebook page.
Pro-actively Use These Incredibly Simple Sales Tips To Help Grease the Wheels Of Forward Momentum!
Think about the powerful low cost word of mouth buzz, (vs) constantly spending outrageous sums of money on traditional local TV, radio and mass targeted newspaper ads etc.
The local investment (and or) Real Estate investment club: These are always fun. Simply have everybody that wants to sponsor(pay for) the free goodies, co-op the cost (by) spreading it evenly among the sponsors.
And in essence they pay actual hard cost for the free and super discounted goodies that the other members of the club, guests (non member) advertisers get to reach in the grab bag for.
Use Battlefield Tested Direct Marketing Strategies And Or Tactics To Create Multiple Profit Centers Within Your Business And Or Service!
For ex; buy a DVD/CD set from a local CPA firm that normally sells it for $47 (or X) dollars, but as long as you pay by cash, credit card or money order.
In other words no checks! You get a chance to reach in the grab bag and possibly win that CD or DVD set for just $7 dollars or X. Meaning some ridiculously low amount!
This way, you’ll be sure, to help spread the word, both on and off of social media, right? 😀
Pay for a display ad and spend over X amount by cash, credit and or money order and you get to reach in a more upscale grab bag etc!
Can You Now Better Appreciate How These Direct Marketing Campaigns Can Put You Light Years Ahead Of Your Major Competitors!
And finally; suppose you have a program or service that normally retails for $697 or up.
Let the person that can buy it for just $67 dollars, have the right to auction it off to the highest bidder! And only credit card holders, cash or money orders will be accepted for the auction!
And on and on. Hopefully you are now totally convinced why calculating lifetime value of a customer stats, are so important and profitable! No matter what your particular niche is.Don’t you agree?
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And be sure you grab your explosive free 22 step small business marketing idea kit series. It’s a $97 dollar value and it’s free!
