Let the 80 20 marketing rule in business help fuel your profits!
You’ve probably been exposed to the 80 20 rule in marketing more times than you can shake a stick, don’t you agree?
It’s a sound and proven business principle.
As you discovered in part one of this series on the 80 20 rule in marketing, twenty percent of your valued customer/client base is going to account for (at least) 80% of your business.
And as you recall in part one, in the restaurant example; you were using low cost (easy to) implement marketing strategies that allowed you to inexpensively create more repeat long term customers for peanuts.
Let’s take a look at three more powerful low cost marketing strategies that a local Mom & Pop restaurant could use to inexpensively create more repeat long term customers. And some great word of mouth advertising as well.
How Your Local Restaurant Could Really Cash In By Inexpensively Stimulating Repeat Customers For Peanuts.
Back to our earlier example involving a local Mom & Pop family style restaurant. Here are three more incredibly simple ways you can inexpensively create repeat customers.
Repeat customer strategy # one: The restaurant might inexpensively test by allowing any customer that spends over X amount of dollars, (likewise for a group) to get a special VIP discount coupon that allows them to receive 75% off for their beverages, for the next six months.
And for just $5 dollars more they can automatically extend the special for an additional six months, for the total of one year. 😀
(Remember, this type of strategy, is designed to create long term repeat customers, for literally pennies on the dollar.)
Ethical Bribes Are A Great Component To Add To Your Marketing Funnel!
( You might also inexpensively test by offering every paying customer (while) they’re at the cash register, and about to exit your restaurant, the opportunity to purchase a special VIP discount card that allows them to receive 75 (or X%) off their beverages and 50% off their deserts for the next six months to a year.
And the prices are $3 dollars for six months or just $5 dollars for the entire year!)
The psychology being, anyone that buys either coupon plan is definitely planning on coming back frequently.Right? 😀
Obviously you’re not trying to sell them beverages (and or) deserts for 75% and 50% off respectively. Instead you’re strategically using this low cost marketing strategy as a way of consistently bringing them back.
Be Extremely Pro-active And Customer Service Orientated With Your Sales Funnel!
Repeat customer strategy # two: You could also inexpensively test by targeting senior citizens and allowing any adult 18 and over that brings at least one senior citizen (over 62) with them to your restaurant, will be able to purchase either their deserts and or beverages for 75% off.
Inexpensively test in order to discover if offering this particular pricing discount without any minimum purchase requirements works best. Or if it only works if they spend X amount of dollars.
Repeat strategy # three: You might also inexpensively test by allowing your customers to bring in a maximum of five kids (10 and under), on your slowest days and (provided) they pay retail for the kids meals, the kids drinks and deserts are just .$39 cents each (or) some ridiculously low market tested price!
Or you could charge the kids deserts at just .$49 cents each. These type of pricing strategies really create powerful word of mouth advertising, especially among the moms!
Your Service Business Can And Should Take Advantage Of The 80 20 Rule In Marketing As Well.
Here is an incredibly simple marketing ploy that your local printer might use in order to create some repeat customers for peanuts.
You might inexpensively test by allowing any customer that spends over X amount of dollars to get a special discount coupon that allows them to lock in a special price of one cents, ( or X) cents above the printers actual cost for one year on one sided 8.5 x 11 non color copies.
You might also inexpensively test, letting any customer that spends over X amount of dollars to reach in your grab bag and include some really cool prizes for them.
This Is Why You Definitely Ned To Be Adding Some Type Of Bank Account Filling Direct Marketing Strategies And Or Tactics To The Mix!
Stuff like; a special discount coupon good 30% off the total of their next three printing jobs or 20% off their next two single sided color printing jobs etc.
(Not to worry, your top joint venture partners will be more than happy to supply you with at least some of the free goodies you offer in your grab bags, and or help finance them in exchange for you sharing the semi qualified leads with them!)
Get creative, because remember, these are the twenty percent of your valued customer base that represent eighty percent of your entire business.
Just Keep Implementing These Type Of Proven Small Business Marketing Strategies And Or Tactics And You’re Definitely On Your Way!
They’ll spend more, do it more often, plus, they’ll refer others more often and are far more likely to become your best customer evangelist.
They represent the 80/20 marketing rule that will fuel your long term success, so their definitely worth the effort.
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