Asset Management:How Far Too Many Savvy Entrepreneurs Accidentally Shoot Themselves In The Foot!
(By Constantly Ignoring And Or Overlooking This Vitally Important Component Of Their Business!)
So when you hear the term asset management and or creative asset management, do you automatically think of some major fortune 100 and or 500 type of (mega) giant company?
In other words, only companies with literally thousand of employees and various departments are allowed to utter such fanciful terms, and get away with it right?
And that somehow, those types of lofty terms have no business being uttered by your all too typical, local small business owner and or service provider.
Has that totally bogus thought and or type of counter productive thinking, ever crossed your mind? If so, rest assured, you are certainly not alone. And it’s definitely a false presumption on your part.
This post (which in reality) is merely an ongoing extension, (a part four) if you will, to the previously started train of thought, about creative and or under developed asset management skills.
And “how” when they are effectively utilized, can and most definitely will lead to (A.) Far better efficiency and therefore ultimately higher long term profitability!
(B.) Better customer/client and employee interactions, and all parties concerned will ultimately become better acquainted as a direct result! (C.) And another often overlooked, (yet) extremely important element/component to your business, which is better channels of meaningful communication, and therefore a much deeper level of engagement with current and future vendors can occur as well!
Why Ignoring And Or Under Utilizing Your Asset Management Opportunities Is Like Shooting Yourself In The Foot!
(And Literally Giving Your Major Competitors Carte Blanche To Fill This Void In Your Operation!)
So just to piggyback off the foundation that was already set in the previous three post, in this ongoing series.Once again,let’s say this extremely savvy (husband & wife team),that owns this upscale car dealership, but also owns a rapidly expanding real estate brokerage business as well.
Their car dealership has been proactively collecting various data, (for future marketing demographics use) from everybody that either leases and or buys a car.
And now, because of some of the data they’ve collected, and refined they can (and definitely are) going to go in a whole new direction because of it!
For ex; as you recall from an earlier post in this series, they asked if their customer/client, (A.) Currently owned their own business, or if they currently worked for someone else, remember?
And (B.) They asked, what their birth date was,however, they only needed to know (just) the month and day, not the year! 😎 And (C.) “What” was the total number of men and women currently working there.
And (D.) They asked if they were currently married or single? The main reason they inquired about their customers current marital status, is because on their customers wedding anniversary, they’re going to send them a really nice “top of mind” reminder gift of some kind!
(And for the guys, they asked if they had a current sweetheart! 😎 ) And remember, they ethically bribed everyone with additional savings of 15% off (or X%) off their purchase, just for participating in the marketing demographics survey!)
And they would periodically send them, (by way of email and or text message) a special, time sensitive VIP discount gift coupon from one of their many (local) cross promotional and or joint venture partners.
How To Effectively Use Your Creative Asset Management Skills To Fill A Big Void In Your Operation!
First of all, since they took the time to capture (either) their customer/clients birthday info, (as that day) approaches and or on the actual day.
They will send (either) an email and or text, and or a direct snail mail postcard, to the person, wishing them a “happy birthday!”And if need be, they may hire a team of two – five college students strictly part time, whose job is to constantly scan their various databases, and make sure these messages are cued up and ready to go!
And for their oldest (most loyal) customers and or clients, the owners of the car dealership/real estate brokerage firm themselves, will take the time to send them a short two to three minute personalized video message, on either their birthday and or wedding anniversary etc!
Think about “what” long term positive impact, such a simple (personal) touch like that will mean to the recipients!Year after year!Think they won’t constantly brag (both) to their friends, family members and or respected colleagues?
Think they won’t constantly forward that video around!(You so got that right!)Plus, every year,(it will become one of the annual things this pro-active car dealership/real estate brokerage firm will be known and celebrated for!)
They will pick out the married couple, that’s currently been married( or been in business) the longest and do something really special! Like (first), make JV arrangements with one of the most popular upscale restaurants in the local area.
And offer a free (meaning) at the restaurant owners actual cost, their choice of either a “steak or lobster” candle light dinner! Both the restaurant owner and the car dealership will film portions of it, and add it to their mobile responsive WordPress blogs!
Creative Asset Management Is Not Only About The Tangible Assets Found On Your Financial Statements!
Hold it!Not so fast!The lucky recipients of this annual big event, will also be picked up by a chauffeur driven limo and the wife will receive a beautiful bouquet of flowers, (valued at no less than $50 dollars),courtesy of the car dealerships JV florist arrangement!
And of course, let’s not forget, the (ever popular) seven foot teddy bear and gourmet box of calorie rich chocolates that will also accompany them as well! Plus, their choice of any bottle of wine and or champagne, courtesy of one of the most popular local wineries!
Altogether, this entire “evening of enchantment” (and lifetime of memories) is currently valued at $1,000 dollars or more! Or entrepreneur, you can continue to spend thousands upon thousands of dollars on local radio, TV and full or half page newspaper ads, that constantly get ignored by a staggering 97-99% of the general public!
But of course, you can feel good knowing that some local (hot shot) ad agency recently awarded your company the most “Creative Ad Campaign Award!” Again! 😎
And remember, weeks and even months, after that enchanting evening has long since been over, whenever a new friend and or brand new associate comes to the couples house and or apartment etc.
And they see that giant “seven foot” teddy bear for the very first time!“What” do you think the immediate topic of conversation ( for the next hour or two)will instantly evolve into!Bingo! 😎
And the proactive dealerships administrative team, will periodically hold various contest! And reward the top five suggestions on “how to” best improve their customer and repair response time service!
Everybody that participates will get some sort of reward, like maybe a $20 dollar gas card mailed to them!
And Remember Part Of Your Creative Asset Management Is Your Marketing Creativity Itself!
Now ladies & gentlemen, (you’ve heard me) pound this crucially important marketing concept into the ground, many times!Whenever and as quickly as you can, institutionalize part of your proven marketing strategies and or tactics!Huh?
Meaning: Create “evergreen” marketing strategies and or (opportunities) that you can do over and over again, and they never get stale to your audience!
Stuff like “birthday clubs”, kids clubs, acknowledging the birth of (either ) a first child and or grand child, wedding anniversaries etc!
Start of (or selling) of a business! Acknowledging retirement!Kids, grand kids and or relatives graduating from HS, college, dental, law and or medical school etc!
These type of personalized acknowledgements never ever go out of style!Plus,your major competitors are consistently doing very little of it!And they mean so very much to your customer/client base!
Don’t you agree? We could and definitely should go on! But in the interest of space. In part two, let’s delve even deeper into some of these rarely explored (potential) marketing opportunities, to increase profits, through the creative use of asset management! Okay?
Now as is customary during this part of our show.
Please share your extremely valuable comments (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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