How And Why Far Too Many Small Business Owners Triple Customer Acquisition Costs!
So next to the phrases, “lack of cash flow,” “liquidation sale” and or “bankruptcy.”
Another potentially expensive word, is “branding.”
Now before you go off half cocked, and totally get the wrong idea here.
Has your resourced challenged small business and or entrepreneurial endeavor, been trying to “brand” yourself, using some of the outrageously expensive, traditional methods, strategies and or tactics?
I sincerely hope not. Say what? (Hear me out please!) Because this critically important adjustment in your thinking, just might save you a ton of money,undue frustration and ultimately, help save your bankruptcy bound business/entrepreneurial venture.
How And Why Far Too Many Profit Seeking Small Business Owners Often Spend Way Too Much On Initial Front Up Customer Acquisition Costs!
Before getting started here. Let’s be sure, we’re all on the same page. Every small business owner, service provider and or aspiring entrepreneur, no matter what their current and or ultimate size eventually turns out to be.
We’re all doing, on a daily basis, some form of formal and or informal branding.(Like it or not.)
It’s just, when you’re a resourced challenged, semi cash strapped, startup entrepreneur, and or Mom & pop small business owner/service provider.
The traditional style/type of commercial branding, (being advocated by) the big time, Madison Avenue type of advertising agencies and or high end marketing consultants,will all but bankrupt you. 😀
Because, first of all, looking at all of the ongoing, and ever increasing expenses, you will most definitely incur, as you attempt to implement, their outrageously expensive version, of corporate branding.
The Traditional Fortune 500 Style Of Corporate Branding Will Definitely Bankrupt And Or Severely Hurt Your Resourced Challenged Small Business!
Case in point, the typical cost, for you to have one of those fancy, corporate style logos created, plus, the ongoing costs, to spend a fortune, on these dismally performing, glitzy, type of image ads.
This approach, will do little more, than appear for a brief second, in front of the masses and as soon as you stop paying for them, you and your so called branding effort, will be all but forgotten.
And other than a huge ongoing costs, and a few (if you’re extremely lucky!), outrageously expensive, first time customers, is all you’ll have to show for it.
Now let’s briefly have the look, at a far more effective marketing alternative or two.
The More Effective Your Lead Generation Strategies Are! (The Less You’ll Have To Rely On Outrageously Expensive Corporate Branding Methods And Or Tactics!
Case in point, let’s say you currently run, a fairly successful, (single location), retail jewelry outlet.
And your ideal female customer, currently has a total lifetime customer value metric, of somewhere between, $8,500 – $13,000 dollars, over the next five to seven years.
But instead of throwing a fortune down the drain, by trying to do corporate branding. Instead.
Here’s one of the initial, non traditional, positive word of mouth or mouse marketing strategies, you inexpensively test.Go find a local, upscale art dealer or two, who own their own gallery.
And features some extremely popular, local artists work, which typically sells for at least, a bare bare bones minimum, of several thousands dollars per piece.
Because this crowd, and their immediate circle of personal and professional friends, relatives, in -laws and or neighbors etc; is your idea target market. Is it not? Oh yea.
The Right Small Business Marketing Strategies And Or Tactics Can Help You Literally Leap Frog Over Your Major Competitors!
(Even If Their Traditional Advertising And Or Promotional Budgets Are Much Larger Than Yours!)
Right out of the gate, since both gallery owner(s), and staff members, routinely rub shoulders and socialize with, all of the power players, within the industry, on a local basis.
You have to be sure, they represent, do you not? So initially, because you’re not sure, if your simple marketing ploy will have a huge or small impact, both short and long term.
You allow them to purchase, a beautiful, $1,500 dollar, diamond studded necklace, plus matching earrings, which typically cost anywhere from $300 – $450 dollars a pair.(Or X.)
You’ll gladly sell them both extremely eye catching items, at your actual hard cost, plus any and all applicable fees!
Think about where the conversation will inevitably turn, as they routinely rub shoulders, with both aspiring local artists, the artists agents and or the art galleries, CPA, lawyer, chiropractor dentist, neighbors, in laws, spouse and or live in significant other etc. 😀
Think about what happens, when they do local TV interviews, photo ops and or attend, a friend and or relatives wedding, wedding reception,local fundraisers, baby showers and or monthly chamber of commerce meetings etc.
Don’t Cripple Your Small Business By Trying To Be A Corporate Wannabee!
Entrepreneur, are you starting to truly understand, the real, potential money making potential, of implementing, some proven, non traditional marketing strategies and or tactics.
Versus, trying to go at things, using the outrageously expensive corporate branding approach! Say yes! 😀 Great.
This is how and why, far too many, resourced challenged small business owners, service providers and or startup entrepreneurs, spend way too much, on initial, front end customer acquisition. Don’t you agree?
P.S.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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