(And “How” You Can Too!)
Entrepreneur, can we be brutally honest here for just a second?
After all, this is your businesses future, that’s potentially, (precariously) hanging in the balance.Is it not?
Because if you continue (at your current) pace of literally throwing your hard earned, and extremely limited dollars down the extremely wasteful, traditional advertising rabbit hole!
At the end of the day, (sadly) your business and or service, will simply join thousands of other (well meaning) entrepreneurs, that settled for outrageously expensive image advertising campaigns, over (substantive), money making, bank account filling,marketing strategies and or tactics, that flat out work.
(And are a whole lot less expensive to carry out, especially when they don’t work out so well!)
One approach, while extremely popular for some odd reason(s), (that of course being) outrageously expensive glitzy image advertising methods and or campaigns, ultimately does very little for your bank account, other than (literally) draining it!
While the other less popular,battlefield tested marketing ideas, concepts and or strategies, when properly implemented, and consistently utilized, will most definitely add (nicely) to your bottom line.
So let’s have a much closer look or two, and “see” what if anything, can be discovered…..
Since Most Savvy Entrepreneurs Definitely Aren’t Into Continuously Losing Money!
(Why Keep Wasting A Fortune On Completely Ineffective Advertising And Or Losing Promotional Campaigns?)
Ladies & gentlemen, you have to admit, it does seem just a bit odd, “why” an extremely cash and resource challenged small business owner, and or service provider, would continuously attempt to spend a fortune, on outrageously expensive, traditional advertising campaigns and or glitzy promotions.
Which (at best) produce dismal results, that rarely if ever, break even on the front end of your sales funnel, let alone show any type of measurable, front end gross profit!
Yet, you would think, with the admirable gusto they pursue this type of marketing approach with, they’ve got pockets as deep as the big corporate types, they’re clearly attempting to emulate!
When truth told, nothing could be further from the truth!
In fact, if they continue down this major profit (and or) resource draining road, at some point, their constantly spending 400 to 500%, just to create those all important first time customers, and or clients etc, is going to be the cause of their ultimate downfall and lead to the failure of their business.
How To Systematically Making Sure Your Resourced Challenged Small Business And Or Service Doesn’t Whined Up Going Broke!
So let’s take a look at a hypothetical example, of an alternative marketing route,an extremely cash starved small business owner, could at least inexpensively, initially test, to see if it makes economic sense, (or not) to go any further.
And if it doesn’t they can save a lot of time and money, and future frustration by putting that strategy to rest asap.
(If more extremely cash starved, aspiring entrepreneurs, small business owners, and or service providers, approached their marketing/advertising methods that way, sooner, there would be far less small business/service provider bankruptcies!)
Your Best Small Business Marketing Strategies Don’t Have To Be Glitzy Or Expensive! (Just Effective!)
So let’s say your cash and resourced challenged small business, (among other things) sells delicious, and extremely succulent steaks, primarily to local Mom & Pop restaurant owners and small corner deli stores and specialty meat packaging businesses etc.
Instead of continuously paying for tons of wasted circulation, by paying for outrageously expensive, 30 and 60 second, prime time, local TV and radio spots.
Why not take a little time and try and negotiate some (potentially) lucrative joint venture type of arrangements, with some (local) and hopefully, eventually national high end premium beer distributing companies.
For example, you could, after you’ve run your total lifetime customer value numbers, and discover, your current promotional budget, could easily afford for you to inexpensively test, whether it makes sense to use two potential lead generation strategies and or tactics.
Try And Form Or Base Your Lead Generation Strategies And Or Tactics Around Helping Other Non Directly Competitive Vendors Succeed!
1.) Potential lead generating strategy: First of all, (and only if) it makes economic sense to do so, the specialty meat seller, could see if sponsoring (paying for) some sort of monthly free drawing, where each month, the 1st place grand prize winners, win $100 dollars (or X) worth of (extremely popular) premium beer, delivered directly to their home, makes sense for them to (either), foot the entire cost or split the cost 50/50 with the premium beer distribution company.
If they agree to finance 100% (or at least) the lions share to sponsor the monthly or quarterly drawings etc; then they’ll both co- own any and all leads, that are generated.
And each month all the runner ups, will receive two incredibly nice constellations prizes.First, they’ll get a super “time sensitive” VIP, new customer only, discount coupon, to save X% off their first two ,(or X) number of purchases of premium beer, from the beer distribution company. 😀
And they’ll also being given a similar offer from the specialty meat company. And both companies will do their own (on or offline) follow up campaigns and keep 100% of both their front and back end gross profits.
(Which will also include, things like, any additional purchases, for years and years to come. Any and all future referrals, and any and video, audio or written testimonials etc.)
Your Small Business Marketing Ideas Shouldn’t Revolve Around Whether They Enhance Your Image!
2.) Potential lead generating strategy: You could also inexpensively test, (whether) it makes economic sense, to insert one of your best, market tested, (one sided) extremely “time sensitive” flyers, in the beer distribution companies out going mailers (and or) catalogs, and offer the beer distributors customers X% off, their very first purchase!
Or, have the beer distributors, (and or) retail company X, (more on a potential alternative retailer) in just a moment! But the premium beer distributor could offer one of your lower priced steaks, as one of four choices, their customers could choose, that cost under X amount of dollars.
The logic being, any customer (potential future lead) for your business, that chooses a lower priced steak, a potential gift valued under a certain amount of money, is a prime potential lead for you to get some type of “new customer only” discounted price offer out to, don’t you agree?
Your Lead Generation Strategies And Or tactics Can Either Be Outrageously Expensive And Or Incredibly Effective!
In essence, it’s cheap , (but highly) effective lead generation 101, correct? And finally, you could also approach a local boat retailer, and offer to provide (both) their customers with free porterhouse steaks, valued at X, whenever they purchased any boat valued at X!
Your company delivers them,that way you’ve got your leads (all important) contact info!Or, if you prefer, you can keep wasting a ton of money on outrageously expensive ads, that reach a staggering 98% of an audience, that literally has no interest whatsoever in your products or services!
Entrepreneur Stop Putting Your Resourced Challenged Small Business And Or Service At Risk!
You wanna know “why” a staggering 88% of all startup entrepreneurs go belly up, within the first five years or less? You just got a glimpse as to why! Any questions?
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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Hi Mark,
“You can’t eat prestige,” the saying goes when university staff negotiate for higher wages.
After reading your informational article, I’d say “you can’ eat image” either.
But you can eat food from the profits of effective ad campaigns that focus on lead generation strategies that convert into sales.
This is another great article for savvy entrepreneurs to learn from, my friend.
-Donna
Donna Merrill recently posted…How To Put Screen Capture Video On Your Blog | And Why
Donna I so love your wit and incredible insights!LOL!
I just love your train of thought
about not being able to eat “prestige!” That’s priceless!
And like you so wisely pointed out, you can most definitely
eat “profits” from effective ad campaigns!LOL!
That is such an awesome line and train of thought Donna!LOL!
Thank you so much for sharing it! I may even have to use
it and reference you as the source!
Mark Newsome recently posted…How Savvy Entrepreneurs Turn Advertising Costs Into Marketing Profits!Part Six