How This Major Marketing Mistake Constantly Hurts Small Business Owners!Part Two
Remember in part one of this ongoing series, you discovered, (unfortunately), how far too many, aspiring, and far too often, semi to severely cash strapped small business owners and or service providers, even though they desperately want to grow their businesses.
For any number of reasons, they simply haven’t fully grasped, the proven basics of doing so. And as a direct result, more times than not, they struggle, far more than they actually need to.
Sure, they constantly invest their hard earned money,(and sadly) even some investors money, in various forms of outrageously expensive,traditional advertising mediums.
Only to be sorely disappointed over and over again.
Primarily because of the predictably miserable results. Entrepreneur, there’s no need to keep beating, an outrageously expensive dead horse.Don’t you agree?
So What Exactly Is This Major Marketing Mistake Far Too Many Aspiring Small Business Owners Constantly Make? (And How Do You Avoid It!)
As you recall in part one, (unfortunately) your all too typical, (extremely hard working), semi cash strapped, small business owner and or service provider, really has little to (absolutely ) no clue, how much or how little, they can actually afford to:
A.) Strategically invest, (either) one time upfront, and or on a continuous basis, in order to generate your all important, first time customer, patient and or client.
B.) And or how much they can actually afford to pay potential affiliate, cross promotional and or joint venture (JV) partners etc.
C.) And or ‘how’ much they can actually afford to spend (on the front) or back end, of another non competing vendors sales funnel, in order to eventually get relatively inexpensive access to those potential customers.
Even though this is just the tip of the proverbial marketing iceberg.But still in all, it’s a mighty big tip just the same.
Effective Lead Generation Strategies Can And Will Put You In The Drivers Seat Of Opportunity!
Ladies & gentlemen, in a recent blog post series, you saw a screenshot image of a sample lead capture page, a savvy local jeweler could use, to start building their all important opt in email list.
And it’s similar to the one below.In reality, it’s the -exact- same one, just slightly altered.
I merely changed the price of the diamond studded necklace image featured on the page, from $3,500 dollars to $7,000 dollars.
And (yes) it was built using Aweber-s (fairly basic) lead capture page editing software, in all of twenty minutes!
How This Major Marketing Mistake Constantly Hurts Small Business Owners!Part Two
How The Right Small Business Marketing Tips Can Generate Super Marketing Leverage Opportunities!
So because this extremely savvy jeweler, already knows, their ideal customers, total lifetime customer value, is just over $15,000 dollars, (give or take) over the next five to seven years.
And they will systematically net 75% of that gross, or somewhere in the neighborhood of $11,250 dollars. ($15,000 x.75% = $11,250 dollars in gross profits, over the next five to seven year period.)
Primarily because, their ideal customer, will make several additional purchases worth thousands of dollars, over the next five to seven years. And they’ll also provide (either) a written and or video testimonial, and they’ll -typically- refer at least three brand new first time customers, who will generally be worth an additional $11,250 dollars over the previously mentioned time period.
And another two or three, who will easily be worth at least, a purchase or two.
Your Small Business Could Potentially Be On The Verge Of Some Major Marketing Breakthroughs!
Entrepreneur, (please) take notice, to this next, potential marketing strategy.
Since this extremely marketing savvy jeweler, definitely wants to build a huge, and hopefully responsive opt in email/mobile marketing list fairly quickly.
That’s why they are promoting their monthly free drawing, and offering a $7,000 dollar diamond studded necklace, instead of their typical $3,500 dollar one!
They want their primary target, (which of course) is women between the ages of 18 -65, to leap at the chance to be one of the guaranteed grand prize winners, announced each month, via their social media accounts and their unscheduled, “broadcast” email alert messages.Follow this train of thought.
Even though the normal retail value, and suggested retail price of this particular eye catching diamond studded necklace, is listed at $7,000 dollars, plus any and all applicable taxes & fees etc.
Their actual hard cost, is just 45% or $3,150 dollars. ($7,000 x .45% = $3,150 dollars.)
Ever Notice How Some Of Your Very Best Small Business Marketing Strategies Involve Power Networking With Other Local Non Directly Competing Vendors!
So let’s suppose this extremely marketing savvy jeweler, (initially) invested $6,000 dollars in promoting/marketing their beautiful, $7,000 dollar diamond studded necklace.
But they’re going to do so, in a slightly non conventional way.Since their necklace actually only has a real hard cost of $3,150 dollars.This leaves a -monthly- marketing balance of $3,850 dollars.
So they approach the ladies boutique owner and the retail clothing store owner, both of which primarily cater to, local women in the mid to six figure annual income levels.
And here’s what they’ll propose. In order to get inexpensive access to these same -potential- female prospects, for virtually pennies on the dollar.
Isn’t It Sad So Many Aspiring Small Business Owners And Service Providers Only See The Tip Of The Proverbial Marketing Iceberg?
The jeweler will provide both small business owners, (by paying for) thirty $50 dollar gas cards each,(every month), to pass out to the first 30 customers total, (or 15 customers each), who spend over $150 (or X) numbers of dollars with them, and or who bring a potential brand new first time guest with them, whose 18 and over, to the vendors shop.
In exchange for the jeweler investing $3,000 dollars a month in those two vendors “power word of mouth and mouse buzz” generating campaigns.
Both vendors agree to place huge signs in (basically) the middle of their stores, advertising the jewelers free monthly drawing, for the beautiful $7,000 dollar necklace!
In part three, you will discover’how’ this extremely marketing savvy jeweler, puts this particular lead generating strategy on steroids.Okay?
Until then, are you starting to -both- understand and appreciate, how not totally understanding and effectively utilizing, the total lifetime customer value formula, is and will continue to be, a major marketing mistake, far too many aspiring, small business owners and service providers, constantly make.
Say yes. Great! See you in just a little bit in part three.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!
As always, if you got any value out of this post, please share this on your favorite social media sites or tweet this.Thanks!
And if you’re currently registered on Linkedin or twitter,and you’re serious about about doing some type of power networking.Let’s get connected asap!
Your Extremely Well Managed Small Business Or Service Can Be Or Become the Gateway To Long Term Profitability!
Extremely important note:And if by chance, you happen to know any of the lesser known podcasters,who also target,small business owners,service providers or aspiring startups entrepreneurs etc.
And they’re pro-actively looking for potential guest speakers.Please don’t hesitate to-either- pass their name and contact information directly
to me or vice versa!Thanks!
And be sure you grab your explosive free 22 step small business marketing idea kit series,
because it will help you increase your profits by as much as 25% in the next 90 days or less.
And help you master your effective communication in marketing skills.
(No matter what your particular niche market is.)It’s a $97 dollar value and it’s free!
