How The Ultimate Insiders Use Incentive Programs To Drive Your Competitors Crazy!Part Three
At this point in this ongoing series you have to know and appreciate that some type of high powered incentive programs can and will make a world of difference to your bottom line, correct?
And thank goodness it doesn’t take a whole of money, correct? Just a few minor tweaks – here and there- to the way you view (overall) and think of your long term marketing strategies.
Hopefully, the first two installments in this series have aptly demonstrated that. Now in this third installment, you are ready to really pick up steam and dive much deeper into the long term and potentially profitable marketing possibilities!
If (and hopefully it’s not), but if you’re coming into this series starting with this third installment, please do yourself a giant favor and go back and start this series with part one of effectively using some incentive based marketing programs.
Otherwise, you really are cheating yourself. Limiting your ability to increase your income.
Why Not Put Your Battlefield Tested Incentive Programs Into Over Drive!
Picking up where part two left off. Entrepreneur do not forget or worse yet, totally ignore your bread and butter corporate clients! You know, the local high profile law offices and the other local association that frequent your place. Now of course Mr.Marketing is mindful of the fact that the restaurant business has some rather thin profit margins.
That’s why that $2,500 dollar cash upfront slush fund that they got from the jeweler or company X is so vitally important. Because now they can creatively and rather inexpensively buy some positive long term word of mouth and mouse (and inexpensively) create some repeat customer base for literally pennies on the dollar.
For ex: on Valentines day, they could surprise the first twenty five (o r X number of) unsuspecting ladies by providing them with a free desert of their choice and one free rose, plus offer them any one high end drink of their choice for 50% off!
Think that little marketing ploy is going to get them tweeting, texting and talking it up back at work or wherever! Yep!
But what else? In order to really counter act their traditionally slowest days. The restaurant could literally create their top 100 club. (For ladies only BTW!) and here’s how it might work initially. Because they’d need to inexpensively test and track their result.
The first 100 or first 50 etc; (just depending) on which particular strategy they ultimately decide on. They give these women special laminated VIP cards that they always bring with them on the traditionally slowest days and even though the first X will either get a free drink worth X or a free desert valued at X, just for being one of the first number of women with their cards,that come through the door between certain hours.
One of them will win a free bottle of top shelf champagne! Which the restaurant owner(s) should have little or no problem securing from a local winery trying to make a name for themselves! Don’t you agree? And at least two other women will win a free bottle of popular wine, from more than likely, the same local winery.
But here’s the real point, can you see and hopefully appreciate how these type of simple, proven incentive programs can and will increase your long term gross profits?
So Are You Really Sure Some Market Tested Incentive Programs Won’t Help Improve Your Bottom Line?
Here’s one of the more advanced monetizing strategies for the jeweler. (Please read the first two installments in this series about incentive programs) for further clarification.) The jeweler can look around for at least two non competing local small business owners and or service providers, that need those exact customers, but just aren’t that good any type of “think outside the box” marketing strategies yet.
Sense the jeweler is the main sponsor and creative genius behind this particular marketing strategy, they offer to co-promote their exit strategy marketing opportunity with a local florist and appliance center.
So here’s how this powerful co-op marketing strategy might work (initially anyway.) Those index cards that the parking valet’s leave inside the restaurant owners customers cars. They’ll be two sided and on the back of the cards, both the florist and the appliance dealers will be making VIP new customer only discount offers as well!
And let’s say they each pay the jeweler $1,500 dollars (or X.) Remember, the jeweler originally paid the restaurant owner $2,500 dollars to get exclusive rights to market to the restaurant owner(s) exit traffic.
Which means their net cost (hypothetically speaking mind you!) but their upfront net out of pocket cost is now zero!They actually grossed $500 upfront on this particular arrangement!
So any business they’re doing now, is literally gross profit right out the gate!! Entrepreneur, you still wanna try and argue or rationalize, that by not implementing any type of proven incentive programs? Makes sense. Well alright then, any questions?
Please list at least two simple spin off concepts (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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