Watch How These Incredibly Simple Small Business Growth Strategies Quickly Add Up!
Hopefully by now you can and do truly appreciate the subtle major differences between untargeted, outrageously expensive, dismally performing mass advertising campaigns. Versus laser targeted, market tested small business growth strategies and tactics.
One requires an awful lot of money even to barely move the needle. While the other (thank goodness!) Definitely doesn’t rely on outrageously large sums of money.
In order to not only start consistently paying you or your major competitors dividends. But long term dramatically lower your traditional customer acquisition costs. Plus create a constant ton of positive, viral word of mouth and mouse buzz. And do for literally pennies on the dollar.
And have your major competitors constantly wondering how you’re able to out promote them for literally pennies on the dollar. And on average, not only retain more of your long term repeat customers.
But for literally pennies on the dollar ethically bribe them to constantly refer a ton of brand new first time customers. A high percentage of whom enthusiastically refer more than their share of brand new first time customers as well.
And a certain percentage of them, (guaranteed!) will constantly be bragging all over social media, about their extremely positive experiences with either you or your major competitors products or services. Going forward.
Is this the type of marketing or promotional setup you would definitely be okay with? For the record me too.
Who Says Your Professional Branding Strategies Or Tactics Have To Be Outrageously Expensive! (Like The Typical Corporate Model Is!)
So imagine this potential positive word of mouth and mouse social grapevine constantly compounding in you or your major competitors favor. (But first let’s properly set the marketing/promotional stage.) So you’re either the sole owner or one of the senior marketing directors for a popular local, single location, non franchised retail appliance center.
And you along with a popular single location men-s barbershop and non franchised, single location, Mom & pop style bakery, Mom & pop single location, non franchised gourmet coffee shop owner. And a very popular Mom & pop, single location, non franchised pizzeria business.
You’re conveniently located in the same mini strip mall. And since both you and a few other male employees have literally been going to this same men-s barbershop for years.
You not only have become fairly tight with the owner(s) but several of the current and past stylists who for whatever reasons have decided to move on. And since you know your ideal male customer between the ages of 21-55.
They currently have a total lifetime customer value metric of somewhere between $150- $11,000 dollars gross. Give or take over the next five to seven year period. When you include all of their future repeat purchases. Their constant positive word of mouth and mouse referrals.
And their written or video testimonials etc. You or you major competitors are definitely going to make out like bandits. Don’t you agree?
The Long Term Positive Compound Affect Definitely Does Add Up Quickly!
For just a second. Think about your barbers typical day. (Pre -covid of course.) But still incredibly relevant. (And they’re are similar, (if not even better numbers) for a popular women-s hair or nail salon.)
Anyway your current barber has a total of six chairs counting his own. And the barber and each stylist typically averages about ten unique customers per day. And since they usually work five out of every seven days in a typical week.
This means (on average!) about 60 locals pass through this one local barbershop per day. Say what? And this typically equates to a mere 300 local per your average five day week, correct? (60 per day x a typical five day work week equals 300 per week.)
And since the shop is typically open all 52 weeks per year. ( The owner(s) just leave one of the senior stylists in charge while they take one or two weeks off per year.)
So 300 locals times 52 or X number of weeks per year equals a grand total of a staggering 15,600 potential first time or eventual long term repeat customers.
Typically about 30% are prime to become both first time and repeat long term customers of you or your major competitors businesses. (Kinda of mind blowing when you have a closer look at these all too typical numbers. Right? Agreed?
So 30% of 15,600. Or whatever the actual numbers turn out to be equals (for this particular hypothetical marketing example only.) So potentially 4,680 locals.
Provided they follow your typical average buy in of $189 dollars. Equals a staggering $884,520 dollars. Even more if your average buy in is higher. And of course slightly less if their typical buy in is a little less. (Still incredibly impressive no matter how you slice it. Agreed?
Hard To Believe Any Serious Profit Seeking Entrepreneur Could Or Would Consistently Overlook Or Totally Ignore This Type Of Potential Cash Cow! (Don’t You Agree?)
There’s a couple of incredibly simple, proven low cost strategies for you or your major competitors to consistently help your barbers business grow.
And piggyback off of their constant growth. While simultaneously and strategically growing your business for literally pennies on the dollar. Say what?
First. You approach the Mom & pop gourmet coffee shop owners. And ask the (so called) “magic question.” Huh? Which is, “is it okay to periodically refer you new business or customers?”
Typically you or your major competitors will get an emphatic yes, on the initial front end of your question. A staggering 95-98% of the time. Provided you only ask vendors or contacts you already have established relationships with.
Things Often Start Small But Definitely Don’t Have To Remain That Way!
And you or your major competitors can also expect an emphatic yes on your immediate follow up question. A staggering 95 – 98% of the time. If you got a yes on your initial front end (gateway opportunity) type of question.
And your immediate “must ask” follow up question is. “And by the same token. As long as it doesn’t interfere with anything you currently have going. Or will have in the not so distant future.
Are you okay with periodically returning the favor?” Those who respond yes. Have just given you or I the green light leverage their current and future assets, resources or contacts etc. (Pretty cool, right?) For sure.
Coming up very shortly in part two. You or your major competitors will “discover” how to hit it out of the park. Until then. Are you starting to truly appreciate “how” some incredibly simple small business growth strategies can quickly add up? Say yes.
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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