Why Advertising For Your Business Isn’t Always The Most Profitable Option!
Here you are again wondering “if” this particular traditional on or offline advertising medium is actually the one to help you finally get over the hump. Right? Because you’ve definitely tried your share of solo ad campaigns, correct?
What’s next? Are you wondering where and how advertising for your small business or service fits into your long term marketing mix?
And to be brutally honest your overall results haven’t exactly been earth shattering to this point, right? And you’ve tried offline snail mail a few times. And noticed “how” outrageously expensive it can be or quickly become.
And let’s (all!) face it already. Hopefully nobody has to convince you how outrageously expensive and dismally performing traditional advertising campaigns can be or quickly become.
Which naturally begs the $64,000 dollar question. Is traditional advertising for your business or service really your best marketing or promotional option? And “if” it’s not. What should you at least inexpensively test instead?
And “how” much should you allocate to your initial A/B split test(s) before you can come to a reasonable conclusion? All great questions for sure. Let’s take things step by step and see if you can develop a reliable process for consistently doing so.
Rest assured any type of semi thorough- ongoing A/B split testing, monitoring and tweaking you consistently do. Definitely puts you well ahead of your major competitors. Who for whatever reasons still refuse to consistently apply the proven on or offline marketing fundamentals. Which explains why they constantly have income gaps in their cash flow.
Successfully applying the type of strategies you’re about to be exposed to will definitely help fill these holes. As you’re about to discover.
Why Advertising For A Small Business Is A Potential Gateway To Some Much Larger Profits! (Without All Of The Outrageously Expensive Costs!)
Case in point. Let’s say you’re either the sole owner or the senior marketing director for an extremely popular, single location retail jewelry store.
And over the last three months alone you’ve already invested, more like wasted a fortune on one of those outrageously expensive local billboard ad campaigns.
Sure initially it definitely felt good to see your companies name on a rather huge local billboard. An even though very few leads are actually coming or calling your store as a direct result of this bank account draining alligator.
So not only is your cost per lead (CPL) outrageously high. But truth told the leads themselves for the most part. They tend to initially purchase your lower costing bling. And less than 10% of them ever develop into some long term repeat customers. Who you or your major competitors can really count on for all types of additional repeat purchases. (Some of it being your higher end bling.)
On the other hand. Rather than continue to waste at least $25,000 dollars a month on those outrageously expensive, (so called!) image building local billboard ad campaigns.
Here’s a proven non traditional lead generation approach you’re at least willing to strategically test. And constantly monitor and tweak as you go.
Sometimes Your Best Long Term Repeat Customers Can And Will Come From Some Of The Most Unconventional Places! (Or Situations!)
Say for example. Located right next door to your retail jewelry store is an incredibly popular women’s hair salon. Which is also a single location Mom & pop type of operation.
The lady who owns it currently has four full time stylist, one part time and herself. And those six chairs (as far as the local ladies are concerned!) make magic happen five days a week.
Which explains “why” on any given day. Each lady will enthusiastically service about ten locals apiece. Basically 50 weeks per year. Because the owner usually shuts down twice a year for a week at a time. But take a closer look at her shops impressive numbers. Six stylist service ten customers per day, five days a week times (on average!) 50 weeks per year.
( 6 stylist x ten customers a day x 60 customers per day x 5 days per week = 300 customers per week x 50weeks per year = 15,000 locals per year. Say what?) So imagine you approach the owner with the following potentially irresistible offer.
Sometimes You Or Your Major Competitors Are Better Off Simply Leveraging Other Non Directly Competing Profit Seeking Vendors Assets Or Resources!
Remember your bling has an actual cost. And you and your major competitors retail prices are typically marked up anywhere from 50-600%. Which explains “how” and why you can easily afford to sell an extremely eye catching pair of diamond studded earrings.
Which usually retails for at least $450 dollars a pair. But your actual hard cost is typically half or slightly less. And one of your incredibly popular bracelets. Which usually retails for $300 dollars each.
It only costs $150 dollars. (Give or take counting all the applicable taxes & fees.) So what do you think will start happening. Once you inform the owner of the salon.
Starting Strategically Utilizing All Or Most Of Your Non Traditional Marketing Tools And Or Resources!
The moment she refers you ten new first time customers. No matter “how” much or how little they initially spend with you. Because you will provide her (and ultimately) any of her current and future stylist who also want to get hooked up. All they have to do is pass out some of your best two sided index cards to their daily customer base.
Side (A.) invites the recipient to enter your free monthly drawing for their chance to win an extremely eye catching diamond studded necklace. Which typically retails for $2,500 dollars.
But the actual hard cost is barely $1,200 dollars. And side (B.) invites them to come to you or your major competitors store. Before the ten day hand written expiration date expires.
They come alone and they save 10% off up to $200 dollars. But simply for dragging friend whose not a current opt in email subscriber. And whose at least 18. They automatically save 40% off up to $1,500 dollars. Say what?
Once You Or Your Major Competitors Start Consistently Generating Your Fair Share Of Word Of Mouth Or Mouse Buzz! (Things Quickly Get Really Interesting Really Fast!)
And on the back side of the index card. The salon owner, their stylist or whoever is actually passing them out. They simply print their first and last name where it says “referred by,” and the name of the business or service they currently work for. (That’s if they’re currently employed.
( Because remember you definitely don’t need to be employed in order to consistently pass out X number of market tested index cards per day, week or month etc.) The moment the owner of the hair (or nail salon!), or any of their stylist generates ten customers for you or your major competitors.
You’ll give her the $300 dollar necklace for free. Huh? Because as she’s servicing her customary ten customers per day. And 50 customers a week. Times 50 weeks a year. (Remember these numbers will probably vary from year to year.)
Means she alone currently services (or beautifies!) a staggering 2,500 locals a year. (10 customers per day x 5 days a week = 50 customers per week x 2,500 locals per year.
Both she and her current and any future stylist pass out your two or one sided index card to their asses out to their customers. And in her case alone.
Remember The Tallest Trees Typically Originate From The Tiniest Acorns! (And Your Long Term Potential Growth Is Certainly No Exception!)
Not only do 40% of them or 1,000 locals redeem them before the offer expires. But 45% of them or 450 also drag a friend with them to you or your competitors store before your expiration date.
So a grand total of 1,450 local women mind you. Who all (don’t forget or neglect!) Also know at least 25 other local women each. So now you or your major competitors are talking about potentially being able to inexpensively reach a percentage of a staggering 36,250 potential first time customers. (1,450 x 25=36,250.)
On average 30% of whom are ready to become you or your major competitors first time customers. (36,250 x .30% = 10,875. Say what?) The long term marketing possibilities are virtually off the so called marketing charts. Don’t you agree?
Coming up very shortly in part two. You or your major competitors will “discover” how to take these incredibly simple marketing strategies and tactics to the very next level or two. Okay? But for now.
Are you definitely starting to appreciate “why” outrageously expensive traditional advertising for your business or service may not be your best choice? 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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