Wonder Why So Many Extremely Savvy Entrepreneurs Miss This incredibly Simple Marketing Opportunity?

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Wonder Why So Many Extremely Savvy Entrepreneurs Miss This incredibly Simple Marketing Opportunity?

So have you noticed (in a broad over view) general sense, most small business entrepreneurs don’t go bankrupt and or file for bankruptcy protection, simply because of continuous out of control, over the top wild spending!

(Sure that’s the ancient myth that’s routinely thrown all around!)

But by and large, most of the time, they ultimately fall the seductive victim to the (ever so painful) slow death process of continuous lack of reliable cash flow.

Not caused (mind you) primarily by the roller coaster fluctuations, brought on by  seasonal ups and downs, that tons of different types of businesses and or  services,periodically experience.

No, it’s more like, because of so many (profit leaking) holes in their entire operation,(top to bottom) both on and offline and (usually) more times than not, when you take a really closer look under the hood, into the real guts of the business, their is usually a major problem or two, with their entire overall process of doing business in general.

And it’s these constant (ever growing) mini inefficiencies, if they’re not properly addressed and corrected (asap) over time,will without a doubt be the main reason the business ultimately fails!  

So the purpose of this particular post, is to direct your attention to an all too common (long term potential profit) marketing opportunity, that you’ll see far too many otherwise extremely savvy entrepreneurs (flat out) miss, time and time again! Given credence to that timeless old saying; “stepping over dollars to pick up nickels!”

Wonder Why So Many Otherwise Extremely Savvy Entrepreneurs Miss These Type Of Long Term Marketing Opportunities?

Let me briefly explain the inspiration behind today’s post.Recently while waiting in line at one of the places where I currently bank.This rather perky and genuinely enthusiastic branch manager, made everyone standing in line aware of a special promotion, that was ending at the end of the business day.

Basically, they were willing to pay any new or current customer $50 dollars in cash, (by way of deposit of course), just for opening a personal checking account! Oh my!

And man was she ever enthusiastically promoting it!But here’s the rub, does anybody reading this post, really believe the banks primary motivation was to hand out $50 dollars in cash, simply out of their love of philanthropy?

No way!It’s a tried and true marketing ploy!Here’s “how” and “why” their marketing strategy potentially applies to some of the more extremely savvy entrepreneurs on the block. Case in point.

Unfortunately Far Too Many Entrepreneurs Can Only See The Trees But Not The Forest!

Recently in another post about making some all too common Internet marketing mistakes ,you discovered “how” an extremely savvy local retail furniture concern strategically used about one percent of their VIP email subscriber base, to raise $400,000 in cash, so they could purchase another local furniture stores entire remaining inventory, for a cool 50% on the dollar!

Now that in and of itself, is a pretty cool accomplishment right? Absolutely!

But here’s the thing; just like with my previously mentioned example with the bank.That bank branch manager is more than savvy enough to recognize,the potential long term (total) lifetime value of a customer!

Meaning; they know (all too well), that $50 dollar investment is worth a whole lot more to them over time, than it is to the customer that receives it!

Because, for every dollar they pay out in short and long term interest payments to their customer base, it will be worth anywhere from an 8 to a 14% in interest payments received!

Because as soon as you and I deposit our money in the bank. Guess what? They immediately turn around and loan that exact same money out, for anywhere from 8% to 14% or more, for credit cards, car & home equity loans, and mortgages to buy homes etc!

And they net the differences in interest rates,between what they pay us and “what” they charge us to borrow our own money!

So here’s the overall point. “What’s” cheaper, for the bank? Making a strategic one time payment of X, in order to secure a new checking account customer or to keep spending a ton of money (ongoing),on outrageously expensive, traditional advertising mediums, such local TV,radio and newspaper ads etc!Bingo!

And by the exact same token,where’s the real long term profit potential to the local retail furniture concern, that buys another companies entire remaining inventory, for fifty cents on the dollar!

Hint: it’s not in buying the remaining inventory on the cheap!Huh? No sir!Not by a long shot!Instead, it’s by “ethically bribing’ the other furniture stores customer base, to now (either) physically come to their store (and or) their state of the art (mobile responsive) WordPress blog for the very first time!

Some Of The Best Small Business marketing Tips Are Often Right Under Your Nose!

So instead of routinely paying the traditional $400-$750 dollars per lead, whenever they go the conventional advertising route!

“What if”, instead they only invest a max of $250 dollars per lead! “How’s” that sound, for acquiring the exact same customer (who mind you), still has the exact same potential to go and spend a whole bunch of money over the years, from repeat purchases, plus a throw in few bank account filling testimonials! And some referrals!

You get the overall idea right? But “how” do they dramatically lower their cost per lead (CPL), from an average of $400- $750 to, a more respectable $250 dollars CPL?

How about if they inform (way ahead of time), the company whose inventory they’re buying for fifty cents on the dollar (or X!) that every on e of their customers that physically comes to their furniture and brings at least one new person (18 and over), that’s also a new potential customer with them!

They’ll automatically save 40% off their very first purchase, plus get a $100 gas card!

And receive an additional $100 gas card (just for) bringing their guest! And their guest will automatically get 40% off their very first purchase as well! Plus, get a $50 dollar gas card to  boot!

My guess is, at least a few will show up to claim their goodies!Don’t you agree? Well, that’s “how” and “why” far too many (otherwise) extremely savvy entrepreneurs miss the overall forest, because of the trees! 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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