So did you notice in part one of this ongoing series, how some of today’s savviest small business owners, service providers and or startup entrepreneurs, routinely increase their long term gross profits for literally pennies on the dollar?
And how they’re able to do so, without (initially) having access to (either) large sums of investment capital, (a readily available credit line of any kind)! Nor do they typically have access to huge social media followings of any kind.
Is that not a relief? In fact, did you also happen to notice in part one, how some of these semi-cash and or resource-strapped entrepreneurs, still manage to start increasing their gross profits, on a daily basis (mind you), even if, they initially started out pro-actively promoting on a razor thin marketing budget?
That accomplishment alone should encourage and inspire anyone reading this post, wondering if the days of (so-called) “guerrilla marketing” are in fact a faded memory of your distant past.
Well the really good news is ladies & gentlemen, they are most certainly not. And the remainder of this post will go a long way in proving it! So without further ado, let’s get your potential profit making party started, shall we?
So What Are These Proven Ways Some Of Today’s Savviest Small Business Owners Consistently Use To Grow Their Profits Now?
Picking up where part one of this ongoing series left off, here is another proven method this Mom & Pop corner store can and definitely should use to help increase both their on and offline positive word of mouth and mouse buzz: Joint Ventures.
If there happens to be (either) other retail and or service businesses of any kind located on the block or within a few blocks, work with them.
Arrange to offer the owners of those businesses (special) two-sided laminated cards. Side A. will have the name of the company they work for and side B. will have the same information as listed previously in part one.
The card allows the holders (including the other business owners) to purchase their coffee/tea/cocoa and or lemonade, etc., at the exact same discount rate as your other VIP “Coffee Club” members.
[clickToTweet tweet=”Offer business owners and managers local to you all the perks of your membership offer. ” quote=”Offer business owners and managers local to you all the perks of your membership offer. “]
This one proven strategy alone, will definitely increase the daily and or weekly frequency from the other employees and or owners, within a two-three block walking radius.
Your Small Business Marketing Plan Doesn’t Automatically Have To Mean Small Gross Profit Margins!
Now let’s cover the two remaining, low hanging fruit marketing concepts in order to make your marketing arsenal fully functional and ready to roll.
(Important note: Please be sure and refer to part one of this ongoing series, along with the accompanying video, so you can properly arm your marketing arsenal to the teeth.
1.) Major benefit # two: Now let’s quickly switch gears for a moment and view your low hanging fruit marketing approach from a typical Mom & Pop service provider’s point of view.
And see how you might apply a very simple “customer loyalty” generating strategy, designed to increase your long term, repeat customer loyalty for literally pennies on the dollar.
Let’s say you run a fairly successful local printing business. Inexpensively test, (initially) offering your best, most loyal customers over the years, the opportunity to buy single-sided 8.5 x 11 copies, for just 5 cents ( or X) over your actual cost. Make it a limited-time offer good only for the next 90 days.
(This is just initially a simple price test in order to gauge your best customers’ responses to it.)
Some Of Your Best And Most Profitable Small Business Advice Will Come From Some Of Your Very Best Customers And Or Clients!
And here’s your A/B split test offer to them, for just a one-time upfront payment of five dollars, they can lock in the ability to purchase one sided 8.5 x 11 copies, for your actual cost, for an entire year!
Plus, they’ll automatically save (for the next year) 25% off any printing job over $50 dollars (or your choice of $X). You’ll definitely want to inexpensively price test in order to discover which particular price point works best for your specific retail or service business.
And don’t forget that you’re not trying to sell single copies dirt cheap! Even your major competitors can do that! What you’re really doing is locking some of your most loyal customers into doing repeat business with you for at least the next 12 months!
And rest assured, they won’t only come more frequently in order to take advantage of buying cheap single-sided copies! At some point, they’ll definitely need or want some of your other retail priced services as well!
But remember what you really need to know in order to ultimately benefit from a proven, long term marketing strategy such as this.
Entrepreneur, make sure you have some realistic idea about your particular customer, client and or patients, total lifetime customer value.
Otherwise, you’re potentially flirting with a major disaster laying in wait! Make sure whatever offers you make are sustainable and profitable. You don’t want to be going into the red to fulfill them!
Get Effective At Lead Generation And You’ve Just Taken A Giant Step Towards Recession-Proofing Your Business And Or Service!
2.) Major benefit # three: Ladies and gentlemen, there is a natural state of affairs that affects every business or service – and yours and mine are not exceptions! At some point, for any number of reasons, you will have ex- customers, patients or clients!
But guess what, entrepreneur? Statistically speaking, there is more than a good chance that a certain percentage of them can and should be re-activated!
And by doing so, you’ve just saved your bottom line (on average), an additional 500% in upfront out of pocket expenses! Because remember, on average, it cost (you and I), about 500% more to generate a brand new first time customer, patient and or client, as opposed to selling additional products and services to current customers, patients and or clients!
You definitely need to inexpensively test a “Your business is sorely missed!” marketing campaign.
Or a “How much will it take to get you back?” marketing campaign. In other words, once you know or have a pretty accurate idea what your particular customers total lifetime value figures are, you can increase them by reactivating accounts that have not bought recently.
Turn Marketing Adversity Itself Into Potentially Money-Making Opportunities!
Strategically reach out to your ex- customers, patients and or clients, and offer them some type of cost effective, “ethical bribe” which benefits them! (Use direct snail mail and / or cost saving opt in email, mobile marketing, etc.)
In other words, make them an “irresistible offer” that no reasonable, former customer/client and or patient can possibly refuse! Entrepreneur, focus on re-activating old, inactive ex- offline newsletter subscribers, patients, clients and or customers, etc.
So there you have it ladies & gentlemen, between these first two installments within this ongoing series, you’re now, definitely armed with more than enough proven, low-hanging fruit marketing dynamite to aggressively move off-center, right?
Mystery Solved: How They Increased Their Profits
So hopefully, the mystery is now cleared up as to how some of today’s savviest small business owners and service provider entrepreneurs can dramatically increase their long term gross profits fast! And how you can too!
Any questions? Please share your extremely valuable comments (in the comments section below). As always, if you got any value out of this post, please Google Plus or tweet this. 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!
Latest posts by Mark Newsome (see all)
- How to Add 25% More Gross Profit to Your Bottom Line Part Two - April 26, 2017
- How to Add 25% More Gross Profit to Your Bottom Line - April 25, 2017
- How to Use Lead Magnets to Grow Your Business Effectively - March 20, 2017