So do you happen to personally know, any small business owners, service providers, and or serial startup entrepreneurs?
And do they tend to work extremely hard? And put in lots of hours?
Especially during the early years of their venture,right?
And how many of them, do you think, are totally unaware, of how much potential, long term repeat business, they’re literally throwing away!
Simply because, they consistently, violate, neglect and or totally overlook, this one, mega proven marketing strategy.
And by doing so, unbeknownst to them, they literally have to work harder and harder, to try and compensate, for all the missed income producing opportunities, they’ve consistently overlooked and or neglected altogether.
How Come Even Some Incredibly Savvy Small Business Owners And Service Providers Constantly Make This Same Marketing Mistake Over And Over?
First of all, let me briefly share with you, the primary motivation and inspiration behind this particular post.Recently, on my way to an incredibly popular mall, in order to purchase some badly needed jogging shoes.
During a stop at a red light, on the main boulevard, quickly glancing to my right, there was a person, (an employee) I presume, dressed in a dog costume, holding a rather tiny sign, which (unfortunately) you could really only read, while you were standing directly in front of the person.
But clearly, some pet related store, within this mini mall, was rather half heartily, trying to induce, brand new,potential first time customers, to physically visit their store.
And there in lies the major problem.Huh? You see, basic marketing principles 101, 102 and 103, teaches and strongly advises, all aspiring small business owners, service providers and or startup entrepreneurs etc.
To devote at least 80% or more, of your readily available resources, into selling, enticing and or promoting, your extremely valuable products and or services, to you existing customer, patient and or client base first.
And then strategically use your remaining 20%, to go after glorified strangers!
Devote 80% Or More Of Your Entrepreneurial Ideas And Readily Available Resources To Servicing And Or Marketing To Your Existing Customer Base First And Foremost!
Follow the anti business building logic here.Your all too typical, extremely cash strapped and resourced challenged small business owner, service provider and or startup entrepreneur, pays (in this particular case) an employee/associate, to stand on the corner of a fairly busy intersection, holding a rather small, (hard to read!) sign, in the hopes of somehow inducing and or persuading, glorified strangers, (aka) potential first time customers, to come into their store.Good luck with that.
Meanwhile, dimes to donuts, there is a 90% chance or better, they simply hand their paying customer(s) a receipt for their purchase(s), smile and watch an army of easily induced, (potentially bribe-able) customers, leave their store.
(Some of whom, for whatever reasons, may never ever come back!)
And to further add insult to injury,they may eventually make a similar purchase, at some point down the road, across town at their major competitors store and or state of the art WordPress website and or blog. Ouch!
(Sadly, this all too common, missed series of marketing opportunities, happens all the time.)
How Savvy Entrepreneurs Benefit From Extremely Smart Marketing Strategies! (And So Can You!)
Any time you (and or) your major competitors, can save a ton of money and avoid squandering, other extremely valuable resources, you should definitely do it.
And one of the major ways of consistently accomplishing this, is doing any and everything (within reason), to constantly sell, promote and or market, to your existing customer, patient and or client base first.
Because, they’re already familiar with your products, services and business culture etc. They don’t need to be convinced or swayed to purchase from you. You’ve already convinced them to do so.
On the other hand, think about all the resources, money and herculean effort, which goes into, trying to woo a complete stranger, to become an all important, first time customer, client, patient and or client!
Honestly, how many people, do you think, over the course of 8-12 hours, seeing this person in the dog costume,(holding) the extremely hard to read sign, will decide to actually stop into the pet store, (and or) retail or service store X, for the very first time?
While this type of half bake marketing/promotional ploy, may help with the companies branding and or (so called) image. And even that’s debatable.
It will do little or next to nothing, to or for their bottom line, other than drain it.
Three Incredibly Simple Ways Savvy Entrepreneurs Work On Their Businesses! (Not Just In Them!)
Entrepreneur, the moment you decide to shift, at least 80% or more, of your current and or future marketing resources and or assets, into aggressively targeting your existing customer, patient and or client base.
(And or that of your non directly competing local vendors, whom you form some sort of strategic alliance (aka) joint venture and or mutually beneficial cross promotional relationship with, you’re definitely on the far more potentially profitable path.)
And you’ve just potentially opened the door, to a bare bones minimum of three forms of long term gross profit streams.
1.) Potential gross profit opportunity #one: First and foremost, the moment, (make that!), the second, you’ve acquired a first time customer,patient and or client etc.
It’s 250-500% more likely, about 10-20% of your existing customer/client base, will continuously promote your business, both on and offline, and praise your customer service efforts!
Without you really adequately compensating them for doing so!So just imagine the potential, positive word of mouth or mouse explosion, you will receive, once you get a workable referral/compensation process plan in place!
2.) Potential gross profit opportunity # two: You’ll also quickly discover, just how much long term, repeat business you can create, almost on demand, once you create, and institute some type of ‘bounce back’, repeat customer rewards offer program(s.)
You’ll discover more nitty gritty details in part two, okay? So please stay tuned until then!
3.) Potential gross profit opportunity # three: And last but certainly not least. Once you’ve acquired your (all important) first time customer, patient and or client etc.
You (and or) your major competitors, will quickly discover, it’s 300- 500% easier, and far more profitable, to consistently sell them, your higher priced products, services, and or to refer them to your joint venture/cross promotional partners etc.
So the $64,000 dollar question -readily- becomes, do you honestly think, your cash strapped small business and or service, would truly be better off, continuously targeting brand new, potential first time customers and or clients etc?
Or should you start devoting, at least 80% or more, of your readily available assets,while developing a reliable marketing strategy to aggressively targeting, your exiting customers,patients and or clients? Entrepreneur, you so got that right?
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!
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.
- How Savvy Entrepreneurs Take Advantage of The Psychology Of The Web!
- How Savvy Entrepreneurs Turn Temporary Setbacks Into Long Term Profits!
- Who Says Small Business Service Providers Can’t Benefit From The Information Business? Part Five
- How Your Small Business Can Definitely Profit From Working Smarter!