As you previously discovered in part one, some extremely savvy entrepreneurs, of all shapes and sizes, often rely on well implemented, joint ventures (aka) strategic alliances, in order to fund some of their non conventional marketing strategies, correct?
And by the same token, often times, non directly competing vendors, can and do form various types of strategic alliances, in order to keep their traditional promotional costs down, while simultaneously, get the word out, about their extremely valuable products, and or services.
While other extremely dedicated small business owners, and or start up entrepreneurs, continuously fall b the waist side. For any number of, previously mentioned reasons!
But as you discovered in part one, this definitely does not have to be the case, correct?
So If It Truly Is A Not So Secret Marketing Strategy While Are So Many Entrepreneurs Not Effectively Utilizing It?
As you previously discovered in part one, when it comes to ‘why’ of the -roughly- 500,000 businesses, both on and offline, which are started each month. And why within, five short years later, a staggering 88% of them, (or more!) are no longer in business.
The totally legitimate -laundry list- of reasons, are almost endless.
But (even) if you were to Google, the top ten reasons why small business owners, and or entrepreneurs, of all shapes and sizes, ultimately fail. You’ll definitely see, some all too common reasons, such as:
They attempted to grow and or expand way too fast! And or, they were severely under capitalized, and couldn’t endure the inevitable dips in their cash flow.And or, their core business model, was simply -severely- flawed from the get go!
And or, their business model, was based more on their -so called- gut feelings, than real world market research.Or maybe, the so called leadership at the helm,and or lack thereof, doomed the business venture from the start.And sadly, in far too many cases, the all too trusting investors as well! Ouch!
The list of potential culprits, is simply unending.But, (fortunately), as fate would have it, this doesn’t mean, the right type of marketing strategies implemented, can’t yield, some extremely profitable, long term results!
How And Why Properly Implemented Strategic Alliances Should Definitely Part Of Your Long Term Marketing Mix!
Quickly picking up where part one left off. Let’s revisit, this particular, strategic alliance arrangement.As you recall, this extremely marketing savvy jeweler, whose ideal female customer clientele, currently has, a total lifetime customer metric, of at least $10,000 -$15,000 dollars, in front and back end gross profits, over five to seven years.
And because, a non directly competing,upscale, local women-s hair salon and women-s boutique shop owner, pretty much serviced the exact same, high income earning female clientele.
And this is the primary reason, annually, about a week before the ‘Thanksgiving’ holiday officially begins. The extremely marketing jeweler, (behind the scenes) would gladly fund, a proven, positive word of mouth and mouse, lead generating campaign, which would ultimately benefit, both the hair salon and women-s boutique store owners.
Effective Lead Generation Strategies Offer Long Term Residual Benefits!
Picture this scene: As the first 200, highly influential, local ladies, enter their favorite hair dresser-s shop, they are immediately given, an envelope, with the words ‘Happy Thanksgiving’ written on it. And inside, they will receive a $25 dollar gift certificate, to one of the top, local supermarkets in the area.
Since these highly influential ladies aren’t expecting such generosity. You know what type of, on and offline, social media, positive word of mouth and mouse explosion, will definitely occur next, right?
This strategic $5,000 dollar investment, on the part of the extremely marketing savvy jeweler, will payoff handsomely, (in more ways than one!)for many years to come!(200 x $25 dollar gift certificate = $5,000 dollar investment.)
Keep Constantly Developing Your Entrepreneurial Skills Because It’s Definitely Worth It!
First of all, let’s state the obvious. Both the hair salon owner(s) and their extremely valuable staff, will all receive $25 dollar gift certificates at ‘Thanksgiving’ as well!
So if they use it (annually), to buy their Turkeys and hams (or whatever), you know they’ll have even more to talk and test, tweet and post about, around this years (and subsequent) years, family ‘TG’ dinners as well! Right?
Think of what their friends, neighbors and or in laws will think, when they discover, which hair salon, treats, both it’s customers and staff, to $25 dollar gift certificates each year, around ‘Thanksgiving!’
Where do you think, at least some of them, will start getting their hair done? Bingo!
Successful Entrepreneurs Know How To Create Positive Word Of Mouth And Mouse Campaigns Without Having To Spend A Fortune!
Here’s where the other marketing shoe drops. Remember, as these potential, brand new, first time customers, beat a path to the hair salon owner(s) door!
And they discover, both the hair salon owners, and their staff, are all wearing, some extremely eye catching, designer earrings, diamond studded necklaces and or really nice charm bracelets etc.
And they purchased this bling, courtesy of the extremely marketing savvy jewelers, at the jewelers actual heard cost, plus any and all applicable taxes & fees etc.
Whenever ask, ‘what’ the story is? They’ll be given, one of the jewelers, best market tested, two sided index cards.So they can enter the jewelers, free monthly drawing, and become a VIP, opt in email/mobile marketing subscriber.
Thank Goodness Extremely Well Implemented Strategic Alliances Don’t Ever Go Out Of Style!
Plus, side (B.), is an extremely time sensitive, hand dated, savings discount coupon, for them to (not only) come to the jewelers store, before the coupon expires, but bring a potential first customer with them, whose 18 and over, for additional savings!
But here’s where the jeweler, potentially hits it out of the park. on -both- the hair salon owner(s) and each individual staff members birthday. The jeweler, will spring for a fancy catered lunch, right in the shop.
And the owners, staff members and customers, will be treated to a great tasting gourmet lunch! So you know those customers, and staff members, will be texting like crazy, telling (more like bragging!) to all of their friends and or relatives etc, tweeting, plus constantly posting on Instagram and Facebook etc!
And as the hair salon business owners, local reputation and business steadily grows, so will the jewelers!
Whatever You Do Don’t Under Estimate The Incredible Versatility Of Market Tested Joint Venture Arrangements!
Plus, the marketing savvy jewelers will implement, the exact same proven marketing strategies, and or tactics, with the non directly competing, upscale-women-s boutique shop owners!
So they’ll be constantly building, via their ever growing, opt in email/mobile marketing list, an extremely viable, long term sales funnel! Will they not? Plus, they will have built a perpetual, local, social media word of mouth and mouse buzz, in the process! Don’t you agree?
This is how and why, some extremely savvy entrepreneurs, can and do, continuously profit, from the not so secret, marketing strategy! And how you can to. Don’t you agree?
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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