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Are You Actually Trying To Profit From Your Marketing Efforts?
You will have a
much harder time marketing your business with this mindset.
Here is what I mean...
Automotive shops as an
example...use an oil change advertisement as a "lead in" service to
offer in efforts to obtain new customers. Not a bad idea at all...except
when you try to profit from the oil change.
And many of them try to...
How many times have you
seen a coupon in the newspaper with an oil change priced above $10.00 as
a "special price?" I have seen a few too many...and with the exception
of diesel vehicles and specialty vehicles...this price point is trying
to earn a minimal $1.00 in profits so the owner doesn't feel bad giving
the discount. Big mistake.
See my earlier posts for
focused articles on retaining the customers you do have, as that is the
least expensive and most profitable form of marketing.
But since this post focuses
on new customer generation...
We should be focused on one
primary thought here...
Lifetime Value of
the customer.
What is the value of a customer to your business over their entire
buying cycle with you? How many referrals can your business earn from
this customer? Using the example above...
What if the automotive shop
gave away their first three oil changes to a new
customer? Most shop owners would cringe at the thought of losing the
$50.00 in supplies and parts...and the total of $100.00 in labor over
the three oil changes (at most). For a total of $150.00,
you can cultivate a lifetime relationship with a customer by providing
additional back - end services and products that will enhance the
customer's vehicles (keep paying attention internet marketers).
And a lifetime
automotive customer is worth a
minimum
of $3000.00 over a five year period to an automotive shop! So how many
times would you like to trade $150.00 for $3000.00 in sales in
your
business?
My questions to you and
your business from this post...and my challenges to you...are:
1) What is your "oil
change"?
2) How many of this
valuable service are you willing to part with to gain critical
new customers?
3) What back end services
or products do you offer that can enhance a customer's lives and start
the profitable relationship with them?
In my own internet
copywriting business...I provide 5 hours of free
consultation (valued at $1000.00) when a client chooses to use my
copywriting services.
And I provide a free
website critique (Valued at $295.00) upfront...no matter if a client
uses my services or not. That is my oil change.
What part of your front end
marketing efforts are you going to change TODAY?
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Joseph Ratliff is a professional direct response copywriter,
marketing consultant, and author of The Profitable Business Edge...
a brutally honest look at marketing your small business. Joe can be
reached by email at
joe@dynamicwebcopy.com. If you contact Joe using the form
on his website after reading this article, he has prepared a number
of free gifts valued at over $500!
If you would like to receive a free report on how to start 15
streams of Internet Income simply click the following link
http://incomestreams.dynamicwebcopy.com
The Profitable Business Edge is located at
http://profitablebusinessedge.blogspot.com |
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